ChargePoint (NYSE:CHPT) Trading Up 2.5% – Time to Buy?

ChargePoint Holdings, Inc. (NYSE:CHPT) shares traded up 2.5% during mid-day trading on Friday . The stock traded as high as $1.22 and last traded at $1.21. 2,852,486 shares were traded during trading, a decline of 79% from the average session volume of 13,881,452 shares. The stock had previously closed at $1.18.

Wall Street Analyst Weigh In

CHPT has been the subject of several recent research reports. Needham & Company LLC reiterated a “hold” rating on shares of ChargePoint in a research report on Thursday, December 5th. Capital One Financial raised shares of ChargePoint to a “strong-buy” rating in a research report on Tuesday, September 17th. UBS Group lowered their price objective on shares of ChargePoint from $1.50 to $1.30 and set a “neutral” rating for the company in a research note on Tuesday, December 10th. Evercore ISI cut their target price on ChargePoint from $6.00 to $4.00 and set an “outperform” rating on the stock in a research note on Thursday, September 5th. Finally, TD Cowen cut ChargePoint from a “buy” rating to a “hold” rating and dropped their price objective for the stock from $3.00 to $2.00 in a report on Thursday, September 5th. Two analysts have rated the stock with a sell rating, nine have given a hold rating, three have assigned a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat.com, ChargePoint currently has an average rating of “Hold” and a consensus price target of $2.46.

ChargePoint Trading Down 3.0 %

The company has a current ratio of 1.94, a quick ratio of 1.32 and a debt-to-equity ratio of 1.65. The stock’s fifty day moving average price is $1.21 and its 200 day moving average price is $1.50. The stock has a market cap of $506.48 million, a P/E ratio of -1.55 and a beta of 1.69.

Insider Buying and Selling at ChargePoint

In other news, insider Jagdeep Ca Singh sold 36,574 shares of ChargePoint stock in a transaction dated Monday, December 23rd. The stock was sold at an average price of $1.14, for a total value of $41,694.36. Following the completion of the transaction, the insider now owns 1,161,430 shares of the company’s stock, valued at $1,324,030.20. The trade was a 3.05 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, CAO Henrik Gerdes sold 28,536 shares of the stock in a transaction dated Monday, December 23rd. The shares were sold at an average price of $1.14, for a total transaction of $32,531.04. Following the sale, the chief accounting officer now directly owns 362,060 shares in the company, valued at $412,748.40. This trade represents a 7.31 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders sold 113,436 shares of company stock valued at $134,049. Corporate insiders own 3.50% of the company’s stock.

Hedge Funds Weigh In On ChargePoint

Several hedge funds and other institutional investors have recently added to or reduced their stakes in CHPT. CIBC Asset Management Inc raised its stake in shares of ChargePoint by 50.7% in the second quarter. CIBC Asset Management Inc now owns 17,145 shares of the company’s stock worth $26,000 after purchasing an additional 5,770 shares during the last quarter. Hsbc Holdings PLC lifted its stake in ChargePoint by 41.4% during the 2nd quarter. Hsbc Holdings PLC now owns 26,397 shares of the company’s stock valued at $39,000 after acquiring an additional 7,723 shares during the period. PFG Investments LLC grew its stake in shares of ChargePoint by 32.2% in the second quarter. PFG Investments LLC now owns 34,102 shares of the company’s stock worth $51,000 after acquiring an additional 8,297 shares during the period. Jeppson Wealth Management LLC grew its stake in shares of ChargePoint by 28.3% in the third quarter. Jeppson Wealth Management LLC now owns 42,940 shares of the company’s stock worth $59,000 after acquiring an additional 9,480 shares during the period. Finally, JPMorgan Chase & Co. raised its holdings in shares of ChargePoint by 5.7% during the third quarter. JPMorgan Chase & Co. now owns 177,375 shares of the company’s stock valued at $243,000 after purchasing an additional 9,519 shares during the last quarter. 37.77% of the stock is owned by institutional investors.

About ChargePoint

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.