ChargePoint (NYSE:CHPT) Shares Gap Up – Still a Buy?

ChargePoint Holdings, Inc. (NYSE:CHPT)’s stock price gapped up prior to trading on Thursday . The stock had previously closed at $1.22, but opened at $1.34. ChargePoint shares last traded at $1.38, with a volume of 18,766,283 shares trading hands.

Analyst Ratings Changes

CHPT has been the topic of several analyst reports. TD Cowen lowered ChargePoint from a “buy” rating to a “hold” rating and reduced their price target for the stock from $3.00 to $2.00 in a report on Thursday, September 5th. Royal Bank of Canada decreased their target price on shares of ChargePoint from $2.50 to $2.00 and set a “sector perform” rating on the stock in a report on Thursday. Benchmark restated a “buy” rating and set a $3.00 price target on shares of ChargePoint in a report on Wednesday, November 20th. Capital One Financial upgraded ChargePoint to a “strong-buy” rating in a research report on Tuesday, September 17th. Finally, Stifel Nicolaus decreased their price target on ChargePoint from $3.00 to $2.00 and set a “hold” rating on the stock in a research note on Wednesday, October 30th. Two analysts have rated the stock with a sell rating, ten have assigned a hold rating, three have given a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat, the stock currently has an average rating of “Hold” and an average target price of $2.47.

ChargePoint Stock Performance

The stock has a market capitalization of $580.48 million, a PE ratio of -1.31 and a beta of 1.69. The company has a quick ratio of 1.32, a current ratio of 2.03 and a debt-to-equity ratio of 1.24. The stock has a fifty day moving average of $1.26 and a 200-day moving average of $1.56.

ChargePoint (NYSE:CHPT) last announced its quarterly earnings data on Wednesday, September 4th. The company reported ($0.15) EPS for the quarter, hitting analysts’ consensus estimates of ($0.15). The business had revenue of $108.54 million during the quarter, compared to the consensus estimate of $114.15 million. ChargePoint had a negative return on equity of 112.67% and a negative net margin of 89.12%. Equities analysts anticipate that ChargePoint Holdings, Inc. will post -0.56 earnings per share for the current fiscal year.

Insider Buying and Selling at ChargePoint

In other ChargePoint news, CAO Henrik Gerdes sold 26,288 shares of the firm’s stock in a transaction that occurred on Friday, October 11th. The shares were sold at an average price of $1.32, for a total transaction of $34,700.16. Following the sale, the chief accounting officer now owns 390,596 shares of the company’s stock, valued at approximately $515,586.72. This trade represents a 6.31 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, CFO Mansi Khetani sold 23,409 shares of the stock in a transaction on Monday, September 23rd. The shares were sold at an average price of $1.35, for a total transaction of $31,602.15. Following the completion of the transaction, the chief financial officer now directly owns 849,084 shares in the company, valued at $1,146,263.40. This trade represents a 2.68 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders have sold 100,803 shares of company stock valued at $135,295. Insiders own 3.50% of the company’s stock.

Hedge Funds Weigh In On ChargePoint

Several hedge funds have recently made changes to their positions in the company. Point72 Asset Management L.P. purchased a new stake in ChargePoint in the second quarter valued at approximately $13,007,000. Sanctuary Advisors LLC purchased a new position in ChargePoint during the 2nd quarter worth $138,000. AQR Capital Management LLC acquired a new position in ChargePoint in the second quarter valued at $1,310,000. Public Employees Retirement System of Ohio raised its holdings in shares of ChargePoint by 6.1% in the first quarter. Public Employees Retirement System of Ohio now owns 136,355 shares of the company’s stock valued at $259,000 after buying an additional 7,838 shares during the last quarter. Finally, Creative Planning grew its holdings in shares of ChargePoint by 8.8% during the third quarter. Creative Planning now owns 205,008 shares of the company’s stock worth $281,000 after buying an additional 16,645 shares during the last quarter. Hedge funds and other institutional investors own 37.77% of the company’s stock.

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.