ChargePoint (NYSE:CHPT) Shares Up 8.4% – Time to Buy?

ChargePoint Holdings, Inc. (NYSE:CHPT) was up 8.4% on Thursday . The company traded as high as $1.17 and last traded at $1.16. Approximately 6,582,811 shares changed hands during trading, a decline of 53% from the average daily volume of 14,061,513 shares. The stock had previously closed at $1.07.

Wall Street Analysts Forecast Growth

Several analysts recently weighed in on the stock. Capital One Financial upgraded shares of ChargePoint to a “strong-buy” rating in a report on Tuesday, September 17th. JPMorgan Chase & Co. downgraded ChargePoint from an “overweight” rating to an “underweight” rating in a report on Thursday, October 3rd. Royal Bank of Canada lowered their target price on ChargePoint from $2.50 to $2.00 and set a “sector perform” rating for the company in a report on Thursday, December 5th. Needham & Company LLC reiterated a “hold” rating on shares of ChargePoint in a research note on Thursday, December 5th. Finally, Stifel Nicolaus lowered their price objective on shares of ChargePoint from $3.00 to $2.00 and set a “hold” rating for the company in a research note on Wednesday, October 30th. Two analysts have rated the stock with a sell rating, nine have assigned a hold rating, three have given a buy rating and one has assigned a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and a consensus target price of $2.46.

ChargePoint Stock Performance

The stock has a market cap of $513.12 million, a PE ratio of -1.57 and a beta of 1.69. The stock has a fifty day moving average of $1.19 and a 200-day moving average of $1.48. The company has a quick ratio of 1.32, a current ratio of 1.94 and a debt-to-equity ratio of 1.65.

Insider Activity

In other news, CFO Mansi Khetani sold 22,038 shares of the stock in a transaction dated Monday, December 23rd. The shares were sold at an average price of $1.14, for a total value of $25,123.32. Following the completion of the transaction, the chief financial officer now owns 1,230,305 shares in the company, valued at $1,402,547.70. This trade represents a 1.76 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, CAO Henrik Gerdes sold 26,288 shares of the business’s stock in a transaction dated Friday, October 11th. The stock was sold at an average price of $1.32, for a total transaction 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. This represents a 6.31 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 113,436 shares of company stock valued at $134,049 over the last quarter. Corporate insiders own 3.50% of the company’s stock.

Institutional Trading of ChargePoint

Institutional investors have recently bought and sold shares of the company. State Street Corp grew its position in shares of ChargePoint by 1.4% in the third quarter. State Street Corp now owns 10,297,421 shares of the company’s stock valued at $14,107,000 after purchasing an additional 142,767 shares during the last quarter. Geode Capital Management LLC lifted its stake in ChargePoint by 4.6% in the 3rd quarter. Geode Capital Management LLC now owns 9,072,168 shares of the company’s stock valued at $12,432,000 after buying an additional 399,070 shares in the last quarter. Point72 Asset Management L.P. acquired a new stake in ChargePoint during the 2nd quarter valued at $13,007,000. Charles Schwab Investment Management Inc. increased its position in ChargePoint by 7.2% during the third quarter. Charles Schwab Investment Management Inc. now owns 3,251,029 shares of the company’s stock worth $4,454,000 after buying an additional 219,426 shares in the last quarter. Finally, Stifel Financial Corp raised its holdings in shares of ChargePoint by 15.5% in the third quarter. Stifel Financial Corp now owns 2,055,211 shares of the company’s stock worth $2,816,000 after acquiring an additional 275,653 shares during the last quarter. 37.77% of the stock is currently 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.