ChargePoint (NYSE:CHPT) Shares Up 6.7%

Shares of ChargePoint Holdings, Inc. (NYSE:CHPT) shot up 6.7% during trading on Tuesday . The company traded as high as $1.76 and last traded at $1.75. 2,703,153 shares were traded during mid-day trading, a decline of 81% from the average session volume of 14,251,443 shares. The stock had previously closed at $1.64.

Wall Street Analysts Forecast Growth

CHPT has been the subject of a number of research analyst reports. TD Cowen lowered their price objective on shares of ChargePoint from $4.00 to $3.00 and set a “buy” rating for the company in a research report on Thursday, June 6th. B. Riley upgraded shares of ChargePoint to a “hold” rating in a research report on Tuesday, June 25th. Benchmark reduced their target price on shares of ChargePoint from $4.25 to $3.00 and set a “buy” rating on the stock in a report on Friday, June 28th. Finally, Needham & Company LLC reiterated a “buy” rating and set a $3.00 price target on shares of ChargePoint in a report on Thursday, June 6th. One analyst has rated the stock with a sell rating, twelve have issued a hold rating and six have assigned a buy rating to the stock. According to MarketBeat, ChargePoint presently has an average rating of “Hold” and a consensus target price of $4.88.

ChargePoint Stock Up 3.4 %

The company has a current ratio of 2.13, a quick ratio of 1.45 and a debt-to-equity ratio of 1.02. The stock’s 50-day moving average price is $1.80 and its 200-day moving average price is $1.80. The company has a market cap of $762.05 million, a P/E ratio of -1.53 and a beta of 1.71.

ChargePoint (NYSE:CHPT) last announced its quarterly earnings results on Wednesday, June 5th. The company reported ($0.16) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.19) by $0.03. The business had revenue of $107.04 million for the quarter, compared to analyst estimates of $106.09 million. ChargePoint had a negative return on equity of 127.18% and a negative net margin of 93.05%. As a group, research analysts forecast that ChargePoint Holdings, Inc. will post -0.53 EPS for the current year.

Insider Activity at ChargePoint

In other news, CEO Richard Wilmer sold 27,722 shares of the business’s stock in a transaction dated Friday, June 21st. The shares were sold at an average price of $1.40, for a total transaction of $38,810.80. Following the completion of the sale, the chief executive officer now directly owns 2,331,740 shares of the company’s stock, valued at $3,264,436. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. In other ChargePoint news, CAO Henrik Gerdes sold 43,596 shares of the firm’s stock in a transaction on Thursday, June 20th. The stock was sold at an average price of $1.50, for a total transaction of $65,394.00. Following the transaction, the chief accounting officer now directly owns 438,004 shares in the company, valued at approximately $657,006. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, CEO Richard Wilmer sold 27,722 shares of the business’s stock in a transaction dated Friday, June 21st. The stock was sold at an average price of $1.40, for a total transaction of $38,810.80. Following the transaction, the chief executive officer now owns 2,331,740 shares in the company, valued at $3,264,436. The disclosure for this sale can be found here. In the last 90 days, insiders sold 95,099 shares of company stock valued at $137,498. 3.50% of the stock is owned by company insiders.

Hedge Funds Weigh In On ChargePoint

A number of hedge funds and other institutional investors have recently modified their holdings of CHPT. Balentine LLC bought a new stake in ChargePoint during the fourth quarter worth $26,000. RWA Wealth Partners LLC bought a new stake in shares of ChargePoint during the 4th quarter worth $31,000. Sigma Planning Corp purchased a new position in shares of ChargePoint in the 4th quarter worth about $33,000. Bridgecreek Investment Management LLC purchased a new position in shares of ChargePoint in the 4th quarter worth about $33,000. Finally, TCG Advisory Services LLC bought a new position in ChargePoint during the fourth quarter valued at about $33,000. Hedge funds and other 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 North America and Europe. The company serves commercial, such as retail, workplace, hospitality, parking, recreation, municipal, education, and highway fast charge; fleet, which include delivery, take home, logistics, motor pool, transit, and shared mobility; and residential including single family homes and multi-family apartments and condominiums customers.