ChargePoint (NYSE:CHPT) Trading Up 9.1% – Time to Buy?

Shares of ChargePoint Holdings, Inc. (NYSE:CHPT) rose 9.1% during mid-day trading on Monday . The company traded as high as $1.27 and last traded at $1.26. Approximately 10,047,694 shares traded hands during trading, a decline of 25% from the average daily volume of 13,450,908 shares. The stock had previously closed at $1.15.

Analyst Ratings Changes

CHPT has been the topic of a number of recent analyst reports. JPMorgan Chase & Co. lowered shares of ChargePoint from an “overweight” rating to an “underweight” rating in a report on Thursday, October 3rd. Capital One Financial upgraded shares of ChargePoint to a “strong-buy” rating in a report on Tuesday, September 17th. Needham & Company LLC lowered shares of ChargePoint from a “buy” rating to a “hold” rating in a report on Tuesday, November 19th. Wolfe Research started coverage on shares of ChargePoint in a research report on Thursday, September 5th. They set a “peer perform” rating on the stock. Finally, Royal Bank of Canada lowered their price objective on shares of ChargePoint from $3.00 to $2.50 and set a “sector perform” rating on the stock in a research report on Thursday, September 5th. Two analysts have rated the stock with a sell rating, eleven have issued a hold rating, three have given a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat, the company currently has a consensus rating of “Hold” and a consensus price target of $2.47.

ChargePoint Price Performance

The company has a quick ratio of 1.32, a current ratio of 2.03 and a debt-to-equity ratio of 1.24. The company has a market capitalization of $502.79 million, a P/E ratio of -1.18 and a beta of 1.70. The company’s 50-day simple moving average is $1.28 and its 200 day simple moving average is $1.59.

ChargePoint (NYSE:CHPT) last posted its earnings results on Wednesday, September 4th. The company reported ($0.15) EPS for the quarter, hitting the consensus estimate of ($0.15). The company had revenue of $108.54 million during the quarter, compared to the consensus estimate of $114.15 million. ChargePoint had a negative net margin of 89.12% and a negative return on equity of 112.67%. As a group, sell-side analysts expect that ChargePoint Holdings, Inc. will post -0.56 earnings per share for the current fiscal year.

Insider Buying and Selling

In other news, CFO Mansi Khetani sold 23,409 shares of the company’s stock in a transaction that occurred on Monday, September 23rd. The stock was sold at an average price of $1.35, for a total transaction of $31,602.15. Following the completion of the transaction, the chief financial officer now directly owns 849,084 shares in the company, valued at $1,146,263.40. The trade was a 2.68 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CAO Henrik Gerdes sold 26,288 shares of the company’s stock in a transaction that occurred on Friday, October 11th. The stock was 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 of the company’s stock, valued at approximately $515,586.72. This trade represents a 6.31 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 100,803 shares of company stock worth $135,295 in the last quarter. 3.50% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

A number of large investors have recently modified their holdings of CHPT. Point72 Asset Management L.P. acquired a new position in shares of ChargePoint during the second quarter worth approximately $13,007,000. Vanguard Group Inc. increased 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 valued at $69,708,000 after purchasing an additional 7,645,210 shares during the period. Erste Asset Management GmbH bought a new stake in shares of ChargePoint during the third quarter valued at approximately $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. Finally, Skandinaviska Enskilda Banken AB publ boosted its stake in ChargePoint by 62.0% during the second quarter. Skandinaviska Enskilda Banken AB publ now owns 1,623,836 shares of the company’s stock worth $2,452,000 after buying an additional 621,536 shares in the last quarter. 37.77% of the stock is currently owned by institutional investors and hedge funds.

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.