ChargePoint (NYSE:CHPT) Stock Price Down 5.9% – Here’s Why

ChargePoint Holdings, Inc. (NYSE:CHPT) shares dropped 5.9% during trading on Thursday . The stock traded as low as $5.70 and last traded at $5.74. Approximately 458,782 shares changed hands during mid-day trading, a decline of 18% from the average daily volume of 556,483 shares. The stock had previously closed at $6.10.

Analyst Ratings Changes

CHPT has been the topic of several recent research reports. Roth Mkm set a $8.50 target price on ChargePoint and gave the stock a “neutral” rating in a research report on Friday, December 5th. UBS Group reiterated a “neutral” rating and set a $9.00 price objective (down from $12.00) on shares of ChargePoint in a research note on Monday, December 22nd. Weiss Ratings reaffirmed a “sell (e+)” rating on shares of ChargePoint in a report on Wednesday, January 21st. The Goldman Sachs Group reiterated a “sell” rating and set a $5.00 price target on shares of ChargePoint in a research report on Thursday, January 15th. Finally, B. Riley Financial cut their price objective on shares of ChargePoint from $12.50 to $11.00 and set a “neutral” rating for the company in a research report on Wednesday, December 10th. One analyst has rated the stock with a Buy rating, eight have issued a Hold rating and three have given a Sell rating to the company. Based on data from MarketBeat.com, the stock has an average rating of “Reduce” and an average price target of $12.15.

ChargePoint Trading Up 3.0%

The company has a debt-to-equity ratio of 8.38, a quick ratio of 0.93 and a current ratio of 1.59. The stock has a market cap of $139.32 million, a P/E ratio of -0.57 and a beta of 1.40. The stock has a 50-day moving average price of $6.97 and a 200-day moving average price of $9.21.

ChargePoint (NYSE:CHPT) last announced its earnings results on Thursday, December 4th. The company reported ($2.23) earnings per share for the quarter, missing analysts’ consensus estimates of ($1.35) by ($0.88). ChargePoint had a negative net margin of 59.54% and a negative return on equity of 209.46%. The company had revenue of $105.67 million during the quarter, compared to analysts’ expectations of $96.51 million. During the same period in the prior year, the business earned ($1.94) earnings per share. On average, equities research analysts expect that ChargePoint Holdings, Inc. will post -0.57 EPS for the current year.

Insiders Place Their Bets

In related news, CFO Mansi Khetani sold 3,943 shares of the company’s stock in a transaction on Tuesday, December 23rd. The shares were sold at an average price of $6.99, for a total value of $27,561.57. Following the completion of the transaction, the chief financial officer directly owned 130,363 shares in the company, valued at approximately $911,237.37. The trade was a 2.94% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider Jagdeep Ca Singh sold 4,832 shares of the firm’s stock in a transaction dated Tuesday, December 23rd. The shares were sold at an average price of $6.99, for a total value of $33,775.68. Following the sale, the insider owned 124,627 shares in the company, valued at $871,142.73. The trade was a 3.73% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold a total of 12,670 shares of company stock valued at $88,534 over the last ninety days. 3.50% of the stock is currently owned by insiders.

Institutional Trading of ChargePoint

Hedge funds and other institutional investors have recently bought and sold shares of the company. AQR Capital Management LLC grew its position 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 acquiring an additional 2,638,182 shares during the last quarter. Goldman Sachs Group Inc. boosted its stake 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 valued at $2,293,000 after purchasing an additional 1,448,114 shares in the last quarter. Soviero Asset Management LP bought a new position in shares of ChargePoint during the 2nd quarter valued at $633,000. Brevan Howard Capital Management LP purchased a new position in ChargePoint in the 2nd quarter worth $517,000. Finally, Qube Research & Technologies Ltd bought a new stake in ChargePoint in the second quarter worth $518,000. Hedge funds and other institutional investors own 37.77% of the company’s stock.

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.