ChargePoint (NYSE:CHPT) Stock Price Up 1% – Still a Buy?

ChargePoint Holdings, Inc. (NYSE:CHPT) shot up 1% during trading on Thursday . The stock traded as high as $5.91 and last traded at $5.8670. Approximately 406,271 shares changed hands during mid-day trading, a decline of 5% from the average daily volume of 426,078 shares. The stock had previously closed at $5.81.

Wall Street Analyst Weigh In

CHPT has been the topic of several research analyst reports. Wall Street Zen upgraded shares of ChargePoint from a “sell” rating to a “hold” rating in a research note on Saturday, April 11th. TD Cowen reiterated 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 reissued a “hold” rating on shares of ChargePoint in a report on Thursday, June 4th. UBS Group restated a “neutral” rating and set a $8.00 price objective (up from $7.00) on shares of ChargePoint in a research report on Tuesday, June 23rd. Finally, Weiss Ratings restated a “sell (e+)” rating on shares of ChargePoint in a report on Friday, July 17th. One analyst has rated the stock with a Buy rating, six have issued a Hold rating and three have given a Sell rating to the company’s stock. According to MarketBeat.com, the company currently has a consensus rating of “Reduce” and an average price target of $8.31.

ChargePoint Price Performance

The firm has a 50-day simple moving average of $6.36 and a 200-day simple moving average of $6.17. The firm has a market capitalization of $143.27 million, a PE ratio of -0.68 and a beta of 1.75. The company has a debt-to-equity ratio of 10.73, a current ratio of 1.15 and a quick ratio of 0.56.

ChargePoint (NYSE:CHPT) last released its quarterly earnings results on Wednesday, June 3rd. The company reported ($1.75) EPS for the quarter, missing the consensus estimate of ($1.11) by ($0.64). The business had revenue of $101.82 million for the quarter, compared to analysts’ expectations of $95.64 million. ChargePoint had a negative net margin of 49.66% and a negative return on equity of 504.42%. As a group, equities analysts forecast that ChargePoint Holdings, Inc. will post -5.48 earnings per share for the current year.

Insider Buying and Selling at ChargePoint

In other news, 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 value of $69,393.66. Following the completion of the sale, the insider directly owned 187,846 shares in the company, valued at $1,341,220.44. This represents a 4.92% decrease in their position. The transaction was disclosed in a document filed 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. Also, CFO Mansi Khetani sold 8,152 shares of ChargePoint stock in a transaction on Tuesday, June 23rd. The shares were sold at an average price of $7.13, for a total value of $58,123.76. Following the transaction, the chief financial officer owned 179,348 shares in the company, valued at $1,278,751.24. This trade represents a 4.35% decrease in their ownership of the stock. 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. Insiders have sold a total of 29,164 shares of company stock valued at $208,037 over the last three months. Insiders own 4.20% of the company’s stock.

Institutional Inflows and Outflows

Large investors have recently made changes to their positions in the stock. Pilgrim Partners Asia Pte Ltd boosted its stake in ChargePoint by 56.4% in 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 in the last quarter. Rothschild Investment LLC grew its holdings in shares of ChargePoint by 233.3% during the fourth quarter. Rothschild Investment LLC now owns 5,000 shares of the company’s stock valued at $33,000 after buying an additional 3,500 shares during the last quarter. Hsbc Holdings PLC grew its holdings in shares of ChargePoint by 40.0% during the first quarter. Hsbc Holdings PLC now owns 15,220 shares of the company’s stock valued at $75,000 after buying an additional 4,352 shares during the last quarter. BNP Paribas Financial Markets increased its position in shares of ChargePoint by 26.8% in the 3rd quarter. BNP Paribas Financial Markets now owns 43,534 shares of the company’s stock valued at $475,000 after acquiring an additional 9,208 shares during the period. Finally, EFG International AG acquired a new position in shares of ChargePoint in the 4th quarter valued at $72,000. 37.77% of the stock is owned by hedge funds and other institutional investors.

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.