ChargePoint (NYSE:CHPT) Shares Climb 1.8% – Still a Buy?

ChargePoint Holdings, Inc. (NYSE:CHPT)’s stock price shot up 1.8% on Friday. The stock traded as high as $8.46 and last traded at $8.3550. 777,815 shares traded hands during trading, a decline of 23% from the average daily volume of 1,016,443 shares. The stock had previously closed at $8.21.

Wall Street Analyst Weigh In

Several research analysts have recently issued reports on CHPT shares. Needham & Company LLC reaffirmed a “hold” rating on shares of ChargePoint in a research note on Thursday, September 3rd. Weiss Ratings raised shares of ChargePoint from a “sell (e+)” rating to a “sell (d-)” rating in a research note on Thursday, October 15th. Oppenheimer restated a “market perform” rating on shares of ChargePoint in a report on Thursday, September 3rd. UBS Group restated a “neutral” rating and issued a $9.00 price objective (up from $8.00) on shares of ChargePoint in a report on Tuesday, September 22nd. Finally, B. Riley Financial reaffirmed a “neutral” rating on shares of ChargePoint in a research note on Friday, September 4th. Seven investment analysts have rated the stock with a Hold rating and three have given a Sell rating to the company. According to MarketBeat, ChargePoint presently has an average rating of “Reduce” and an average target price of $7.07.

ChargePoint Trading Up 1.8%

The company’s fifty day simple moving average is $7.96 and its two-hundred day simple moving average is $6.92. The company has a quick ratio of 0.57, a current ratio of 1.07 and a debt-to-equity ratio of 10.73. The company has a market capitalization of $224.33 million, a price-to-earnings ratio of -1.16 and a beta of 1.70.

ChargePoint (NYSE:CHPT) last announced its quarterly earnings results on Wednesday, September 2nd. The company reported ($1.35) earnings per share (EPS) for the quarter, beating the consensus estimate of ($1.57) by $0.22. ChargePoint had a negative net margin of 40.59% and a negative return on equity of 3,366.29%. The company had revenue of $116.08 million during the quarter, compared to analyst estimates of $105.21 million. Research analysts forecast that ChargePoint Holdings, Inc. will post -3.75 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other ChargePoint news, CFO Mansi Khetani sold 4,931 shares of the stock in a transaction dated Tuesday, September 22nd. The stock was sold at an average price of $9.86, for a total value of $48,619.66. Following the completion of the sale, the chief financial officer directly owned 174,417 shares in the company, valued at $1,719,751.62. This represents a 2.75% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, General Counsel Eric Batill sold 4,302 shares of the firm’s stock in a transaction dated Tuesday, September 22nd. The stock was sold at an average price of $9.86, for a total value of $42,417.72. Following the sale, the general counsel directly owned 139,329 shares in the company, valued at approximately $1,373,783.94. This represents a 3.00% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Over the last ninety days, insiders have sold 16,682 shares of company stock worth $164,485. Corporate insiders own 4.20% of the company’s stock.

Institutional Inflows and Outflows

Institutional investors have recently bought and sold shares of the stock. R Squared Ltd bought a new position in ChargePoint in the first quarter valued at approximately $59,000. Hsbc Holdings PLC increased its position in shares of ChargePoint by 40.0% during the first quarter. Hsbc Holdings PLC now owns 15,220 shares of the company’s stock worth $75,000 after acquiring an additional 4,352 shares in the last quarter. Squarepoint Ops LLC increased its position in shares of ChargePoint by 70.8% during the second quarter. Squarepoint Ops LLC now owns 25,242 shares of the company’s stock worth $149,000 after acquiring an additional 10,464 shares in the last quarter. Bank of New York Mellon Corp bought a new stake in shares of ChargePoint during the second quarter worth $344,000. Finally, Renaissance Technologies LLC raised its holdings in shares of ChargePoint by 77.7% during the first quarter. Renaissance Technologies LLC now owns 144,059 shares of the company’s stock worth $700,000 after acquiring an additional 63,000 shares during the period. Institutional investors own 37.77% of the company’s stock.

ChargePoint Company Profile

ChargePoint Holdings, Inc develops and operates electric vehicle charging infrastructure and related software. The company provides charging stations, cloud-based management tools and mobile applications that allow drivers to locate, access and pay for charging. Its solutions support home, workplace, multifamily, retail, fleet and public charging applications.

ChargePoint offers Level 2 AC charging equipment as well as DC fast-charging systems through its charging network. Businesses, property owners, fleet operators and other organizations can use the company’s software to manage charging access, energy use, payments and station performance.