ChargePoint (NYSE:CHPT) Stock Price Down 8.5% After Insider Selling

ChargePoint Holdings, Inc. (NYSE:CHPT)’s stock price was down 8.5% on Monday after an insider sold shares in the company. The stock traded as low as $1.12 and last traded at $1.14. Approximately 8,453,529 shares changed hands during mid-day trading, a decline of 39% from the average daily volume of 13,864,269 shares. The stock had previously closed at $1.24.

Specifically, CFO Mansi Khetani sold 22,038 shares of the firm’s stock in a transaction dated Monday, December 23rd. The stock was sold at an average price of $1.14, for a total transaction of $25,123.32. Following the completion of the sale, the chief financial officer now directly owns 1,230,305 shares in the company, valued at $1,402,547.70. This trade represents a 1.76 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CAO Henrik Gerdes sold 28,536 shares of the business’s stock in a transaction dated Monday, December 23rd. The stock was sold at an average price of $1.14, for a total value of $32,531.04. Following the completion of the transaction, the chief accounting officer now owns 362,060 shares in the company, valued at approximately $412,748.40. This trade represents a 7.31 % decrease in their position. The disclosure for this sale can be found here. In other ChargePoint news, insider Jagdeep Ca Singh sold 36,574 shares of the firm’s stock in a transaction that occurred on Monday, December 23rd. The stock was sold at an average price of $1.14, for a total transaction of $41,694.36. Following the completion of the sale, the insider now owns 1,161,430 shares in the company, valued at $1,324,030.20. This trade represents a 3.05 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website.

Analyst Upgrades and Downgrades

Several equities analysts have recently commented on CHPT shares. Needham & Company LLC reiterated a “hold” rating on shares of ChargePoint in a research note on Thursday, December 5th. Capital One Financial raised shares of ChargePoint to a “strong-buy” rating in a report on Tuesday, September 17th. UBS Group cut their target price on shares of ChargePoint from $1.50 to $1.30 and set a “neutral” rating on the stock in a research note on Tuesday, December 10th. Evercore ISI decreased their price target on ChargePoint from $6.00 to $4.00 and set an “outperform” rating for the company in a research note on Thursday, September 5th. Finally, 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. Two investment analysts have rated the stock with a sell rating, nine have issued a hold rating, three have issued a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat, the stock currently has a consensus rating of “Hold” and a consensus price target of $2.46.

ChargePoint Price Performance

The business’s 50-day simple moving average is $1.22 and its 200 day simple moving average is $1.51. The company has a current ratio of 1.94, a quick ratio of 1.32 and a debt-to-equity ratio of 1.65. The company has a market capitalization of $513.12 million, a P/E ratio of -1.57 and a beta of 1.69.

Institutional Investors Weigh In On ChargePoint

Several hedge funds and other institutional investors have recently added to or reduced their stakes in CHPT. CIBC Asset Management Inc lifted its holdings in ChargePoint by 50.7% in the 2nd quarter. CIBC Asset Management Inc now owns 17,145 shares of the company’s stock valued at $26,000 after acquiring an additional 5,770 shares during the last quarter. Delap Wealth Advisory LLC acquired a new stake in ChargePoint during the second quarter valued at approximately $31,000. Financial Advocates Investment Management bought a new stake in ChargePoint during the third quarter worth approximately $29,000. Perennial Investment Advisors LLC grew its position in ChargePoint by 74.4% in the second quarter. Perennial Investment Advisors LLC now owns 24,380 shares of the company’s stock worth $37,000 after buying an additional 10,400 shares during the last quarter. Finally, Vanguard Personalized Indexing Management LLC increased its holdings 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 buying an additional 15,358 shares in the last quarter. Institutional investors own 37.77% of the company’s stock.

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.