ChargePoint (NYSE:CHPT) Shares Down 4.4%

Shares of ChargePoint Holdings, Inc. (NYSE:CHPT) dropped 4.4% during trading on Monday . The stock traded as low as $1.31 and last traded at $1.31. Approximately 1,792,208 shares changed hands during trading, a decline of 87% from the average daily volume of 13,894,660 shares. The stock had previously closed at $1.37.

Analysts Set New Price Targets

CHPT has been the subject of several research reports. Royal Bank of Canada lowered their price objective on shares of ChargePoint from $3.00 to $2.50 and set a “sector perform” rating for the company 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 on the stock. The Goldman Sachs Group reduced their target price on shares of ChargePoint from $1.50 to $1.25 and set a “sell” rating on the stock in a research note on Friday, September 6th. TD Cowen downgraded shares of ChargePoint from a “buy” rating to a “hold” rating and reduced their target price for the company from $3.00 to $2.00 in a research note on Thursday, September 5th. Finally, Needham & Company LLC reduced their target price on shares of ChargePoint from $3.00 to $2.00 and set a “buy” rating on the stock in a research note on Thursday, September 5th. One research analyst has rated the stock with a sell rating, thirteen have issued a hold rating and five have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock has a consensus rating of “Hold” and a consensus price target of $3.39.

ChargePoint Trading Up 0.7 %

The company has a debt-to-equity ratio of 1.24, a quick ratio of 1.45 and a current ratio of 2.03. The company’s fifty day simple moving average is $1.83 and its 200-day simple moving average is $1.74. The company has a market capitalization of $595.58 million, a P/E ratio of -1.16 and a beta of 1.70.

Insiders Place Their Bets

In other ChargePoint news, CEO Richard Wilmer sold 27,722 shares of the stock in a transaction dated Friday, June 21st. The shares were sold at an average price of $1.40, for a total transaction of $38,810.80. Following the transaction, the chief executive officer now directly owns 2,331,740 shares in the company, valued at approximately $3,264,436. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. In other news, CAO Henrik Gerdes sold 43,596 shares of the firm’s stock in a transaction dated Thursday, June 20th. The shares were sold at an average price of $1.50, for a total value of $65,394.00. Following the sale, the chief accounting officer now directly owns 438,004 shares in the company, valued at approximately $657,006. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, CEO Richard Wilmer sold 27,722 shares of the firm’s stock in a transaction dated Friday, June 21st. The shares were sold at an average price of $1.40, for a total transaction of $38,810.80. Following the completion of the sale, the chief executive officer now owns 2,331,740 shares in the company, valued at $3,264,436. The disclosure for this sale can be found here. Insiders have sold a total of 95,099 shares of company stock worth $137,498 in the last three months. Corporate insiders own 3.50% of the company’s stock.

Institutional Trading of ChargePoint

A number of institutional investors have recently modified their holdings of the company. Vanguard Group Inc. boosted its stake in ChargePoint by 26.3% in the 1st 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. Point72 Asset Management L.P. acquired a new stake in ChargePoint in the 2nd quarter worth approximately $13,007,000. Norges Bank acquired a new stake in ChargePoint in the 4th quarter worth approximately $9,733,000. Skandinaviska Enskilda Banken AB publ boosted its stake in ChargePoint by 62.0% in the 2nd quarter. Skandinaviska Enskilda Banken AB publ now owns 1,623,836 shares of the company’s stock worth $2,452,000 after purchasing an additional 621,536 shares in the last quarter. Finally, Bank of New York Mellon Corp boosted its stake in ChargePoint by 60.1% in the 2nd quarter. Bank of New York Mellon Corp now owns 1,298,289 shares of the company’s stock worth $1,960,000 after purchasing an additional 487,262 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.