ChargePoint (NYSE:CHPT) Shares Gap Up – Here’s Why

Shares of ChargePoint Holdings, Inc. (NYSE:CHPT) gapped up before the market opened 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.

Wall Street Analyst Weigh In

CHPT has been the subject of a number of recent analyst reports. Stifel Nicolaus lowered their price objective on ChargePoint from $3.00 to $2.00 and set a “hold” rating for the company in a research report on Wednesday, October 30th. Benchmark reaffirmed a “buy” rating and issued a $3.00 price objective on shares of ChargePoint in a research report on Wednesday, November 20th. UBS Group dropped their target price on shares of ChargePoint from $1.80 to $1.50 and set a “neutral” rating on the stock in a research report on Tuesday, October 15th. Evercore ISI decreased their price target on shares of ChargePoint from $6.00 to $4.00 and set an “outperform” rating for the company in a report on Thursday, September 5th. Finally, The Goldman Sachs Group dropped their price objective on shares of ChargePoint from $1.50 to $1.25 and set a “sell” rating on the stock in a report on Friday, September 6th. Two investment analysts have rated the stock with a sell rating, ten have given a hold rating, three have assigned a buy rating and one has issued a strong buy rating to the company’s stock. According to data from MarketBeat, ChargePoint currently has an average rating of “Hold” and a consensus price target of $2.47.

ChargePoint Stock Performance

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

ChargePoint (NYSE:CHPT) last posted its 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 firm had revenue of $108.54 million during the quarter, compared to analyst estimates of $114.15 million. On average, sell-side analysts anticipate that ChargePoint Holdings, Inc. will post -0.56 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other news, CAO Henrik Gerdes sold 26,288 shares of the company’s stock in a transaction that occurred on Friday, October 11th. The stock was sold at an average price of $1.32, for a total transaction of $34,700.16. Following the completion of the transaction, the chief accounting officer now directly owns 390,596 shares of the company’s stock, valued at $515,586.72. This represents a 6.31 % decrease in their position. The sale was disclosed in a filing with the SEC, which is available through this link. Also, CEO Richard Wilmer sold 27,252 shares of ChargePoint stock in a transaction on Monday, September 23rd. The shares were sold at an average price of $1.35, for a total transaction of $36,790.20. Following the completion of the sale, the chief executive officer now directly owns 2,304,489 shares in the company, valued at $3,111,060.15. This represents a 1.17 % decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders sold 100,803 shares of company stock worth $135,295. Company insiders own 3.50% of the company’s stock.

Institutional Investors Weigh In On ChargePoint

Large investors have recently bought and sold shares of the company. CIBC Asset Management Inc increased its position in shares of ChargePoint by 50.7% during the second quarter. CIBC Asset Management Inc now owns 17,145 shares of the company’s stock worth $26,000 after purchasing an additional 5,770 shares in the last quarter. Delap Wealth Advisory LLC purchased a new stake in shares of ChargePoint during the second quarter worth $31,000. Financial Advocates Investment Management purchased a new position in shares of ChargePoint in the third quarter worth about $29,000. Perennial Investment Advisors LLC grew its stake in ChargePoint by 74.4% during the 2nd 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. Finally, Vanguard Personalized Indexing Management LLC raised its holdings in ChargePoint by 152.0% in the 2nd quarter. Vanguard Personalized Indexing Management LLC now owns 25,462 shares of the company’s stock valued at $38,000 after acquiring an additional 15,358 shares during the last quarter. 37.77% of the stock is currently owned by hedge funds and other institutional investors.

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.