ChargePoint (NYSE:CHPT) Shares Gap Up to $1.31

ChargePoint Holdings, Inc. (NYSE:CHPT)’s share price gapped up before the market opened on Monday . The stock had previously closed at $1.31, but opened at $1.38. ChargePoint shares last traded at $1.33, with a volume of 1,896,810 shares traded.

Wall Street Analysts Forecast Growth

CHPT has been the subject of a number of research reports. Royal Bank of Canada reduced their target price on shares of ChargePoint from $3.00 to $2.50 and set a “sector perform” rating for the company in a report on Thursday. Benchmark reiterated a “buy” rating and issued a $3.00 target price on shares of ChargePoint in a research note on Thursday. Wolfe Research started coverage on ChargePoint in a research note on Thursday. They set a “peer perform” rating for the company. Evercore ISI decreased their price target on ChargePoint from $6.00 to $4.00 and set an “outperform” rating for the company in a report on Thursday. Finally, The Goldman Sachs Group lowered their price objective on ChargePoint from $1.50 to $1.25 and set a “sell” rating on the stock in a report on Friday. One research analyst has rated the stock with a sell rating, thirteen have issued a hold rating and five have given a buy rating to the company. Based on data from MarketBeat.com, the stock has a consensus rating of “Hold” and an average price target of $3.39.

ChargePoint Price Performance

The stock’s 50 day moving average price is $1.86 and its two-hundred day moving average price is $1.76. The company has a debt-to-equity ratio of 1.02, a quick ratio of 1.45 and a current ratio of 2.13.

Insider Buying and Selling

In other ChargePoint news, CEO Richard Wilmer sold 27,722 shares of the stock in a transaction that occurred on Friday, June 21st. The shares were sold at an average price of $1.40, for a total value of $38,810.80. Following the completion of the sale, the chief executive officer now owns 2,331,740 shares of the company’s stock, valued at $3,264,436. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. In other news, CFO Mansi Khetani sold 19,007 shares of the stock in a transaction that occurred on Friday, June 21st. The stock was sold at an average price of $1.40, for a total transaction of $26,609.80. Following the completion of the transaction, the chief financial officer now directly owns 402,493 shares in the company, valued at approximately $563,490.20. The transaction was disclosed in a document filed with the SEC, which is accessible through this link. Also, CEO Richard Wilmer sold 27,722 shares of ChargePoint stock in a transaction on Friday, June 21st. The stock was sold at an average price of $1.40, for a total transaction of $38,810.80. Following the completion of the sale, the chief executive officer now owns 2,331,740 shares of the company’s stock, valued at approximately $3,264,436. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 95,099 shares of company stock valued at $137,498. Corporate insiders own 3.50% of the company’s stock.

Institutional Inflows and Outflows

Hedge funds have recently added to or reduced their stakes in the stock. Point72 Asset Management L.P. bought a new position in ChargePoint during the second quarter worth $13,007,000. Vanguard Group Inc. lifted its position in shares of ChargePoint by 26.3% in the 1st quarter. Vanguard Group Inc. now owns 36,688,672 shares of the company’s stock worth $69,708,000 after buying an additional 7,645,210 shares during the last quarter. Norges Bank acquired a new position in shares of ChargePoint in the 4th quarter valued at about $9,733,000. AQR Capital Management LLC bought a new stake in shares of ChargePoint during the 2nd quarter valued at about $1,310,000. Finally, Skandinaviska Enskilda Banken AB publ raised its stake in ChargePoint by 62.0% during the second quarter. Skandinaviska Enskilda Banken AB publ now owns 1,623,836 shares of the company’s stock worth $2,452,000 after acquiring an additional 621,536 shares during the period. 37.77% of the stock is owned by institutional investors and hedge funds.

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.