ChargePoint Holdings, Inc. (NYSE:CHPT) Sees Large Decline in Short Interest

ChargePoint Holdings, Inc. (NYSE:CHPT) was the target of a large drop in short interest during the month of December. As of December 31st, there was short interest totalling 113,550,000 shares, a drop of 6.3% from the December 15th total of 121,170,000 shares. Based on an average daily trading volume, of 15,980,000 shares, the days-to-cover ratio is presently 7.1 days. Approximately 28.5% of the shares of the company are sold short.

Insider Activity at ChargePoint

In other news, CAO Henrik Gerdes sold 28,536 shares of the firm’s stock in a transaction dated Monday, December 23rd. The shares were sold at an average price of $1.14, for a total value of $32,531.04. Following the transaction, the chief accounting officer now owns 362,060 shares of the company’s stock, valued at approximately $412,748.40. This trade represents a 7.31 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, CFO Mansi Khetani sold 22,038 shares of the stock in a transaction 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 completion of the sale, the chief financial officer now owns 1,230,305 shares in the company, valued at approximately $1,402,547.70. This trade represents a 1.76 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders have sold 87,148 shares of company stock worth $99,349. 3.50% of the stock is owned by insiders.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently modified their holdings of CHPT. Financial Advocates Investment Management purchased a new position in ChargePoint in the 3rd quarter valued at about $29,000. Delap Wealth Advisory LLC purchased a new position in ChargePoint in the second quarter worth approximately $31,000. Vanguard Personalized Indexing Management LLC increased its holdings in shares of ChargePoint by 152.0% in the 2nd quarter. Vanguard Personalized Indexing Management LLC now owns 25,462 shares of the company’s stock valued at $38,000 after acquiring an additional 15,358 shares during the last quarter. Hsbc Holdings PLC boosted its holdings in shares of ChargePoint by 41.4% in the second quarter. Hsbc Holdings PLC now owns 26,397 shares of the company’s stock valued at $39,000 after acquiring an additional 7,723 shares during the period. Finally, Point72 Asia Singapore Pte. Ltd. raised its stake in shares of ChargePoint by 131.0% during the third quarter. Point72 Asia Singapore Pte. Ltd. now owns 36,628 shares of the company’s stock worth $50,000 after purchasing an additional 20,773 shares during the last quarter. Hedge funds and other institutional investors own 37.77% of the company’s stock.

Analyst Ratings Changes

Several research analysts have recently weighed in on CHPT shares. Needham & Company LLC reiterated a “hold” rating on shares of ChargePoint in a research note on Thursday, December 5th. Stifel Nicolaus dropped their price target on ChargePoint from $3.00 to $2.00 and set a “hold” rating for the company in a research note on Wednesday, October 30th. Royal Bank of Canada decreased their price objective on ChargePoint from $2.50 to $2.00 and set a “sector perform” rating on the stock in a report on Thursday, December 5th. UBS Group reduced their price target on ChargePoint from $1.50 to $1.30 and set a “neutral” rating on the stock in a research report on Tuesday, December 10th. Finally, Benchmark reissued a “buy” rating and set a $3.00 price objective on shares of ChargePoint in a research note on Wednesday, November 20th. Two analysts have rated the stock with a sell rating, nine have issued a hold rating, three have given a buy rating and one has given a strong buy rating to the company’s stock. According to MarketBeat.com, ChargePoint presently has an average rating of “Hold” and an average target price of $2.46.

ChargePoint Trading Down 1.4 %

Shares of NYSE:CHPT traded down $0.02 during trading hours on Friday, hitting $1.09. 11,467,831 shares of the company’s stock traded hands, compared to its average volume of 18,868,468. ChargePoint has a 1 year low of $1.02 and a 1 year high of $2.44. The company has a debt-to-equity ratio of 1.65, a current ratio of 1.94 and a quick ratio of 1.24. The firm has a market capitalization of $479.94 million, a P/E ratio of -1.47 and a beta of 1.70. The business has a fifty day moving average price of $1.16 and a 200-day moving average price of $1.45.

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.