ChargePoint (NYSE:CHPT) Shares Up 6.9%

ChargePoint Holdings, Inc. (NYSE:CHPT) shot up 6.9% during mid-day trading on Tuesday . The company traded as high as $1.47 and last traded at $1.47. 7,293,160 shares traded hands during mid-day trading, a decline of 47% from the average session volume of 13,889,014 shares. The stock had previously closed at $1.37.

Analysts Set New Price Targets

A number of brokerages have recently issued reports on CHPT. Needham & Company LLC reduced their price target on ChargePoint from $3.00 to $2.00 and set a “buy” rating on the stock in a research report on Thursday, September 5th. B. Riley raised shares of ChargePoint to a “hold” rating in a report on Tuesday, June 25th. TD Cowen lowered shares of ChargePoint from a “buy” rating to a “hold” rating and lowered their price target for the company from $3.00 to $2.00 in a report on Thursday, September 5th. Benchmark reissued a “buy” rating and set a $3.00 target price on shares of ChargePoint in a research note on Thursday, September 5th. Finally, Wolfe Research started coverage on shares of ChargePoint in a research note on Thursday, September 5th. They issued a “peer perform” rating on the stock. One investment 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 target price of $3.39.

ChargePoint Price Performance

The company has a debt-to-equity ratio of 1.24, a current ratio of 2.03 and a quick ratio of 1.45. The stock has a market capitalization of $651.69 million, a price-to-earnings ratio of -1.28 and a beta of 1.70. The stock’s 50 day simple moving average is $1.82 and its 200-day simple moving average is $1.73.

Insider Buying and Selling at ChargePoint

In other ChargePoint news, CAO Henrik Gerdes sold 43,596 shares of the stock in a transaction dated Thursday, June 20th. The shares were sold at an average price of $1.50, for a total transaction of $65,394.00. Following the sale, the chief accounting officer now owns 438,004 shares of the company’s stock, valued at approximately $657,006. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. In related news, CAO Henrik Gerdes sold 43,596 shares of the stock in a transaction that occurred on 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 sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CFO Mansi Khetani sold 19,007 shares of the stock in a transaction that occurred on Friday, June 21st. The shares were sold at an average price of $1.40, for a total transaction of $26,609.80. Following the completion of the sale, the chief financial officer now owns 402,493 shares in the company, valued at $563,490.20. The disclosure for this sale can be found here. Insiders have sold 95,099 shares of company stock valued at $137,498 in the last 90 days. 3.50% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On ChargePoint

Several hedge funds have recently added to or reduced their stakes in the business. Susquehanna Fundamental Investments LLC bought a new position in ChargePoint in the first quarter valued at about $258,000. Vanguard Group Inc. raised its position in shares of ChargePoint by 26.3% during the first 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 during the period. Public Employees Retirement System of Ohio grew its holdings in ChargePoint by 6.1% during the first quarter. Public Employees Retirement System of Ohio now owns 136,355 shares of the company’s stock worth $259,000 after buying an additional 7,838 shares in the last quarter. CreativeOne Wealth LLC bought a new stake in ChargePoint during the first quarter worth $30,000. Finally, Tidal Investments LLC grew its holdings in ChargePoint by 58.8% during the first quarter. Tidal Investments LLC now owns 333,866 shares of the company’s stock worth $634,000 after buying an additional 123,597 shares in the last quarter. Institutional investors and hedge funds own 37.77% of the company’s stock.

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.