ChargePoint (NYSE:CHPT) CAO Sells $15,985.46 in Stock

by · The Markets Daily

ChargePoint Holdings, Inc. (NYSE:CHPT – Get Free Report) CAO Natella Fakhradovna Novruzova sold 2,242 shares of the company’s stock in a transaction dated Tuesday, June 23rd. The stock was sold at an average price of $7.13, for a total transaction of $15,985.46. Following the completion of the sale, the chief accounting officer owned 29,315 shares in the company, valued at approximately $209,015.95. This trade represents a 7.10% decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. The sale was made to cover tax withholding obligations related to the vesting of equity awards.

ChargePoint Stock Down 14.2%

Shares of CHPT stock traded down $1.13 during trading hours on Tuesday, hitting $6.80. 958,363 shares of the company’s stock traded hands, compared to its average volume of 661,641. The stock’s fifty day simple moving average is $6.92 and its two-hundred day simple moving average is $6.59. ChargePoint Holdings, Inc. has a 12-month low of $4.44 and a 12-month high of $16.20. The stock has a market cap of $166.06 million, a price-to-earnings ratio of -0.78 and a beta of 1.74. The company has a quick ratio of 0.56, a current ratio of 1.15 and a debt-to-equity ratio of 10.73.

ChargePoint (NYSE:CHPT – Get Free Report) last issued its quarterly earnings results on Wednesday, June 3rd. The company reported ($1.75) EPS for the quarter, missing analysts’ consensus estimates of ($1.11) by ($0.64). The company had revenue of $101.82 million during the quarter, compared to the consensus estimate of $95.64 million. ChargePoint had a negative return on equity of 504.42% and a negative net margin of 49.66%. On average, analysts expect that ChargePoint Holdings, Inc. will post -5.48 EPS for the current year.

Analyst Upgrades and Downgrades

CHPT has been the topic of a number of recent research reports. JPMorgan Chase & Co. cut their target price on ChargePoint from $8.00 to $5.00 and set an “underweight” rating on the stock in a research note on Thursday, March 5th. Royal Bank Of Canada reaffirmed a “sector perform” rating and issued a $6.50 price target on shares of ChargePoint in a research report on Thursday, June 4th. Needham & Company LLC reiterated a “hold” rating on shares of ChargePoint in a research note on Thursday, June 4th. Weiss Ratings reissued a “sell (e+)” rating on shares of ChargePoint in a research report on Monday, April 20th. Finally, B. Riley Financial reduced their price objective on shares of ChargePoint from $11.00 to $6.00 and set a “neutral” rating for the company in a research note on Friday, March 13th. One investment analyst has rated the stock with a Buy rating, six have issued a Hold rating and three have given a Sell rating to the company’s stock. Based on data from MarketBeat.com, the company has an average rating of “Reduce” and a consensus target price of $8.31.

Read Our Latest Report on CHPT

Institutional Trading of ChargePoint

Institutional investors and hedge funds have recently modified their holdings of the business. Goldman Sachs Group Inc. raised its stake in shares of ChargePoint by 61.8% in the first quarter. Goldman Sachs Group Inc. now owns 3,790,823 shares of the company’s stock worth $2,293,000 after purchasing an additional 1,448,114 shares during the last quarter. AQR Capital Management LLC boosted its position in shares of ChargePoint by 6,429.1% during the first quarter. AQR Capital Management LLC now owns 2,679,217 shares of the company’s stock valued at $1,553,000 after buying an additional 2,638,182 shares during the last quarter. Invesco Ltd. increased its holdings in ChargePoint by 18.4% in the 2nd quarter. Invesco Ltd. now owns 2,483,139 shares of the company’s stock worth $1,746,000 after buying an additional 385,258 shares in the last quarter. Bank of America Corp DE increased its holdings in ChargePoint by 5.3% in the 2nd quarter. Bank of America Corp DE now owns 773,162 shares of the company’s stock worth $544,000 after buying an additional 38,667 shares in the last quarter. Finally, Brevan Howard Capital Management LP purchased a new stake in shares of ChargePoint during the 2nd quarter valued at about $517,000. Institutional investors own 37.77% of the company’s stock.

ChargePoint Company Profile

(Get Free Report)

ChargePoint (NYSE: CHPT) is a leading provider of electric vehicle (EV) charging solutions that designs, develops and markets charging hardware, software and services. The company’s portfolio includes Level 2 AC charging stations for residential, commercial and fleet applications, as well as DC fast charging systems suited for retail, hospitality and public use. ChargePoint’s integrated platform enables site hosts to manage charging infrastructure through cloud-based monitoring, analytics and billing tools, while EV drivers access and control charging sessions via a mobile app or RFID card.

Since its founding in 2007 and headquarters in Campbell, California, ChargePoint has built one of the largest open EV charging networks in the world.

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