ChargePoint (NYSE:CHPT) Shares Gap Down – Should You Sell?

ChargePoint Holdings, Inc. (NYSE:CHPT) gapped down prior to trading on Wednesday . The stock had previously closed at $1.39, but opened at $1.25. ChargePoint shares last traded at $1.23, with a volume of 4,183,189 shares.

Wall Street Analyst Weigh In

A number of equities research analysts recently commented on the stock. Stifel Nicolaus lowered their price target on shares of ChargePoint from $3.00 to $2.00 and set a “hold” rating for the company in a report on Wednesday, October 30th. Capital One Financial upgraded shares of ChargePoint to a “strong-buy” rating in a report on Tuesday, September 17th. Wolfe Research began coverage on ChargePoint in a research report on Thursday, September 5th. They set a “peer perform” rating for the company. Benchmark reiterated a “buy” rating and issued a $3.00 price objective on shares of ChargePoint in a research report on Thursday, September 5th. Finally, TD Cowen downgraded ChargePoint from a “buy” rating to a “hold” rating and decreased their target price for the company from $3.00 to $2.00 in a report on Thursday, September 5th. Two analysts have rated the stock with a sell rating, thirteen have issued a hold rating, four have given a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat.com, the stock has an average rating of “Hold” and an average target price of $2.61.

ChargePoint Stock Performance

The company has a market capitalization of $524.37 million, a PE ratio of -1.23 and a beta of 1.70. The company has a debt-to-equity ratio of 1.24, a quick ratio of 1.32 and a current ratio of 2.03. The business’s 50-day moving average is $1.40 and its 200-day moving average is $1.62.

ChargePoint (NYSE:CHPT) last issued its quarterly earnings results on Wednesday, September 4th. The company reported ($0.15) EPS for the quarter, hitting analysts’ consensus estimates of ($0.15). ChargePoint had a negative return on equity of 112.67% and a negative net margin of 89.12%. The firm had revenue of $108.54 million for the quarter, compared to analysts’ expectations of $114.15 million. On average, research analysts anticipate that ChargePoint Holdings, Inc. will post -0.56 earnings per share for the current year.

Insider Transactions at ChargePoint

In related news, CAO Henrik Gerdes sold 26,288 shares of the company’s stock in a transaction dated Friday, October 11th. The shares were sold at an average price of $1.32, for a total value of $34,700.16. Following the transaction, the chief accounting officer now owns 390,596 shares in the company, valued at $515,586.72. The trade was a 0.00 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. In other ChargePoint news, CFO Mansi Khetani sold 23,409 shares of ChargePoint stock in a transaction on Monday, September 23rd. The stock was sold at an average price of $1.35, for a total value of $31,602.15. Following the completion of the sale, the chief financial officer now owns 849,084 shares of the company’s stock, valued at approximately $1,146,263.40. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, CAO Henrik Gerdes sold 26,288 shares of the company’s stock in a transaction on Friday, October 11th. The shares were sold at an average price of $1.32, for a total value of $34,700.16. Following the transaction, the chief accounting officer now directly owns 390,596 shares in the company, valued at approximately $515,586.72. The trade was a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders have sold 100,803 shares of company stock valued at $135,295. Insiders own 3.50% of the company’s stock.

Institutional Investors Weigh In On ChargePoint

Several large investors have recently bought and sold shares of the business. CIBC Asset Management Inc lifted its stake in ChargePoint by 50.7% during the 2nd quarter. CIBC Asset Management Inc now owns 17,145 shares of the company’s stock valued at $26,000 after acquiring an additional 5,770 shares during the period. Hsbc Holdings PLC boosted its holdings in ChargePoint by 41.4% in the second quarter. Hsbc Holdings PLC now owns 26,397 shares of the company’s stock worth $39,000 after purchasing an additional 7,723 shares during the last quarter. Public Employees Retirement System of Ohio grew its position in ChargePoint by 6.1% in the 1st quarter. Public Employees Retirement System of Ohio now owns 136,355 shares of the company’s stock worth $259,000 after purchasing an additional 7,838 shares during the period. Capital Square LLC raised its stake in ChargePoint by 47.4% during the 1st quarter. Capital Square LLC now owns 24,880 shares of the company’s stock valued at $47,000 after buying an additional 8,000 shares during the last quarter. Finally, PFG Investments LLC raised its stake in ChargePoint by 32.2% during the 2nd quarter. PFG Investments LLC now owns 34,102 shares of the company’s stock valued at $51,000 after buying an additional 8,297 shares during 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.