ChargePoint (NYSE:CHPT) Trading Up 1% – Time to Buy?

ChargePoint Holdings, Inc. (NYSE:CHPT) shot up 1% on Thursday . The company traded as high as $5.91 and last traded at $5.8670. 406,271 shares changed hands during mid-day trading, a decline of 5% from the average daily volume of 426,078 shares. The stock had previously closed at $5.81.

Analyst Ratings Changes

Several analysts have recently commented on CHPT shares. Royal Bank Of Canada reissued a “sector perform” rating and set a $6.50 price target on shares of ChargePoint in a research note on Thursday, June 4th. Needham & Company LLC reiterated a “hold” rating on shares of ChargePoint in a research report on Thursday, June 4th. TD Cowen reissued a “hold” rating and issued a $7.50 target price (up from $7.00) on shares of ChargePoint in a research note on Wednesday, June 17th. UBS Group restated a “neutral” rating and set a $8.00 target price (up from $7.00) on shares of ChargePoint in a research report on Tuesday, June 23rd. Finally, Weiss Ratings reaffirmed a “sell (e+)” rating on shares of ChargePoint in a research note on Friday, July 17th. One investment analyst has rated the stock with a Buy rating, six have issued a Hold rating and three have given a Sell rating to the company’s stock. Based on data from MarketBeat, the company currently has a consensus rating of “Reduce” and an average price target of $8.31.

ChargePoint Price Performance

The company’s fifty day moving average is $6.33 and its two-hundred day moving average is $6.17. The firm has a market capitalization of $151.94 million, a price-to-earnings ratio of -0.72 and a beta of 1.75. The company has a quick ratio of 0.56, a current ratio of 1.15 and a debt-to-equity ratio of 10.73.

ChargePoint (NYSE:CHPT) last released its earnings results on Wednesday, June 3rd. The company reported ($1.75) EPS for the quarter, missing analysts’ consensus estimates of ($1.11) by ($0.64). The business had revenue of $101.82 million for 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%. Equities research analysts anticipate that ChargePoint Holdings, Inc. will post -5.48 earnings per share for the current fiscal year.

Insider Buying and Selling

In other ChargePoint news, insider Jagdeep Ca Singh sold 9,719 shares of the stock in a transaction dated Tuesday, June 23rd. The stock was sold at an average price of $7.14, for a total value of $69,393.66. Following the transaction, the insider owned 187,846 shares of the company’s stock, valued at approximately $1,341,220.44. This represents a 4.92% decrease in their ownership of the stock. The transaction was disclosed in a filing 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. Also, insider John David Vice sold 4,072 shares of the business’s stock in a transaction dated Tuesday, June 23rd. The stock was sold at an average price of $7.13, for a total value of $29,033.36. Following the transaction, the insider owned 171,507 shares of the company’s stock, valued at $1,222,844.91. The trade was a 2.32% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Over the last three months, insiders sold 29,164 shares of company stock worth $208,037. Corporate insiders own 4.20% of the company’s stock.

Institutional Investors Weigh In On ChargePoint

Several large investors have recently bought and sold shares of CHPT. Pilgrim Partners Asia Pte Ltd lifted its position in shares of ChargePoint by 56.4% during the 4th quarter. Pilgrim Partners Asia Pte Ltd now owns 8,600 shares of the company’s stock worth $57,000 after buying an additional 3,100 shares during the last quarter. Rothschild Investment LLC grew its position in ChargePoint by 233.3% in the fourth quarter. Rothschild Investment LLC now owns 5,000 shares of the company’s stock valued at $33,000 after acquiring an additional 3,500 shares during the last quarter. Hsbc Holdings PLC raised its stake in ChargePoint by 40.0% during the first quarter. Hsbc Holdings PLC now owns 15,220 shares of the company’s stock worth $75,000 after acquiring an additional 4,352 shares in the last quarter. BNP Paribas Financial Markets raised its stake in ChargePoint by 26.8% during the third quarter. BNP Paribas Financial Markets now owns 43,534 shares of the company’s stock worth $475,000 after acquiring an additional 9,208 shares in the last quarter. Finally, EFG International AG bought a new position in shares of ChargePoint in the fourth quarter worth about $72,000. Institutional investors own 37.77% of the company’s stock.

About ChargePoint

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.