Jagdeep Ca Singh Sells 9,719 Shares of ChargePoint (NYSE:CHPT) Stock

ChargePoint Holdings, Inc. (NYSE:CHPT) insider Jagdeep Ca Singh sold 9,719 shares of the company’s stock in a transaction on Tuesday, June 23rd. The stock was sold at an average price of $7.14, for a total transaction of $69,393.66. Following the sale, the insider directly owned 187,846 shares in the company, valued at $1,341,220.44. This trade represents a 4.92% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at this link. The sale was made to cover tax withholding obligations related to the vesting of equity awards.

ChargePoint Price Performance

CHPT stock opened at $5.62 on Thursday. The company’s 50-day moving average price is $6.92 and its two-hundred day moving average price is $6.57. The firm has a market cap of $137.14 million, a P/E ratio of -0.65 and a beta of 1.74. 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 Holdings, Inc. has a 12 month low of $4.44 and a 12 month high of $16.20.

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

Analyst Upgrades and Downgrades

A number of research analysts have commented on the stock. B. Riley Financial reduced their price target on shares of ChargePoint from $11.00 to $6.00 and set a “neutral” rating on the stock in a research report on Friday, March 13th. Weiss Ratings reiterated a “sell (e+)” rating on shares of ChargePoint in a research report on Monday, April 20th. TD Cowen reissued a “hold” rating and issued a $7.50 price target (up from $7.00) on shares of ChargePoint in a research note on Wednesday, June 17th. Needham & Company LLC restated a “hold” rating on shares of ChargePoint in a research report on Thursday, June 4th. Finally, JPMorgan Chase & Co. decreased their price objective on ChargePoint from $8.00 to $5.00 and set an “underweight” rating on the stock in a report on Thursday, March 5th. One analyst has rated the stock with a Buy rating, six have given a Hold rating and three have assigned a Sell rating to the company. According to MarketBeat, ChargePoint has a consensus rating of “Reduce” and an average target price of $8.31.

Institutional Trading of ChargePoint

A number of large investors have recently added to or reduced their stakes in CHPT. Focus Partners Wealth bought a new stake in shares of ChargePoint during the first quarter valued at approximately $27,000. Rothschild Investment LLC grew its stake in ChargePoint by 233.3% in the fourth quarter. Rothschild Investment LLC now owns 5,000 shares of the company’s stock worth $33,000 after purchasing an additional 3,500 shares in the last quarter. Corient Private Wealth LLC grew its stake in ChargePoint by 57.1% in the second quarter. Corient Private Wealth LLC now owns 67,345 shares of the company’s stock worth $47,000 after purchasing an additional 24,470 shares in the last quarter. Pilgrim Partners Asia Pte Ltd increased its holdings in 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 purchasing an additional 3,100 shares during the period. Finally, R Squared Ltd purchased a new position in ChargePoint during the 1st quarter worth $59,000. Institutional investors own 37.77% of the company’s stock.

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.