Key Points
- ChargePoint CFO Mansi Khetani sold 8,152 shares on June 23 at an average price of $7.13, totaling about $58,123.76. The sale was disclosed in an SEC filing and was made to cover tax withholding obligations tied to vested equity awards.
- CHPT shares fell 14.2% and opened at $6.80, near the stock’s 50-day moving average of $6.92. The company also remains far below its 52-week high of $16.20.
- Recent fundamentals and analyst sentiment remain weak: ChargePoint reported a wider-than-expected quarterly loss of $1.75 per share, though revenue beat estimates at $101.82 million. Analysts currently rate the stock a consensus "Reduce" with an average target price of $8.31.
ChargePoint Holdings, Inc. (NYSE:CHPT - Get Free Report) CAO Natella Fakhradovna Novruzova sold 2,242 shares of ChargePoint stock in a transaction dated Tuesday, June 23rd. The shares were sold at an average price of $7.13, for a total value of $15,985.46. Following the transaction, the chief accounting officer directly owned 29,315 shares in the company, valued at approximately $209,015.95. This trade represents a 7.10% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. The sale was made to cover tax withholding obligations related to the vesting of equity awards.
ChargePoint Price Performance
Shares of CHPT opened at $6.80 on Wednesday. The business's 50-day moving average is $6.92 and its 200-day moving average is $6.59. The company has a debt-to-equity ratio of 10.73, a current ratio of 1.15 and a quick ratio of 0.56. The company has a market capitalization of $166.03 million, a price-to-earnings ratio of -0.78 and a beta of 1.74. ChargePoint Holdings, Inc. has a fifty-two week low of $4.44 and a fifty-two week high of $16.20.
ChargePoint (NYSE:CHPT - Get Free Report) last posted its quarterly earnings results on Wednesday, June 3rd. The company reported ($1.75) EPS for the quarter, missing the consensus estimate of ($1.11) by ($0.64). ChargePoint had a negative return on equity of 504.42% and a negative net margin of 49.66%.The company had revenue of $101.82 million for the quarter, compared to analyst estimates of $95.64 million. Equities research analysts expect that ChargePoint Holdings, Inc. will post -5.48 EPS for the current fiscal year.
Analysts Set New Price Targets
CHPT has been the subject of a number of research reports. Wall Street Zen raised shares of ChargePoint from a "sell" rating to a "hold" rating in a research note on Saturday, April 11th. JPMorgan Chase & Co. cut their price objective on ChargePoint from $8.00 to $5.00 and set an "underweight" rating for the company in a report on Thursday, March 5th. UBS Group reissued a "neutral" rating and set a $8.00 price objective (up from $7.00) on shares of ChargePoint in a research report on Tuesday. Needham & Company LLC restated a "hold" rating on shares of ChargePoint in a research note on Thursday, June 4th. Finally, B. Riley Financial dropped their target price on ChargePoint from $11.00 to $6.00 and set a "neutral" rating on the stock in a research report on Friday, March 13th. One equities 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's stock. According to MarketBeat.com, the company currently has an average rating of "Reduce" and an average price target of $8.31.
Read Our Latest Stock Report on ChargePoint
Institutional Trading of ChargePoint
A number of institutional investors have recently added to or reduced their stakes in the business. Focus Partners Wealth bought a new stake in ChargePoint in the first quarter worth approximately $27,000. Rothschild Investment LLC raised its holdings in shares of ChargePoint by 233.3% during the 4th quarter. Rothschild Investment LLC now owns 5,000 shares of the company's stock valued at $33,000 after purchasing an additional 3,500 shares in the last quarter. Corient Private Wealth LLC lifted its stake in shares of ChargePoint by 57.1% in the 2nd quarter. Corient Private Wealth LLC now owns 67,345 shares of the company's stock valued at $47,000 after purchasing an additional 24,470 shares during the last quarter. Pilgrim Partners Asia Pte Ltd lifted its stake in shares of ChargePoint by 56.4% in the 4th quarter. Pilgrim Partners Asia Pte Ltd now owns 8,600 shares of the company's stock valued at $57,000 after purchasing an additional 3,100 shares during the last quarter. Finally, R Squared Ltd bought a new stake in ChargePoint in the first quarter worth $59,000. 37.77% of the stock is currently owned by institutional investors and hedge funds.
ChargePoint Company Profile
(
Get Free Report)
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.
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