Short Interest in ChargePoint Holdings, Inc. (NYSE:CHPT) Declines By 8.4%

ChargePoint Holdings, Inc. (NYSE:CHPT) was the recipient of a significant drop in short interest in the month of November. As of November 30th, there was short interest totalling 118,780,000 shares, a drop of 8.4% from the November 15th total of 129,640,000 shares. Approximately 29.8% of the shares of the stock are short sold. Based on an average daily volume of 13,050,000 shares, the short-interest ratio is presently 9.1 days.

Insiders Place Their Bets

In other news, CFO Mansi Khetani sold 23,409 shares of the company’s 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 sale, the chief financial officer now owns 849,084 shares of the company’s stock, valued at approximately $1,146,263.40. This represents a 2.68 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, CEO Richard Wilmer sold 27,252 shares of ChargePoint stock in a transaction dated Monday, September 23rd. The shares were sold at an average price of $1.35, for a total transaction of $36,790.20. Following the transaction, the chief executive officer now directly owns 2,304,489 shares of the company’s stock, valued at $3,111,060.15. This represents a 1.17 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 100,803 shares of company stock worth $135,295 over the last quarter. Company insiders own 3.50% of the company’s stock.

Institutional Inflows and Outflows

Large investors have recently made changes to their positions in the stock. CIBC Asset Management Inc increased 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 valued at $26,000 after purchasing an additional 5,770 shares during the last quarter. Delap Wealth Advisory LLC acquired a new position in shares of ChargePoint during the 2nd quarter worth about $31,000. Financial Advocates Investment Management bought a new stake in shares of ChargePoint in the 3rd quarter valued at about $29,000. Perennial Investment Advisors LLC raised its position in shares of ChargePoint by 74.4% in 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 during the period. Finally, Vanguard Personalized Indexing Management LLC boosted its stake in ChargePoint by 152.0% during the 2nd quarter. Vanguard Personalized Indexing Management LLC now owns 25,462 shares of the company’s stock worth $38,000 after acquiring an additional 15,358 shares during the last quarter. Institutional investors and hedge funds own 37.77% of the company’s stock.

ChargePoint Trading Down 1.7 %

Shares of NYSE CHPT opened at $1.13 on Tuesday. The company’s 50 day simple moving average is $1.24 and its 200 day simple moving average is $1.53. The company has a debt-to-equity ratio of 1.65, a current ratio of 1.94 and a quick ratio of 1.32. ChargePoint has a fifty-two week low of $1.05 and a fifty-two week high of $2.79. The firm has a market capitalization of $499.84 million, a P/E ratio of -1.53 and a beta of 1.69.

Wall Street Analysts Forecast Growth

Several brokerages have issued reports on CHPT. Benchmark reiterated a “buy” rating and issued a $3.00 price objective on shares of ChargePoint in a research report on Wednesday, November 20th. Stifel Nicolaus reduced their price target on shares of ChargePoint from $3.00 to $2.00 and set a “hold” rating on the stock in a research report on Wednesday, October 30th. Evercore ISI decreased their price objective on shares of ChargePoint from $6.00 to $4.00 and set an “outperform” rating on the stock in a report on Thursday, September 5th. Needham & Company LLC reaffirmed a “hold” rating on shares of ChargePoint in a research note on Thursday, December 5th. Finally, UBS Group decreased their price target on shares of ChargePoint from $1.50 to $1.30 and set a “neutral” rating on the stock in a research note on Tuesday, December 10th. Two investment analysts have rated the stock with a sell rating, nine have issued a hold rating, three have assigned a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat.com, the company currently has an average rating of “Hold” and a consensus price target of $2.46.

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.