Short Interest in ChargePoint Holdings, Inc. (NYSE:CHPT) Rises By 10.0%

ChargePoint Holdings, Inc. (NYSE:CHPT) was the target of a significant increase in short interest in November. As of November 15th, there was short interest totalling 129,640,000 shares, an increase of 10.0% from the October 31st total of 117,830,000 shares. Based on an average daily volume of 12,180,000 shares, the short-interest ratio is presently 10.6 days. Currently, 33.0% of the shares of the stock are sold short.

Insider Activity at ChargePoint

In other ChargePoint news, CEO Richard Wilmer sold 27,252 shares of ChargePoint stock in a transaction on Monday, September 23rd. The shares were sold at an average price of $1.35, for a total transaction of $36,790.20. Following the completion of the sale, the chief executive officer now owns 2,304,489 shares of the company’s stock, valued at approximately $3,111,060.15. The trade was a 1.17 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CAO Henrik Gerdes sold 26,288 shares of the stock in a transaction on Friday, October 11th. The shares were sold at an average price of $1.32, for a total value of $34,700.16. Following the completion of the transaction, the chief accounting officer now directly owns 390,596 shares in the company, valued at approximately $515,586.72. This trade represents a 6.31 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 100,803 shares of company stock valued at $135,295 over the last quarter. Corporate insiders own 3.50% of the company’s stock.

Institutional Inflows and Outflows

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

ChargePoint Stock Up 1.3 %

CHPT traded up $0.02 during trading on Wednesday, reaching $1.18. 7,386,492 shares of the stock were exchanged, compared to its average volume of 13,349,956. The stock has a market cap of $507.11 million, a P/E ratio of -1.17 and a beta of 1.69. The company has a debt-to-equity ratio of 1.24, a quick ratio of 1.32 and a current ratio of 2.03. The stock’s 50 day moving average price is $1.26 and its two-hundred day moving average price is $1.57. ChargePoint has a twelve month low of $1.05 and a twelve month high of $3.13.

ChargePoint (NYSE:CHPT) last posted its quarterly earnings results on Wednesday, September 4th. The company reported ($0.15) EPS for the quarter, hitting analysts’ consensus estimates of ($0.15). The business had revenue of $108.54 million during the quarter, compared to analysts’ expectations of $114.15 million. ChargePoint had a negative return on equity of 112.67% and a negative net margin of 89.12%. Equities analysts expect that ChargePoint will post -0.56 EPS for the current year.

Wall Street Analysts Forecast Growth

Several research firms have recently issued reports on CHPT. Wolfe Research started coverage on ChargePoint in a research report on Thursday, September 5th. They set a “peer perform” rating for the company. The Goldman Sachs Group lowered their target price on shares of ChargePoint from $1.50 to $1.25 and set a “sell” rating for the company in a research note on Friday, September 6th. Benchmark reissued a “buy” rating and set a $3.00 price target on shares of ChargePoint in a research report on Wednesday, November 20th. Royal Bank of Canada lowered their price objective on shares of ChargePoint from $3.00 to $2.50 and set a “sector perform” rating for the company in a research report on Thursday, September 5th. Finally, JPMorgan Chase & Co. downgraded ChargePoint from an “overweight” rating to an “underweight” rating in a research note on Thursday, October 3rd. Two analysts have rated the stock with a sell rating, eleven have given a hold rating, three have issued a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the company presently has an average rating of “Hold” and an average target price of $2.47.

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.