Insider Selling: ChargePoint (NYSE:CHPT) CFO Sells $48,619.66 in Stock

ChargePoint Holdings, Inc. (NYSE:CHPT) CFO Mansi Khetani sold 4,931 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 $48,619.66. Following the sale, the chief financial officer directly owned 174,417 shares of the company’s stock, valued at $1,719,751.62. The trade was a 2.75% decrease in their ownership of the stock. The sale was disclosed in a legal 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 Stock Up 4.6%

Shares of CHPT traded up $0.44 during midday trading on Tuesday, reaching $9.85. The stock had a trading volume of 1,804,758 shares, compared to its average volume of 4,109,930. The company has a market cap of $264.39 million, a price-to-earnings ratio of -1.37 and a beta of 1.77. The company has a debt-to-equity ratio of 10.73, a current ratio of 1.07 and a quick ratio of 0.57. ChargePoint Holdings, Inc. has a 1-year low of $4.44 and a 1-year high of $12.61. The company’s fifty day simple moving average is $6.77 and its two-hundred day simple moving average is $6.43.

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

Wall Street Analyst Weigh In

CHPT has been the subject of a number of recent analyst reports. B. Riley Financial restated a “neutral” rating on shares of ChargePoint in a research note on Friday, September 4th. Royal Bank Of Canada restated a “sector perform” rating and set a $6.50 price target on shares of ChargePoint in a report on Thursday, June 4th. Weiss Ratings reiterated a “sell (e+)” rating on shares of ChargePoint in a research note on Friday, July 17th. Oppenheimer reissued a “market perform” rating on shares of ChargePoint in a research report on Thursday, September 3rd. Finally, Needham & Company LLC restated a “hold” rating on shares of ChargePoint in a research report on Thursday, September 3rd. Seven equities research analysts have rated the stock with a Hold rating and three have issued a Sell rating to the stock. According to MarketBeat.com, the company currently has a consensus rating of “Reduce” and a consensus target price of $7.07.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently made changes to their positions in the business. Northwestern Mutual Wealth Management Co. grew its holdings in shares of ChargePoint by 12,808.6% during the fourth quarter. Northwestern Mutual Wealth Management Co. now owns 237,906 shares of the company’s stock valued at $1,580,000 after buying an additional 236,063 shares during the last quarter. Renaissance Technologies LLC grew its position in 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 buying an additional 63,000 shares in the last quarter. Bank of New York Mellon Corp purchased a new stake in ChargePoint during the second quarter valued at about $344,000. Squarepoint Ops LLC raised its position in ChargePoint by 70.8% in the 2nd quarter. Squarepoint Ops LLC now owns 25,242 shares of the company’s stock worth $149,000 after purchasing an additional 10,464 shares during the period. Finally, Hsbc Holdings PLC grew its holdings in shares of ChargePoint by 40.0% in the first quarter. Hsbc Holdings PLC now owns 15,220 shares of the company’s stock worth $75,000 after purchasing an additional 4,352 shares during the last quarter. 37.77% of the stock is owned by institutional investors and hedge funds.

ChargePoint Company Profile

ChargePoint Holdings, Inc operates an electric vehicle (EV) charging network and provides charging hardware, software and related services. Its platform is designed to support drivers, businesses, fleet operators, property owners and other organizations managing EV charging infrastructure.

The company offers Level 2 and DC fast-charging stations, cloud-based software for monitoring and managing charging activity, payment and access tools, and services such as installation, maintenance and customer support.