ChargePoint (NYSE:CHPT) Shares Gap Down to $1.38

Shares of ChargePoint Holdings, Inc. (NYSE:CHPT) gapped down prior to trading on Friday . The stock had previously closed at $1.38, but opened at $1.34. ChargePoint shares last traded at $1.39, with a volume of 966,516 shares changing hands.

Wall Street Analyst Weigh In

CHPT has been the topic of a number of research analyst reports. Royal Bank of Canada reaffirmed a “sector perform” rating and issued a $3.00 target price (down previously from $3.50) on shares of ChargePoint in a report on Wednesday, March 6th. Benchmark reiterated a “buy” rating and issued a $4.25 price target on shares of ChargePoint in a research note on Wednesday, March 6th. Oppenheimer reiterated a “market perform” rating on shares of ChargePoint in a research note on Wednesday, March 6th. Needham & Company LLC reiterated a “buy” rating and issued a $3.00 price target on shares of ChargePoint in a research note on Thursday, April 4th. Finally, The Goldman Sachs Group reiterated a “sell” rating and issued a $1.50 price target (down from $2.00) on shares of ChargePoint in a research note on Tuesday, April 9th. One investment analyst has rated the stock with a sell rating, thirteen have assigned a hold rating and six have assigned a buy rating to the company. According to data from MarketBeat.com, the company currently has a consensus rating of “Hold” and a consensus price target of $6.14.

ChargePoint Price Performance

The company has a debt-to-equity ratio of 0.87, a current ratio of 2.25 and a quick ratio of 1.65. The company has a 50 day moving average price of $1.87 and a 200 day moving average price of $2.31.

ChargePoint (NYSE:CHPT) last released its quarterly earnings results on Tuesday, March 5th. The company reported ($0.19) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.20) by $0.01. The business had revenue of $115.83 million during the quarter, compared to the consensus estimate of $126.48 million. ChargePoint had a negative return on equity of 125.19% and a negative net margin of 90.32%. On average, sell-side analysts forecast that ChargePoint Holdings, Inc. will post -0.63 earnings per share for the current fiscal year.

Insider Buying and Selling at ChargePoint

In other ChargePoint news, CEO Richard Wilmer sold 25,376 shares of ChargePoint stock in a transaction dated Thursday, March 21st. The stock was sold at an average price of $1.87, for a total transaction of $47,453.12. Following the completion of the transaction, the chief executive officer now owns 2,359,462 shares in the company, valued at approximately $4,412,193.94. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. In related news, CFO Mansi Khetani sold 19,035 shares of ChargePoint stock in a transaction that occurred on Thursday, March 21st. The shares were sold at an average price of $1.87, for a total value of $35,595.45. Following the sale, the chief financial officer now owns 421,500 shares of the company’s stock, valued at approximately $788,205. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CEO Richard Wilmer sold 25,376 shares of ChargePoint stock in a transaction that occurred on Thursday, March 21st. The stock was sold at an average price of $1.87, for a total transaction of $47,453.12. Following the completion of the sale, the chief executive officer now directly owns 2,359,462 shares in the company, valued at approximately $4,412,193.94. The disclosure for this sale can be found here. In the last quarter, insiders sold 154,846 shares of company stock worth $296,562. Insiders own 12.90% of the company’s stock.

Institutional Investors Weigh In On ChargePoint

A number of hedge funds have recently modified their holdings of the stock. Vanguard Group Inc. raised its holdings in ChargePoint by 12.9% during the 3rd quarter. Vanguard Group Inc. now owns 29,162,249 shares of the company’s stock valued at $144,936,000 after acquiring an additional 3,325,694 shares during the period. BlackRock Inc. raised its holdings in ChargePoint by 14.6% during the 2nd quarter. BlackRock Inc. now owns 15,217,487 shares of the company’s stock valued at $133,762,000 after acquiring an additional 1,939,710 shares during the period. State Street Corp raised its holdings in ChargePoint by 5.7% during the 2nd quarter. State Street Corp now owns 4,286,364 shares of the company’s stock valued at $37,677,000 after acquiring an additional 229,805 shares during the period. Norges Bank bought a new stake in ChargePoint during the 4th quarter valued at $9,733,000. Finally, Geode Capital Management LLC raised its holdings in ChargePoint by 8.3% during the 2nd quarter. Geode Capital Management LLC now owns 3,942,418 shares of the company’s stock valued at $34,654,000 after acquiring an additional 301,687 shares during the period. Institutional investors own 37.77% of the company’s stock.

ChargePoint Company Profile

ChargePoint Holdings, Inc, together with its subsidiaries, provides electric vehicle (EV) charging networks and charging solutions in the United States and internationally. It offers a portfolio of hardware, software, and services for commercial, fleet, and residential customers. ChargePoint Holdings, Inc was founded in 2007 and is headquartered in Campbell, California.