ChargePoint (NYSE:CHPT) Insider Sells $29,033.36 in Stock

ChargePoint Holdings, Inc. (NYSE:CHPT) insider John David Vice sold 4,072 shares of the stock in a transaction that occurred on Tuesday, June 23rd. The stock was sold at an average price of $7.13, for a total value of $29,033.36. Following the completion of the sale, the insider directly owned 171,507 shares of the company’s stock, valued at approximately $1,222,844.91. This trade represents a 2.32% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. The sale was made to cover tax withholding obligations related to the vesting of equity awards.

ChargePoint Stock Down 14.2%

Shares of NYSE:CHPT traded down $1.13 during mid-day trading on Tuesday, hitting $6.80. 958,363 shares of the company traded hands, compared to its average volume of 661,641. The stock has a 50-day moving average price of $6.92 and a two-hundred day moving average price of $6.59. ChargePoint Holdings, Inc. has a 12-month low of $4.44 and a 12-month high of $16.20. The stock has a market cap of $166.06 million, a P/E ratio of -0.78 and a beta of 1.74. The company has a current ratio of 1.15, a quick ratio of 0.56 and a debt-to-equity ratio of 10.73.

ChargePoint (NYSE:CHPT) last released its quarterly earnings results on Wednesday, June 3rd. The company reported ($1.75) EPS for the quarter, missing analysts’ consensus estimates of ($1.11) by ($0.64). The company had revenue of $101.82 million during the quarter, compared to analysts’ expectations of $95.64 million. ChargePoint had a negative net margin of 49.66% and a negative return on equity of 504.42%. On average, equities research analysts forecast that ChargePoint Holdings, Inc. will post -5.48 earnings per share for the current year.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently modified their holdings of the stock. Goldman Sachs Group Inc. raised its holdings in shares of ChargePoint by 61.8% in the 1st quarter. Goldman Sachs Group Inc. now owns 3,790,823 shares of the company’s stock worth $2,293,000 after purchasing an additional 1,448,114 shares during the period. AQR Capital Management LLC grew its holdings in ChargePoint by 6,429.1% during the first quarter. AQR Capital Management LLC now owns 2,679,217 shares of the company’s stock valued at $1,553,000 after purchasing an additional 2,638,182 shares during the period. Invesco Ltd. increased its position in ChargePoint by 18.4% in the second quarter. Invesco Ltd. now owns 2,483,139 shares of the company’s stock worth $1,746,000 after buying an additional 385,258 shares during the last quarter. Bank of America Corp DE increased its holdings in ChargePoint by 5.3% in the 2nd quarter. Bank of America Corp DE now owns 773,162 shares of the company’s stock worth $544,000 after acquiring an additional 38,667 shares during the last quarter. Finally, Brevan Howard Capital Management LP purchased a new stake in ChargePoint in the 2nd quarter worth about $517,000. 37.77% of the stock is owned by institutional investors.

Analyst Upgrades and Downgrades

A number of equities research analysts have issued reports on the stock. Royal Bank Of Canada reaffirmed a “sector perform” rating and issued a $6.50 price objective on shares of ChargePoint in a research report on Thursday, June 4th. B. Riley Financial cut their target price on ChargePoint from $11.00 to $6.00 and set a “neutral” rating on the stock in a research note on Friday, March 13th. UBS Group reaffirmed a “neutral” rating and issued a $8.00 target price (up from $7.00) on shares of ChargePoint in a report on Tuesday. Needham & Company LLC reiterated a “hold” rating on shares of ChargePoint in a report on Thursday, June 4th. Finally, JPMorgan Chase & Co. cut their price objective on ChargePoint from $8.00 to $5.00 and set an “underweight” rating on the stock in a research report on Thursday, March 5th. One research analyst has rated the stock with a Buy rating, six have assigned a Hold rating and three have issued a Sell rating to the company. According to data from MarketBeat, the company presently has an average rating of “Reduce” and an average price target of $8.31.

ChargePoint Company Profile

ChargePoint (NYSE: CHPT) is a leading provider of electric vehicle (EV) charging solutions that designs, develops and markets charging hardware, software and services. The company’s portfolio includes Level 2 AC charging stations for residential, commercial and fleet applications, as well as DC fast charging systems suited for retail, hospitality and public use. ChargePoint’s integrated platform enables site hosts to manage charging infrastructure through cloud-based monitoring, analytics and billing tools, while EV drivers access and control charging sessions via a mobile app or RFID card.

Since its founding in 2007 and headquarters in Campbell, California, ChargePoint has built one of the largest open EV charging networks in the world.