Insider Selling: ChargePoint (NYSE:CHPT) CFO Sells 8,152 Shares of Stock

ChargePoint Holdings, Inc. (NYSE:CHPT) CFO Mansi Khetani sold 8,152 shares of ChargePoint stock in a transaction dated Tuesday, June 23rd. The shares were sold at an average price of $7.13, for a total value of $58,123.76. Following the completion of the transaction, the chief financial officer owned 179,348 shares of the company’s stock, valued at $1,278,751.24. The trade was a 4.35% decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this link. The sale was made to cover tax withholding obligations related to the vesting of equity awards.

ChargePoint Stock Down 14.2%

Shares of ChargePoint stock traded down $1.13 on Tuesday, reaching $6.80. 958,363 shares of the company were exchanged, compared to its average volume of 661,641. The stock’s 50 day moving average price is $6.92 and its 200-day moving average price is $6.59. The company has a debt-to-equity ratio of 10.73, a current ratio of 1.15 and a quick ratio of 0.56. ChargePoint Holdings, Inc. has a 1-year low of $4.44 and a 1-year high of $16.20. The company has a market cap of $166.06 million, a P/E ratio of -0.78 and a beta of 1.74.

ChargePoint (NYSE:CHPT) last issued its earnings results on Wednesday, June 3rd. The company reported ($1.75) earnings per share for the quarter, missing the consensus estimate of ($1.11) by ($0.64). ChargePoint had a negative net margin of 49.66% and a negative return on equity of 504.42%. The firm had revenue of $101.82 million during the quarter, compared to analyst estimates of $95.64 million. As a group, equities analysts forecast that ChargePoint Holdings, Inc. will post -5.48 EPS for the current year.

Wall Street Analyst Weigh In

A number of equities analysts recently commented on CHPT shares. B. Riley Financial lowered their target price 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. Royal Bank Of Canada reaffirmed a “sector perform” rating and set a $6.50 price target on shares of ChargePoint in a report on Thursday, June 4th. Weiss Ratings reaffirmed a “sell (e+)” rating on shares of ChargePoint in a research report on Monday, April 20th. JPMorgan Chase & Co. lowered their price objective on ChargePoint from $8.00 to $5.00 and set an “underweight” rating for the company in a research report on Thursday, March 5th. Finally, Wall Street Zen upgraded ChargePoint from a “sell” rating to a “hold” rating in a report on Saturday, April 11th. One investment analyst has rated the stock with a Buy rating, six have given a Hold rating and three have assigned a Sell rating to the company’s stock. According to MarketBeat, the company currently has a consensus rating of “Reduce” and a consensus price target of $8.31.

Institutional Investors Weigh In On ChargePoint

Hedge funds and other institutional investors have recently bought and sold shares of the stock. AQR Capital Management LLC boosted 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 valued at $1,553,000 after acquiring an additional 2,638,182 shares in the last quarter. Goldman Sachs Group Inc. increased its position in shares of ChargePoint by 61.8% during 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 in the last quarter. Brevan Howard Capital Management LP purchased a new stake in shares of ChargePoint in the 2nd quarter valued at about $517,000. Qube Research & Technologies Ltd purchased a new stake in shares of ChargePoint in the 2nd quarter valued at about $518,000. Finally, Two Sigma Securities LLC boosted its position in shares of ChargePoint by 4,060.7% in the 2nd quarter. Two Sigma Securities LLC now owns 679,693 shares of the company’s stock valued at $478,000 after purchasing an additional 663,357 shares during the period. 37.77% of the stock is currently owned by institutional investors and hedge funds.

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.