ChargePoint (NYSE:CHPT) Shares Down 8.5% – What’s Next?

Shares of ChargePoint Holdings, Inc. (NYSE:CHPT) dropped 8.5% on Monday . The stock traded as low as $1.12 and last traded at $1.14. Approximately 8,453,529 shares were traded during trading, a decline of 39% from the average daily volume of 13,864,269 shares. The stock had previously closed at $1.24.

Wall Street Analysts Forecast Growth

CHPT has been the subject of a number of research analyst reports. UBS Group lowered their price target on ChargePoint from $1.50 to $1.30 and set a “neutral” rating for the company in a report on Tuesday, December 10th. Capital One Financial upgraded shares of ChargePoint to a “strong-buy” rating in a research note on Tuesday, September 17th. JPMorgan Chase & Co. lowered ChargePoint from an “overweight” rating to an “underweight” rating in a report on Thursday, October 3rd. Evercore ISI reduced their target price on ChargePoint from $6.00 to $4.00 and set an “outperform” rating for the company in a report on Thursday, September 5th. Finally, TD Cowen downgraded ChargePoint from a “buy” rating to a “hold” rating and dropped their price target for the stock from $3.00 to $2.00 in a research note on Thursday, September 5th. Two equities research analysts have rated the stock with a sell rating, nine have given a hold rating, three have assigned a buy rating and one has given a strong buy rating to the company. According to MarketBeat, the company has a consensus rating of “Hold” and a consensus price target of $2.46.

ChargePoint Price Performance

The company has a debt-to-equity ratio of 1.65, a current ratio of 1.94 and a quick ratio of 1.32. The company has a 50 day moving average price of $1.23 and a 200 day moving average price of $1.52. The firm has a market cap of $501.70 million, a PE ratio of -1.53 and a beta of 1.69.

Insiders Place Their Bets

In other ChargePoint news, CAO Henrik Gerdes sold 26,288 shares of the business’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 transaction of $34,700.16. Following the transaction, the chief accounting officer now owns 390,596 shares in the company, valued at approximately $515,586.72. The trade was a 6.31 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. 3.50% of the stock is owned by insiders.

Institutional Trading of ChargePoint

Institutional investors have recently modified their holdings of the business. CIBC Asset Management Inc grew its position in ChargePoint by 50.7% during the second quarter. CIBC Asset Management Inc now owns 17,145 shares of the company’s stock worth $26,000 after buying an additional 5,770 shares during the period. Hsbc Holdings PLC grew its holdings in shares of ChargePoint by 41.4% in the 2nd quarter. Hsbc Holdings PLC now owns 26,397 shares of the company’s stock worth $39,000 after acquiring an additional 7,723 shares during the period. PFG Investments LLC increased its stake in ChargePoint by 32.2% in the 2nd quarter. PFG Investments LLC now owns 34,102 shares of the company’s stock valued at $51,000 after purchasing an additional 8,297 shares in the last quarter. Jeppson Wealth Management LLC raised its holdings in ChargePoint by 28.3% during the third quarter. Jeppson Wealth Management LLC now owns 42,940 shares of the company’s stock worth $59,000 after purchasing an additional 9,480 shares during the last quarter. Finally, Perennial Investment Advisors LLC boosted its position in ChargePoint by 74.4% during the second quarter. Perennial Investment Advisors LLC now owns 24,380 shares of the company’s stock worth $37,000 after purchasing an additional 10,400 shares in the last quarter. 37.77% of the stock is currently owned by hedge funds and other 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.