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

ChargePoint Holdings, Inc. (NYSE:CHPT) insider Jagdeep Ca Singh sold 9,719 shares of ChargePoint stock in a transaction on Tuesday, June 23rd. The stock was sold at an average price of $7.14, for a total transaction of $69,393.66. Following the completion of the transaction, the insider directly owned 187,846 shares in the company, valued at $1,341,220.44. This represents a 4.92% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. The sale was made to cover tax withholding obligations related to the vesting of equity awards.

ChargePoint Stock Down 14.2%

Shares of CHPT traded down $1.13 during midday trading on Tuesday, hitting $6.80. 958,363 shares of the company’s stock traded hands, compared to its average volume of 661,641. The company has a current ratio of 1.15, a quick ratio of 0.56 and a debt-to-equity ratio of 10.73. The stock has a market capitalization of $166.06 million, a price-to-earnings ratio of -0.78 and a beta of 1.74. ChargePoint Holdings, Inc. has a 1 year low of $4.44 and a 1 year high of $16.20. The firm’s fifty day moving average is $6.92 and its 200-day moving average is $6.59.

ChargePoint (NYSE:CHPT) last announced its earnings results on Wednesday, June 3rd. The company reported ($1.75) earnings per share 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 business had revenue of $101.82 million for the quarter, compared to analysts’ expectations of $95.64 million. As a group, sell-side analysts anticipate that ChargePoint Holdings, Inc. will post -5.48 earnings per share for the current year.

Analyst Ratings Changes

Several equities analysts have recently issued reports on CHPT shares. Wall Street Zen upgraded shares of ChargePoint from a “sell” rating to a “hold” rating in a report on Saturday, April 11th. TD Cowen reissued a “hold” rating and set a $7.50 target price (up from $7.00) on shares of ChargePoint in a research report on Wednesday, June 17th. Weiss Ratings restated a “sell (e+)” rating on shares of ChargePoint in a research note on Monday, April 20th. Royal Bank Of Canada reaffirmed a “sector perform” rating and issued a $6.50 price target on shares of ChargePoint in a report on Thursday, June 4th. Finally, JPMorgan Chase & Co. lowered their price objective on shares of ChargePoint from $8.00 to $5.00 and set an “underweight” rating for the company in a research note on Thursday, March 5th. One equities research analyst has rated the stock with a Buy rating, six have issued a Hold rating and three have issued a Sell rating to the company’s stock. According to MarketBeat.com, the stock presently has a consensus rating of “Reduce” and a consensus target price of $8.31.

Institutional Investors Weigh In On ChargePoint

A number of institutional investors and hedge funds have recently modified their holdings of the company. 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 worth $1,553,000 after acquiring an additional 2,638,182 shares during the period. Goldman Sachs Group Inc. boosted its position in 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 in the last quarter. Brevan Howard Capital Management LP purchased a new stake in ChargePoint in the 2nd quarter worth approximately $517,000. Qube Research & Technologies Ltd acquired a new stake in shares of ChargePoint during the 2nd quarter worth approximately $518,000. Finally, Two Sigma Securities LLC increased its holdings in shares of ChargePoint by 4,060.7% during the 2nd quarter. Two Sigma Securities LLC now owns 679,693 shares of the company’s stock valued at $478,000 after purchasing an additional 663,357 shares in the last quarter. Institutional investors and hedge funds own 37.77% of the company’s stock.

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.