Scientech Research LLC Cuts Stake in ChargePoint Holdings, Inc. (NYSE:CHPT)

Scientech Research LLC lowered its holdings in shares of ChargePoint Holdings, Inc. (NYSE:CHPT) by 62.6% in the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 30,587 shares of the company’s stock after selling 51,177 shares during the quarter. Scientech Research LLC’s holdings in ChargePoint were worth $46,000 at the end of the most recent reporting period.

Several other institutional investors have also recently made changes to their positions in CHPT. Norges Bank purchased a new stake in shares of ChargePoint during the fourth quarter worth about $9,733,000. Advisory Services Network LLC boosted its stake in ChargePoint by 1,171.1% during the fourth quarter. Advisory Services Network LLC now owns 145,991 shares of the company’s stock valued at $342,000 after buying an additional 134,506 shares during the last quarter. Treasurer of the State of North Carolina boosted its stake in ChargePoint by 3.7% during the fourth quarter. Treasurer of the State of North Carolina now owns 136,113 shares of the company’s stock valued at $319,000 after buying an additional 4,910 shares during the last quarter. Dorsey & Whitney Trust CO LLC boosted its stake in ChargePoint by 28.2% during the fourth quarter. Dorsey & Whitney Trust CO LLC now owns 60,880 shares of the company’s stock valued at $142,000 after buying an additional 13,383 shares during the last quarter. Finally, Quadrature Capital Ltd bought a new position in ChargePoint during the fourth quarter valued at approximately $1,257,000. Hedge funds and other institutional investors own 37.77% of the company’s stock.

Insider Activity at ChargePoint

In related news, CFO Mansi Khetani sold 23,409 shares of the company’s stock in a transaction dated Monday, September 23rd. The stock was sold at an average price of $1.35, for a total transaction of $31,602.15. Following the transaction, the chief financial officer now directly owns 849,084 shares of the company’s stock, valued at approximately $1,146,263.40. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. In other ChargePoint news, CFO Mansi Khetani sold 23,409 shares of the business’s stock in a transaction dated Monday, September 23rd. The stock was sold at an average price of $1.35, for a total transaction of $31,602.15. Following the sale, the chief financial officer now owns 849,084 shares in the company, valued at approximately $1,146,263.40. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, CEO Richard Wilmer sold 27,252 shares of the business’s stock in a transaction dated Monday, September 23rd. The shares were sold at an average price of $1.35, for a total value of $36,790.20. Following the sale, the chief executive officer now owns 2,304,489 shares in the company, valued at approximately $3,111,060.15. The disclosure for this sale can be found here. Insiders have sold 74,515 shares of company stock valued at $100,595 in the last ninety days. Corporate insiders own 3.50% of the company’s stock.

ChargePoint Price Performance

Shares of CHPT stock opened at $1.30 on Wednesday. The stock has a 50 day moving average price of $1.67 and a 200 day moving average price of $1.69. The firm has a market capitalization of $561.05 million, a P/E ratio of -1.10 and a beta of 1.70. ChargePoint Holdings, Inc. has a 52-week low of $1.21 and a 52-week high of $5.00. The company has a debt-to-equity ratio of 1.24, a quick ratio of 1.32 and a current ratio of 2.03.

ChargePoint (NYSE:CHPT) last announced its quarterly earnings results on Wednesday, September 4th. The company reported ($0.15) earnings per share (EPS) for the quarter, meeting analysts’ consensus estimates of ($0.15). ChargePoint had a negative return on equity of 112.67% and a negative net margin of 89.12%. The business had revenue of $108.54 million for the quarter, compared to the consensus estimate of $114.15 million. As a group, sell-side analysts predict that ChargePoint Holdings, Inc. will post -0.56 earnings per share for the current year.

Wall Street Analyst Weigh In

A number of equities analysts recently commented on the company. The Goldman Sachs Group dropped their price target on ChargePoint from $1.50 to $1.25 and set a “sell” rating for the company in a research note on Friday, September 6th. Royal Bank of Canada dropped their price target on ChargePoint from $3.00 to $2.50 and set a “sector perform” rating for the company in a research note on Thursday, September 5th. Needham & Company LLC dropped their price target on ChargePoint from $3.00 to $2.00 and set a “buy” rating for the company in a research note on Thursday, September 5th. TD Cowen lowered ChargePoint from a “buy” rating to a “hold” rating and lowered their price objective for the company from $3.00 to $2.00 in a research note on Thursday, September 5th. Finally, Evercore ISI lowered their price objective on ChargePoint from $6.00 to $4.00 and set an “outperform” rating for the company in a research note on Thursday, September 5th. One analyst has rated the stock with a sell rating, thirteen have assigned a hold rating, five have assigned a buy rating and one has given a strong buy rating to the company. According to MarketBeat, the company has an average rating of “Hold” and an average price target of $3.39.

ChargePoint 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.