ChargePoint (NYSE:CHPT) Shares Gap Up – Here’s Why

Shares of ChargePoint Holdings, Inc. (NYSE:CHPT) gapped up before the market opened on Wednesday . The stock had previously closed at $1.16, but opened at $1.29. ChargePoint shares last traded at $1.25, with a volume of 10,489,389 shares traded.

Wall Street Analyst Weigh In

Several research analysts have weighed in on CHPT shares. JPMorgan Chase & Co. lowered shares of ChargePoint from an “overweight” rating to an “underweight” rating in a report on Thursday, October 3rd. Wolfe Research initiated coverage on ChargePoint in a report on Thursday, September 5th. They issued a “peer perform” rating for the company. The Goldman Sachs Group cut their price objective on ChargePoint from $1.50 to $1.25 and set a “sell” rating on the stock in a research note on Friday, September 6th. Royal Bank of Canada decreased their target price on ChargePoint from $2.50 to $2.00 and set a “sector perform” rating for the company in a research report on Thursday, December 5th. Finally, Stifel Nicolaus reduced their price objective on ChargePoint from $3.00 to $2.00 and set a “hold” rating on the stock in a research note on Wednesday, October 30th. Two equities research analysts have rated the stock with a sell rating, nine have issued a hold rating, three have given a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat.com, ChargePoint has a consensus rating of “Hold” and an average price target of $2.46.

ChargePoint Stock Up 7.8 %

The company has a debt-to-equity ratio of 1.65, a quick ratio of 1.32 and a current ratio of 1.94. The company has a market cap of $552.93 million, a P/E ratio of -1.55 and a beta of 1.69. The stock has a 50 day moving average price of $1.23 and a 200 day moving average price of $1.53.

Insiders Place Their Bets

In other news, CAO Henrik Gerdes sold 26,288 shares of the firm’s stock in a transaction 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 completion of the sale, the chief accounting officer now directly owns 390,596 shares of the company’s stock, valued at $515,586.72. This trade represents a 6.31 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, CFO Mansi Khetani sold 23,409 shares of the stock in a transaction on Monday, September 23rd. The shares were sold at an average price of $1.35, for a total value of $31,602.15. Following the completion of the transaction, the chief financial officer now owns 849,084 shares of the company’s stock, valued at $1,146,263.40. This trade represents a 2.68 % decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders have sold 100,803 shares of company stock worth $135,295. 3.50% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On ChargePoint

Institutional investors and hedge funds have recently modified their holdings of the stock. CIBC Asset Management Inc grew its position in ChargePoint by 50.7% in the second quarter. CIBC Asset Management Inc now owns 17,145 shares of the company’s stock worth $26,000 after acquiring an additional 5,770 shares in the last quarter. Financial Advocates Investment Management bought a new position in ChargePoint during the third quarter valued at about $29,000. Delap Wealth Advisory LLC acquired a new stake in shares of ChargePoint in the second quarter worth about $31,000. Perennial Investment Advisors LLC boosted its stake in shares of ChargePoint by 74.4% during the 2nd quarter. Perennial Investment Advisors LLC now owns 24,380 shares of the company’s stock worth $37,000 after acquiring an additional 10,400 shares in the last quarter. Finally, Vanguard Personalized Indexing Management LLC raised its stake in shares of ChargePoint by 152.0% in the 2nd quarter. Vanguard Personalized Indexing Management LLC now owns 25,462 shares of the company’s stock valued at $38,000 after acquiring an additional 15,358 shares in the last quarter. 37.77% of the stock is currently owned by hedge funds and other institutional investors.

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.