ChargePoint (NYSE:CHPT) Sets New 52-Week Low – Time to Sell?

ChargePoint Holdings, Inc. (NYSE:CHPT) reached a new 52-week low during mid-day trading on Monday . The company traded as low as $1.10 and last traded at $1.18, with a volume of 6564503 shares traded. The stock had previously closed at $1.13.

Wall Street Analysts Forecast Growth

Several brokerages have commented on CHPT. TD Cowen lowered shares of ChargePoint from a “buy” rating to a “hold” rating and lowered their price objective for the stock from $3.00 to $2.00 in a research report on Thursday, September 5th. Wolfe Research began coverage on shares of ChargePoint in a research note on Thursday, September 5th. They issued a “peer perform” rating for the company. Royal Bank of Canada dropped their price target on shares of ChargePoint from $3.00 to $2.50 and set a “sector perform” rating on the stock in a research note on Thursday, September 5th. Capital One Financial raised shares of ChargePoint to a “strong-buy” rating in a report on Tuesday, September 17th. Finally, Benchmark reaffirmed a “buy” rating and issued a $3.00 price target on shares of ChargePoint in a report on Thursday, September 5th. Two equities research analysts have rated the stock with a sell rating, thirteen have given a hold rating, four have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. According to data from MarketBeat.com, ChargePoint presently has a consensus rating of “Hold” and an average target price of $2.61.

ChargePoint Stock Performance

The company has a debt-to-equity ratio of 1.24, a current ratio of 2.03 and a quick ratio of 1.32. The stock has a 50 day simple moving average of $1.33 and a 200 day simple moving average of $1.62.

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

Insider Activity at ChargePoint

In related news, CFO Mansi Khetani sold 23,409 shares of the firm’s stock in a transaction on Monday, September 23rd. The stock was sold at an average price of $1.35, for a total value of $31,602.15. Following the completion of the sale, the chief financial officer now owns 849,084 shares of the company’s stock, valued at $1,146,263.40. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this link. In related news, CFO Mansi Khetani sold 23,409 shares of the stock in a transaction dated Monday, September 23rd. The shares were sold at an average price of $1.35, for a total value of $31,602.15. Following the completion of the transaction, the chief financial officer now directly owns 849,084 shares of the company’s stock, valued at $1,146,263.40. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, CAO Henrik Gerdes sold 26,288 shares of ChargePoint stock in a transaction that occurred on Friday, October 11th. The shares were sold at an average price of $1.32, for a total value of $34,700.16. Following the sale, the chief accounting officer now directly owns 390,596 shares in the company, valued at approximately $515,586.72. The trade was a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 100,803 shares of company stock worth $135,295 in the last 90 days. Company insiders own 3.50% of the company’s stock.

Institutional Inflows and Outflows

Several institutional investors have recently modified their holdings of CHPT. CreativeOne Wealth LLC purchased a new position in shares of ChargePoint in the 1st quarter worth about $30,000. CIBC Asset Management Inc raised its holdings in ChargePoint by 50.7% in the second quarter. CIBC Asset Management Inc now owns 17,145 shares of the company’s stock worth $26,000 after buying an additional 5,770 shares during the last quarter. Delap Wealth Advisory LLC bought a new position in shares of ChargePoint in the second quarter worth approximately $31,000. Financial Advocates Investment Management purchased a new stake in shares of ChargePoint during the third quarter valued at approximately $29,000. Finally, Perennial Investment Advisors LLC increased its position in shares of ChargePoint by 74.4% during the second quarter. Perennial Investment Advisors LLC now owns 24,380 shares of the company’s stock valued at $37,000 after acquiring an additional 10,400 shares in the last quarter. 37.77% of the stock is currently owned by institutional investors.

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.