ChargePoint (NYSE:CHPT) Stock Price Up 1% – Here’s Why

ChargePoint Holdings, Inc. (NYSE:CHPT) rose 1% during trading on Thursday . The company traded as high as $5.91 and last traded at $5.8670. Approximately 406,271 shares were traded during mid-day trading, a decline of 5% from the average session volume of 426,078 shares. The stock had previously closed at $5.81.

Analyst Upgrades and Downgrades

A number of research firms have issued reports on CHPT. Needham & Company LLC reissued a “hold” rating on shares of ChargePoint in a research report on Thursday, June 4th. Wall Street Zen raised shares of ChargePoint from a “sell” rating to a “hold” rating in a report on Saturday, April 11th. TD Cowen reiterated a “hold” rating and issued a $7.50 price objective (up from $7.00) on shares of ChargePoint in a research note on Wednesday, June 17th. Weiss Ratings reissued a “sell (e+)” rating on shares of ChargePoint in a report on Friday, July 17th. Finally, UBS Group restated a “neutral” rating and set a $8.00 target price (up from $7.00) on shares of ChargePoint in a research report on Tuesday, June 23rd. One equities research analyst has rated the stock with a Buy rating, six have assigned a Hold rating and three have given a Sell rating to the company. According to MarketBeat, ChargePoint presently has an average rating of “Reduce” and a consensus target price of $8.31.

ChargePoint Stock Performance

The firm has a market capitalization of $143.27 million, a PE ratio of -0.68 and a beta of 1.75. The firm’s 50 day moving average price is $6.36 and its 200-day moving average price is $6.17. The company has a debt-to-equity ratio of 10.73, a quick ratio of 0.56 and a current ratio of 1.15.

ChargePoint (NYSE:CHPT) last issued its quarterly earnings data on Wednesday, June 3rd. The company reported ($1.75) EPS for the quarter, missing the consensus estimate of ($1.11) by ($0.64). ChargePoint had a negative net margin of 49.66% and a negative return on equity of 504.42%. The business had revenue of $101.82 million during the quarter, compared to analyst estimates of $95.64 million. On average, research analysts expect that ChargePoint Holdings, Inc. will post -5.48 EPS for the current year.

Insider Activity at ChargePoint

In related news, insider John David Vice sold 4,072 shares of the firm’s stock in a transaction dated Tuesday, June 23rd. The shares were sold at an average price of $7.13, for a total value of $29,033.36. Following the transaction, the insider directly owned 171,507 shares of the company’s stock, valued at approximately $1,222,844.91. This trade represents a 2.32% decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, insider Jagdeep Ca Singh sold 9,719 shares of ChargePoint stock in a transaction dated Tuesday, June 23rd. The stock was sold at an average price of $7.14, for a total value of $69,393.66. Following the completion of the sale, the insider owned 187,846 shares in the company, valued at approximately $1,341,220.44. The trade was a 4.92% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Insiders have sold 29,164 shares of company stock worth $208,037 in the last quarter. Company insiders own 4.20% of the company’s stock.

Hedge Funds Weigh In On ChargePoint

Several hedge funds and other institutional investors have recently made changes to their positions in CHPT. Northwestern Mutual Wealth Management Co. grew its holdings in shares of ChargePoint by 12,808.6% during the fourth quarter. Northwestern Mutual Wealth Management Co. now owns 237,906 shares of the company’s stock worth $1,580,000 after buying an additional 236,063 shares in the last quarter. Pilgrim Partners Asia Pte Ltd lifted its stake in shares of ChargePoint by 56.4% in the fourth quarter. Pilgrim Partners Asia Pte Ltd now owns 8,600 shares of the company’s stock worth $57,000 after buying an additional 3,100 shares in the last quarter. Hsbc Holdings PLC acquired a new position in ChargePoint during the fourth quarter worth about $73,000. EFG International AG acquired a new position in ChargePoint during the fourth quarter worth about $72,000. Finally, Hudson Bay Capital Management LP purchased a new stake in ChargePoint during the 2nd quarter valued at about $72,000. Hedge funds and other institutional investors 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.