ChargePoint (NYSE:CHPT) Trading Down 5.9% – Time to Sell?

ChargePoint Holdings, Inc. (NYSE:CHPT) shares traded down 5.9% on Thursday . The company traded as low as $5.70 and last traded at $5.74. 458,782 shares changed hands during mid-day trading, a decline of 18% from the average session volume of 556,483 shares. The stock had previously closed at $6.10.

Wall Street Analyst Weigh In

Several equities analysts recently commented on the stock. Weiss Ratings reaffirmed a “sell (e+)” rating on shares of ChargePoint in a report on Wednesday, January 21st. UBS Group reaffirmed a “neutral” rating and set a $9.00 price objective (down from $12.00) on shares of ChargePoint in a research note on Monday, December 22nd. Royal Bank Of Canada reiterated a “sector perform” rating and issued a $9.00 price objective (down previously from $10.00) on shares of ChargePoint in a report on Friday, December 5th. B. Riley Financial dropped their target price on ChargePoint from $12.50 to $11.00 and set a “neutral” rating for the company in a report on Wednesday, December 10th. Finally, The Goldman Sachs Group restated a “sell” rating and set a $5.00 price target on shares of ChargePoint in a research report on Thursday, January 15th. One research analyst has rated the stock with a Buy rating, eight have assigned a Hold rating and three have issued a Sell rating to the company. According to data from MarketBeat, the company has an average rating of “Reduce” and a consensus target price of $12.15.

ChargePoint Trading Down 5.9%

The company has a debt-to-equity ratio of 8.38, a current ratio of 1.59 and a quick ratio of 0.93. The firm’s 50 day moving average price is $7.06 and its 200 day moving average price is $9.23. The stock has a market capitalization of $135.75 million, a P/E ratio of -0.56 and a beta of 1.40.

ChargePoint (NYSE:CHPT) last announced its quarterly earnings results on Thursday, December 4th. The company reported ($2.23) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($1.35) by ($0.88). The business had revenue of $105.67 million for the quarter, compared to analysts’ expectations of $96.51 million. ChargePoint had a negative net margin of 59.54% and a negative return on equity of 209.46%. During the same quarter in the prior year, the firm earned ($1.94) EPS. As a group, equities research analysts expect that ChargePoint Holdings, Inc. will post -0.57 earnings per share for the current fiscal year.

Insider Activity at ChargePoint

In related news, CFO Mansi Khetani sold 3,943 shares of the company’s stock in a transaction that occurred on Tuesday, December 23rd. The stock was sold at an average price of $6.99, for a total transaction of $27,561.57. Following the completion of the transaction, the chief financial officer owned 130,363 shares in the company, valued at $911,237.37. This represents a 2.94% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, insider Jagdeep Ca Singh sold 4,832 shares of the firm’s stock in a transaction on Tuesday, December 23rd. The stock was sold at an average price of $6.99, for a total value of $33,775.68. Following the completion of the sale, the insider directly owned 124,627 shares of the company’s stock, valued at $871,142.73. The trade was a 3.73% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold 12,670 shares of company stock worth $88,534 over the last three months. Insiders own 3.50% of the company’s stock.

Institutional Investors Weigh In On ChargePoint

Large investors have recently modified their holdings of the stock. AQR Capital Management LLC raised its stake in ChargePoint by 6,429.1% in the first quarter. AQR Capital Management LLC now owns 2,679,217 shares of the company’s stock worth $1,553,000 after buying an additional 2,638,182 shares in the last quarter. Integrated Wealth Concepts LLC boosted its position in ChargePoint by 2,885.1% during the 1st quarter. Integrated Wealth Concepts LLC now owns 461,771 shares of the company’s stock valued at $279,000 after acquiring an additional 446,302 shares in the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. grew its holdings in shares of ChargePoint by 14.6% during the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 283,924 shares of the company’s stock worth $172,000 after acquiring an additional 36,097 shares during the period. Goldman Sachs Group Inc. raised its position in shares of ChargePoint by 61.8% in the 1st quarter. Goldman Sachs Group Inc. now owns 3,790,823 shares of the company’s stock worth $2,293,000 after acquiring an additional 1,448,114 shares in the last quarter. Finally, Focus Partners Wealth bought a new position in shares of ChargePoint in the 1st quarter worth approximately $27,000. Institutional investors own 37.77% of the company’s stock.

ChargePoint Company Profile

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.