ChargePoint (NYSE:CHPT) General Counsel Sells 4,979 Shares

ChargePoint Holdings, Inc. (NYSE:CHPT) General Counsel Eric Batill sold 4,979 shares of the company’s stock in a transaction dated Tuesday, June 23rd. The stock was sold at an average price of $7.13, for a total transaction of $35,500.27. Following the transaction, the general counsel owned 143,631 shares in the company, valued at $1,024,089.03. The trade was a 3.35% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. The sale was made to cover tax withholding obligations related to the vesting of equity awards.

ChargePoint Price Performance

Shares of CHPT stock traded down $1.13 during midday trading on Tuesday, reaching $6.80. 958,363 shares of the company traded hands, compared to its average volume of 661,641. The firm’s 50 day simple moving average is $6.92 and its two-hundred day simple moving average is $6.59. The firm has a market cap of $166.06 million, a PE ratio of -0.78 and a beta of 1.74. 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.

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

Institutional Trading of ChargePoint

A number of institutional investors and hedge funds have recently made changes to their positions in the company. Focus Partners Wealth acquired a new position in ChargePoint in the first quarter valued at $27,000. Rothschild Investment LLC raised its holdings in shares of ChargePoint by 233.3% in the 4th quarter. Rothschild Investment LLC now owns 5,000 shares of the company’s stock worth $33,000 after purchasing an additional 3,500 shares during the period. Corient Private Wealth LLC lifted its stake in shares of ChargePoint by 57.1% in the 2nd quarter. Corient Private Wealth LLC now owns 67,345 shares of the company’s stock valued at $47,000 after purchasing an additional 24,470 shares in the last quarter. Pilgrim Partners Asia Pte Ltd lifted its stake in shares of ChargePoint by 56.4% in the 4th quarter. Pilgrim Partners Asia Pte Ltd now owns 8,600 shares of the company’s stock valued at $57,000 after purchasing an additional 3,100 shares in the last quarter. Finally, R Squared Ltd purchased a new stake in shares of ChargePoint during the 1st quarter worth about $59,000. 37.77% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

Several research analysts have recently issued reports on the company. Weiss Ratings reaffirmed a “sell (e+)” rating on shares of ChargePoint in a research note on Monday, April 20th. TD Cowen restated a “hold” rating and set a $7.50 target price (up from $7.00) on shares of ChargePoint in a research report on Wednesday, June 17th. JPMorgan Chase & Co. lowered their price target on shares of ChargePoint from $8.00 to $5.00 and set an “underweight” rating on the stock in a research report on Thursday, March 5th. Needham & Company LLC reissued a “hold” rating on shares of ChargePoint in a research note on Thursday, June 4th. Finally, Wall Street Zen upgraded ChargePoint from a “sell” rating to a “hold” rating in a research report on Saturday, April 11th. One analyst has rated the stock with a Buy rating, six have assigned a Hold rating and three have assigned a Sell rating to the company. According to MarketBeat, the company presently has a consensus rating of “Reduce” and a consensus target price of $8.31.

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.