ChargePoint Holdings, Inc. (NYSE:CHPT) Sees Significant Drop in Short Interest

ChargePoint Holdings, Inc. (NYSE:CHPT) saw a large decrease in short interest during the month of December. As of December 31st, there was short interest totalling 113,550,000 shares, a decrease of 6.3% from the December 15th total of 121,170,000 shares. Based on an average trading volume of 15,980,000 shares, the short-interest ratio is presently 7.1 days. Currently, 28.5% of the company’s stock are sold short.

Analyst Upgrades and Downgrades

CHPT has been the topic of several research analyst reports. Stifel Nicolaus dropped their price objective on ChargePoint from $3.00 to $2.00 and set a “hold” rating on the stock in a research note on Wednesday, October 30th. Benchmark restated a “buy” rating and issued a $3.00 target price on shares of ChargePoint in a research note on Wednesday, November 20th. UBS Group cut their price target on ChargePoint from $1.50 to $1.30 and set a “neutral” rating for the company in a research note on Tuesday, December 10th. Royal Bank of Canada cut their price target on ChargePoint from $2.50 to $2.00 and set a “sector perform” rating for the company in a report on Thursday, December 5th. Finally, JPMorgan Chase & Co. lowered ChargePoint from an “overweight” rating to an “underweight” rating in a research note on Thursday, October 3rd. Two equities research analysts have rated the stock with a sell rating, nine have issued a hold rating, three have given a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat.com, the company presently has an average rating of “Hold” and an average target price of $2.46.

Insider Buying and Selling

In other news, insider Jagdeep Ca Singh sold 36,574 shares of the business’s stock in a transaction that occurred on Monday, December 23rd. The stock was sold at an average price of $1.14, for a total value of $41,694.36. Following the transaction, the insider now owns 1,161,430 shares in the company, valued at $1,324,030.20. The trade was a 3.05 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CFO Mansi Khetani sold 22,038 shares of the stock in a transaction that occurred on Monday, December 23rd. The shares were sold at an average price of $1.14, for a total value of $25,123.32. Following the sale, the chief financial officer now directly owns 1,230,305 shares of the company’s stock, valued at $1,402,547.70. The trade was a 1.76 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 87,148 shares of company stock worth $99,349 in the last quarter. Insiders own 3.50% of the company’s stock.

Institutional Trading of ChargePoint

A number of hedge funds and other institutional investors have recently bought and sold shares of CHPT. Delap Wealth Advisory LLC purchased a new stake in shares of ChargePoint in the second quarter worth $31,000. Financial Advocates Investment Management purchased a new stake in ChargePoint in the 3rd quarter worth $29,000. Vanguard Personalized Indexing Management LLC boosted its holdings in shares of ChargePoint by 152.0% during the 2nd quarter. Vanguard Personalized Indexing Management LLC now owns 25,462 shares of the company’s stock valued at $38,000 after purchasing an additional 15,358 shares during the last quarter. Hsbc Holdings PLC grew its position in shares of ChargePoint by 41.4% during the second quarter. Hsbc Holdings PLC now owns 26,397 shares of the company’s stock valued at $39,000 after purchasing an additional 7,723 shares in the last quarter. Finally, Point72 Asia Singapore Pte. Ltd. increased its holdings in shares of ChargePoint by 131.0% in the third quarter. Point72 Asia Singapore Pte. Ltd. now owns 36,628 shares of the company’s stock worth $50,000 after purchasing an additional 20,773 shares during the last quarter. Hedge funds and other institutional investors own 37.77% of the company’s stock.

ChargePoint Stock Performance

Shares of NYSE:CHPT traded down $0.02 during trading on Monday, hitting $1.09. The company’s stock had a trading volume of 11,467,831 shares, compared to its average volume of 18,868,468. The company has a 50-day moving average of $1.16 and a 200-day moving average of $1.45. The firm has a market cap of $479.94 million, a price-to-earnings ratio of -1.47 and a beta of 1.70. ChargePoint has a 12 month low of $1.02 and a 12 month high of $2.44. The company has a debt-to-equity ratio of 1.65, a current ratio of 1.94 and a quick ratio of 1.24.

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.