ChargePoint (NYSE:CHPT) Sets New 12-Month Low – Should You Sell?

ChargePoint Holdings, Inc. (NYSE:CHPT)’s stock price hit a new 52-week low during trading on Monday . The stock traded as low as $1.10 and last traded at $1.18, with a volume of 6564503 shares changing hands. The stock had previously closed at $1.13.

Analyst Upgrades and Downgrades

A number of analysts have recently weighed in on the stock. Benchmark reaffirmed a “buy” rating and set a $3.00 price target on shares of ChargePoint in a report on Thursday, September 5th. TD Cowen cut ChargePoint from a “buy” rating to a “hold” rating and lowered their price target for the stock from $3.00 to $2.00 in a report on Thursday, September 5th. Capital One Financial raised ChargePoint to a “strong-buy” rating in a research note on Tuesday, September 17th. UBS Group decreased their target price on ChargePoint from $1.80 to $1.50 and set a “neutral” rating on the stock in a research report on Tuesday, October 15th. Finally, Needham & Company LLC dropped their target price on shares of ChargePoint from $3.00 to $2.00 and set a “buy” rating for the company in a report on Thursday, September 5th. Two equities research analysts have rated the stock with a sell rating, thirteen have given a hold rating, four have given a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and an average target price of $2.61.

ChargePoint Stock Performance

The stock’s 50-day moving average is $1.33 and its 200-day moving average is $1.62. The company has a debt-to-equity ratio of 1.24, a quick ratio of 1.32 and a current ratio of 2.03.

ChargePoint (NYSE:CHPT) last announced its quarterly earnings data on Wednesday, September 4th. The company reported ($0.15) earnings per share for the quarter, meeting the consensus estimate of ($0.15). The firm had revenue of $108.54 million for the quarter, compared to analyst estimates of $114.15 million. ChargePoint had a negative net margin of 89.12% and a negative return on equity of 112.67%. On average, equities research analysts expect that ChargePoint Holdings, Inc. will post -0.56 EPS for the current fiscal year.

Insider Activity

In related news, CEO Richard Wilmer sold 27,252 shares of the stock in a transaction on Monday, September 23rd. The stock was sold at an average price of $1.35, for a total value of $36,790.20. Following the transaction, the chief executive officer now directly owns 2,304,489 shares in the company, valued at $3,111,060.15. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. In related news, CFO Mansi Khetani sold 23,409 shares of ChargePoint stock in a transaction that occurred on Monday, September 23rd. The stock was sold at an average price of $1.35, for a total transaction of $31,602.15. Following the transaction, the chief financial officer now owns 849,084 shares of the company’s stock, valued at $1,146,263.40. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, CEO Richard Wilmer sold 27,252 shares of the stock in a transaction on Monday, September 23rd. The shares were sold at an average price of $1.35, for a total value of $36,790.20. Following the completion of the sale, the chief executive officer now directly owns 2,304,489 shares of the company’s stock, valued at $3,111,060.15. The trade was a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 100,803 shares of company stock worth $135,295 over the last quarter. 3.50% of the stock is currently owned by corporate insiders.

Institutional Trading of ChargePoint

Several institutional investors have recently made changes to their positions in the company. Point72 Asset Management L.P. purchased a new position in ChargePoint during the second quarter worth about $13,007,000. Vanguard Group Inc. boosted its stake in shares of ChargePoint by 26.3% in the 1st quarter. Vanguard Group Inc. now owns 36,688,672 shares of the company’s stock worth $69,708,000 after buying an additional 7,645,210 shares during the last quarter. AQR Capital Management LLC bought a new position in shares of ChargePoint in the second quarter valued at approximately $1,310,000. Skandinaviska Enskilda Banken AB publ increased its position in shares of ChargePoint by 62.0% during the second quarter. Skandinaviska Enskilda Banken AB publ now owns 1,623,836 shares of the company’s stock valued at $2,452,000 after acquiring an additional 621,536 shares during the last quarter. Finally, Bank of New York Mellon Corp lifted its holdings in ChargePoint by 60.1% during the second quarter. Bank of New York Mellon Corp now owns 1,298,289 shares of the company’s stock worth $1,960,000 after acquiring an additional 487,262 shares during the period. Institutional investors own 37.77% of the company’s stock.

About ChargePoint

ChargePoint Holdings, Inc, together with its subsidiaries, provides electric vehicle (EV) charging networks and charging solutions in the North America and Europe. The company serves commercial, such as retail, workplace, hospitality, parking, recreation, municipal, education, and highway fast charge; fleet, which include delivery, take home, logistics, motor pool, transit, and shared mobility; and residential including single family homes and multi-family apartments and condominiums customers.