ChargePoint (NYSE:CHPT) Shares Down 5.1% – Time to Sell?

ChargePoint Holdings, Inc. (NYSE:CHPT) shares were down 5.1% on Thursday . The stock traded as low as $1.30 and last traded at $1.30. Approximately 7,523,324 shares traded hands during trading, a decline of 45% from the average daily volume of 13,695,059 shares. The stock had previously closed at $1.37.

Analysts Set New Price Targets

Several research analysts recently weighed in on CHPT shares. The Goldman Sachs Group reduced their price target on shares of ChargePoint from $1.50 to $1.25 and set a “sell” rating for the company in a research report on Friday, September 6th. Benchmark reiterated a “buy” rating and issued a $3.00 price objective on shares of ChargePoint in a report on Thursday, September 5th. Wolfe Research assumed coverage on shares of ChargePoint in a report on Thursday, September 5th. They set a “peer perform” rating for the company. Evercore ISI cut 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, Needham & Company LLC lowered their price objective on shares of ChargePoint from $3.00 to $2.00 and set a “buy” rating for the company in a research report on Thursday, September 5th. Two analysts have rated the stock with a sell rating, thirteen have issued a hold rating, four have given a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat, the company currently has a consensus rating of “Hold” and a consensus target price of $3.39.

ChargePoint Trading Up 2.3 %

The company’s 50-day moving average price is $1.56 and its 200-day moving average price is $1.67. The company has a debt-to-equity ratio of 1.24, a quick ratio of 1.32 and a current ratio of 2.03. The firm has a market capitalization of $578.32 million, a PE ratio of -1.35 and a beta of 1.69.

ChargePoint (NYSE:CHPT) last announced its quarterly earnings results on Wednesday, September 4th. The company reported ($0.15) EPS for the quarter, hitting 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 for the quarter, compared to analyst estimates of $114.15 million. On average, sell-side analysts expect that ChargePoint Holdings, Inc. will post -0.56 earnings per share for the current year.

Insider Buying and Selling

In related news, CFO Mansi Khetani sold 23,409 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 $31,602.15. Following the sale, the chief financial officer now directly owns 849,084 shares in the company, valued at $1,146,263.40. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. In other ChargePoint news, CFO Mansi Khetani sold 23,409 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 value of $31,602.15. Following the transaction, the chief financial officer now directly owns 849,084 shares in the company, valued at approximately $1,146,263.40. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. 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 transaction, the chief executive officer now owns 2,304,489 shares in the company, valued at approximately $3,111,060.15. This represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 74,515 shares of company stock worth $100,595 in the last ninety days. 3.50% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

Several large investors have recently added to or reduced their stakes in CHPT. Point72 Asset Management L.P. purchased a new position in ChargePoint during the second quarter worth about $13,007,000. Vanguard Group Inc. raised its holdings in ChargePoint by 26.3% during the first quarter. Vanguard Group Inc. now owns 36,688,672 shares of the company’s stock worth $69,708,000 after purchasing an additional 7,645,210 shares in the last quarter. AQR Capital Management LLC purchased a new position in ChargePoint during the second quarter worth about $1,310,000. Skandinaviska Enskilda Banken AB publ grew its position in ChargePoint by 62.0% during the second quarter. Skandinaviska Enskilda Banken AB publ now owns 1,623,836 shares of the company’s stock worth $2,452,000 after buying an additional 621,536 shares during the period. Finally, Quadrature Capital Ltd acquired a new position in ChargePoint during the fourth quarter worth about $1,257,000. 37.77% of the stock is owned by hedge funds and other 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.