ChargePoint (NYSE:CHPT) Shares Down 8.5% Following Insider Selling

Shares of ChargePoint Holdings, Inc. (NYSE:CHPT) dropped 8.5% on Monday after an insider sold shares in the company. The company traded as low as $1.12 and last traded at $1.14. Approximately 8,453,529 shares changed hands during mid-day trading, a decline of 39% from the average daily volume of 13,864,269 shares. The stock had previously closed at $1.24.

Specifically, CFO Mansi Khetani sold 22,038 shares of the firm’s stock in a transaction that occurred on Monday, December 23rd. The stock was sold at an average price of $1.14, for a total transaction of $25,123.32. Following the transaction, the chief financial officer now directly 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 transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CAO Henrik Gerdes sold 28,536 shares of ChargePoint stock in a transaction dated Monday, December 23rd. The shares were sold at an average price of $1.14, for a total transaction of $32,531.04. Following the sale, the chief accounting officer now directly owns 362,060 shares in the company, valued at $412,748.40. The trade was a 7.31 % decrease in their position. The disclosure for this sale can be found here. In other ChargePoint news, insider Jagdeep Ca Singh sold 36,574 shares of the company’s stock in a transaction that occurred on Monday, December 23rd. The stock was sold at an average price of $1.14, for a total transaction of $41,694.36. Following the transaction, the insider now owns 1,161,430 shares in the company, valued at approximately $1,324,030.20. This represents a 3.05 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website.

Analyst Upgrades and Downgrades

CHPT has been the subject of several research reports. Needham & Company LLC reiterated a “hold” rating on shares of ChargePoint in a research note on Thursday, December 5th. The Goldman Sachs Group decreased their target price on shares of ChargePoint from $1.50 to $1.25 and set a “sell” rating for the company in a report on Friday, September 6th. TD Cowen downgraded shares of ChargePoint from a “buy” rating to a “hold” rating and reduced their price target for the company from $3.00 to $2.00 in a research report on Thursday, September 5th. Capital One Financial raised ChargePoint to a “strong-buy” rating in a research report on Tuesday, September 17th. Finally, Evercore ISI reduced their target price on ChargePoint from $6.00 to $4.00 and set an “outperform” rating for the company in a report on Thursday, September 5th. Two research analysts have rated the stock with a sell rating, nine have assigned a hold rating, three have assigned a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat, the stock currently has a consensus rating of “Hold” and an average price target of $2.46.

ChargePoint Stock Up 2.7 %

The company has a fifty day moving average price of $1.22 and a 200-day moving average price of $1.51. The firm has a market capitalization of $513.12 million, a PE ratio of -1.57 and a beta of 1.69. The company has a debt-to-equity ratio of 1.65, a quick ratio of 1.32 and a current ratio of 1.94.

Institutional Investors Weigh In On ChargePoint

Institutional investors and hedge funds have recently modified their holdings of the business. Point72 Asset Management L.P. purchased a new stake in shares of ChargePoint during the second quarter valued at $13,007,000. Erste Asset Management GmbH bought a new position in ChargePoint in the 3rd quarter worth about $2,570,000. AQR Capital Management LLC bought a new stake in shares of ChargePoint during the second quarter valued at approximately $1,310,000. Skandinaviska Enskilda Banken AB publ grew its stake in ChargePoint by 62.0% in the second 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 increased its holdings in ChargePoint by 60.1% during 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 during the period. 37.77% of the stock is owned by 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.