Coatue Management LLC Cuts Position in ChargePoint Holdings, Inc. $CHPT

Coatue Management LLC trimmed its stake in ChargePoint Holdings, Inc. (NYSE:CHPT) by 95.0% in the 3rd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 154,086 shares of the company’s stock after selling 2,927,666 shares during the period. Coatue Management LLC owned 0.66% of ChargePoint worth $1,683,000 at the end of the most recent quarter.

Other institutional investors also recently added to or reduced their stakes in the company. AQR Capital Management LLC grew its stake in ChargePoint by 6,429.1% in the first quarter. AQR Capital Management LLC now owns 2,679,217 shares of the company’s stock valued at $1,553,000 after purchasing an additional 2,638,182 shares during the last quarter. Integrated Wealth Concepts LLC lifted its position in shares of ChargePoint by 2,885.1% during the first quarter. Integrated Wealth Concepts LLC now owns 461,771 shares of the company’s stock valued at $279,000 after buying an additional 446,302 shares during the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. boosted its holdings in shares of ChargePoint by 14.6% in the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 283,924 shares of the company’s stock valued at $172,000 after buying an additional 36,097 shares in the last quarter. Goldman Sachs Group Inc. boosted its holdings in shares of ChargePoint by 61.8% in the 1st quarter. Goldman Sachs Group Inc. now owns 3,790,823 shares of the company’s stock valued at $2,293,000 after buying an additional 1,448,114 shares in the last quarter. Finally, Focus Partners Wealth purchased a new position in shares of ChargePoint in the 1st quarter worth approximately $27,000. Institutional investors own 37.77% of the company’s stock.

ChargePoint Price Performance

NYSE CHPT opened at $5.33 on Friday. The company has a debt-to-equity ratio of 8.38, a current ratio of 1.59 and a quick ratio of 0.93. The stock’s fifty day moving average price is $6.31 and its 200 day moving average price is $8.52. ChargePoint Holdings, Inc. has a 1 year low of $5.23 and a 1 year high of $17.78. The company has a market cap of $125.95 million, a price-to-earnings ratio of -0.57 and a beta of 1.40.

Insider Activity

In other news, insider Jagdeep Ca Singh sold 4,832 shares of the stock in a transaction dated Tuesday, December 23rd. The stock was sold at an average price of $6.99, for a total value of $33,775.68. Following the transaction, the insider directly owned 124,627 shares of the company’s stock, valued at approximately $871,142.73. This represents a 3.73% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CFO Mansi Khetani sold 3,943 shares of the firm’s stock in a transaction dated Tuesday, December 23rd. The stock was sold at an average price of $6.99, for a total value of $27,561.57. Following the completion of the transaction, the chief financial officer owned 130,363 shares of the company’s stock, valued at approximately $911,237.37. The trade was a 2.94% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. In the last quarter, insiders have sold 12,670 shares of company stock worth $88,534. Company insiders own 3.50% of the company’s stock.

Analysts Set New Price Targets

Several research analysts recently commented on the stock. JPMorgan Chase & Co. reduced their price objective on shares of ChargePoint from $8.00 to $5.00 and set an “underweight” rating for the company in a research note on Thursday, March 5th. The Goldman Sachs Group reaffirmed a “sell” rating and issued a $5.00 price target on shares of ChargePoint in a report on Thursday, January 15th. B. Riley Financial reduced their price target on ChargePoint from $11.00 to $6.00 and set a “neutral” rating on the stock in a research report on Friday. Royal Bank Of Canada decreased their price objective on ChargePoint from $9.00 to $6.50 and set a “sector perform” rating for the company in a report on Thursday, March 5th. Finally, Roth Mkm set a $8.50 price objective on ChargePoint and gave the stock a “neutral” rating in a research report on Friday, December 5th. One investment analyst has rated the stock with a Buy rating, seven have issued a Hold rating and three have given a Sell rating to the company’s stock. According to data from MarketBeat, the company presently has an average rating of “Reduce” and a consensus price target of $10.11.

ChargePoint 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.