ChargePoint (NYSE:CHPT) Shares Gap Down to $2.37

ChargePoint Holdings, Inc. (NYSE:CHPT) gapped down before the market opened on Wednesday . The stock had previously closed at $2.37, but opened at $2.27. ChargePoint shares last traded at $2.42, with a volume of 2,157,097 shares.

Wall Street Analyst Weigh In

A number of analysts have recently issued reports on the stock. The Goldman Sachs Group restated a “sell” rating and set a $1.50 price target (down previously from $2.00) on shares of ChargePoint in a report on Tuesday, April 9th. TD Cowen lowered their price objective on shares of ChargePoint from $4.00 to $3.00 and set a “buy” rating for the company in a research report on Thursday, June 6th. Needham & Company LLC reissued a “buy” rating and issued a $3.00 price target on shares of ChargePoint in a research report on Thursday, June 6th. B. Riley raised shares of ChargePoint to a “hold” rating in a research report on Tuesday, June 25th. Finally, Benchmark decreased their price target on shares of ChargePoint from $4.25 to $3.00 and set a “buy” rating for the company in a research report on Friday, June 28th. One research analyst has rated the stock with a sell rating, twelve have assigned a hold rating and six have assigned a buy rating to the company. Based on data from MarketBeat, the stock presently has a consensus rating of “Hold” and a consensus target price of $4.88.

ChargePoint Price Performance

The company’s 50 day moving average is $1.72 and its 200 day moving average is $1.80. The company has a current ratio of 2.13, a quick ratio of 1.45 and a debt-to-equity ratio of 1.02. The stock has a market capitalization of $922.92 million, a price-to-earnings ratio of -1.85 and a beta of 1.72.

ChargePoint (NYSE:CHPT) last posted its quarterly earnings data on Wednesday, June 5th. The company reported ($0.16) EPS for the quarter, beating analysts’ consensus estimates of ($0.19) by $0.03. ChargePoint had a negative net margin of 93.05% and a negative return on equity of 127.18%. The company had revenue of $107.04 million for the quarter, compared to analyst estimates of $106.09 million. Research analysts anticipate that ChargePoint Holdings, Inc. will post -0.54 EPS for the current fiscal year.

Insider Buying and Selling

In other news, CAO Henrik Gerdes sold 43,596 shares of the firm’s stock in a transaction that occurred on Thursday, June 20th. The shares were sold at an average price of $1.50, for a total transaction of $65,394.00. Following the completion of the transaction, the chief accounting officer now directly owns 438,004 shares of the company’s stock, valued at approximately $657,006. The sale was disclosed in a filing with the SEC, which is available at the SEC website. In other news, CAO Henrik Gerdes sold 43,596 shares of the business’s stock in a transaction on Thursday, June 20th. The stock was sold at an average price of $1.50, for a total value of $65,394.00. Following the completion of the transaction, the chief accounting officer now directly owns 438,004 shares of the company’s stock, valued at $657,006. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, CFO Mansi Khetani sold 19,007 shares of the business’s stock in a transaction on Friday, June 21st. The stock was sold at an average price of $1.40, for a total value of $26,609.80. Following the completion of the transaction, the chief financial officer now directly owns 402,493 shares of the company’s stock, valued at $563,490.20. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 95,099 shares of company stock valued at $137,498. 3.50% of the stock is owned by insiders.

Hedge Funds Weigh In On ChargePoint

Several institutional investors have recently added to or reduced their stakes in CHPT. Wellington Management Group LLP increased its stake in ChargePoint by 418.2% in the third quarter. Wellington Management Group LLP now owns 2,522,247 shares of the company’s stock valued at $12,536,000 after purchasing an additional 2,035,496 shares during the last quarter. Vanguard Group Inc. grew its position in ChargePoint by 12.9% during the third quarter. Vanguard Group Inc. now owns 29,162,249 shares of the company’s stock valued at $144,936,000 after acquiring an additional 3,325,694 shares during the period. Jeppson Wealth Management LLC purchased a new stake in ChargePoint during the fourth quarter valued at about $40,000. Bouvel Investment Partners LLC grew its position in ChargePoint by 5.4% during the fourth quarter. Bouvel Investment Partners LLC now owns 127,018 shares of the company’s stock valued at $297,000 after acquiring an additional 6,524 shares during the period. Finally, Insight Folios Inc purchased a new stake in ChargePoint during the fourth quarter valued at about $140,000. 37.77% of the stock is currently owned by institutional investors and hedge funds.

ChargePoint Company Profile

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.