ChargePoint (NYSE:CHPT) Insider Jagdeep Ca Singh Sells 9,719 Shares of Stock

ChargePoint Holdings, Inc. (NYSE:CHPT) insider Jagdeep Ca Singh sold 9,719 shares of the business’s stock in a transaction dated Tuesday, June 23rd. The shares were sold at an average price of $7.14, for a total transaction of $69,393.66. Following the completion of the sale, the insider directly owned 187,846 shares of the company’s stock, valued at approximately $1,341,220.44. This trade represents a 4.92% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. The sale was made to cover tax withholding obligations related to the vesting of equity awards.

ChargePoint Trading Down 14.2%

Shares of NYSE:CHPT traded down $1.13 during trading on Tuesday, reaching $6.80. 958,363 shares of the company were exchanged, compared to its average volume of 661,641. The firm has a market capitalization of $166.06 million, a PE ratio of -0.78 and a beta of 1.74. The business’s fifty day simple moving average is $6.92 and its 200-day simple moving average is $6.59. ChargePoint Holdings, Inc. has a 12-month low of $4.44 and a 12-month high of $16.20. The company has a debt-to-equity ratio of 10.73, a current ratio of 1.15 and a quick ratio of 0.56.

ChargePoint (NYSE:CHPT) last announced its quarterly earnings results on Wednesday, June 3rd. The company reported ($1.75) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($1.11) by ($0.64). The firm 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, research analysts anticipate that ChargePoint Holdings, Inc. will post -5.48 EPS for the current year.

Analyst Ratings Changes

CHPT has been the subject of several recent research reports. Wall Street Zen upgraded ChargePoint from a “sell” rating to a “hold” rating in a report on Saturday, April 11th. JPMorgan Chase & Co. dropped their target price on shares of ChargePoint from $8.00 to $5.00 and set an “underweight” rating on the stock in a report on Thursday, March 5th. TD Cowen restated a “hold” rating and issued a $7.50 price target (up from $7.00) on shares of ChargePoint in a report on Wednesday, June 17th. B. Riley Financial lowered their price target on shares of ChargePoint from $11.00 to $6.00 and set a “neutral” rating for the company in a research report on Friday, March 13th. Finally, Needham & Company LLC reiterated a “hold” rating on shares of ChargePoint in a research note on Thursday, June 4th. One analyst has rated the stock with a Buy rating, six have issued a Hold rating and three have assigned a Sell rating to the stock. According to MarketBeat.com, ChargePoint presently has an average rating of “Reduce” and an average price target of $8.31.

Institutional Investors Weigh In On ChargePoint

A number of hedge funds have recently made changes to their positions in CHPT. Goldman Sachs Group Inc. grew its stake in ChargePoint by 61.8% in the first quarter. Goldman Sachs Group Inc. now owns 3,790,823 shares of the company’s stock valued at $2,293,000 after purchasing an additional 1,448,114 shares during the last quarter. AQR Capital Management LLC lifted its position in shares of 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 buying an additional 2,638,182 shares during the last quarter. Invesco Ltd. boosted its holdings in shares of ChargePoint by 18.4% in the 2nd quarter. Invesco Ltd. now owns 2,483,139 shares of the company’s stock valued at $1,746,000 after buying an additional 385,258 shares in the last quarter. Bank of America Corp DE boosted its holdings in shares of ChargePoint by 5.3% in the 2nd quarter. Bank of America Corp DE now owns 773,162 shares of the company’s stock valued at $544,000 after buying an additional 38,667 shares in the last quarter. Finally, Brevan Howard Capital Management LP purchased a new position in shares of ChargePoint in the 2nd quarter worth approximately $517,000. 37.77% of the stock is currently owned by hedge funds and other institutional investors.

About ChargePoint

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.