ChargePoint Holdings, Inc. (NYSE:CHPT) Sees Large Drop in Short Interest

Key Points

• ChargePoint Holdings, Inc. experienced a dramatic reduction in short interest, dropping from 73.93 million to 4.53 million shares in July, representing a 93.9% decrease.
• The company's stock saw a decrease of 2.7% in value, closing at $11.72, with a significant market capitalization of $268.51 million.
• ChargePoint's recent quarterly earnings report indicated a loss with an EPS of ($2.00), missing analysts' estimates by ($1.00) and revealing a revenue of $97.64 million.

ChargePoint Holdings, Inc. (NYSE:CHPT - Get Free Report) saw a significant decrease in short interest in the month of July. As of July 31st, there was short interest totaling 4,530,000 shares, adecreaseof93.9% from the July 15th total of 73,930,000 shares. Based on an average daily trading volume, of 895,800 shares, the days-to-cover ratio is presently 5.1 days. Currently,19.4% of the company's shares are short sold. Currently,19.4% of the company's shares are short sold. Based on an average daily trading volume, of 895,800 shares, the days-to-cover ratio is presently 5.1 days.

ChargePoint Trading Down 2.7%

Shares of ChargePoint stock traded down $0.33 on Thursday, reaching $11.72. 305,912 shares of the company's stock were exchanged, compared to its average volume of 1,023,803. The company has a market capitalization of $268.51 million, a P/E ratio of -0.98 and a beta of 2.23. ChargePoint has a 52 week low of $8.55 and a 52 week high of $40.00. The firm's 50-day moving average is $12.89 and its two-hundred day moving average is $13.57. The company has a debt-to-equity ratio of 2.60, a quick ratio of 1.12 and a current ratio of 1.82.

ChargePoint (NYSE:CHPT - Get Free Report) last posted its quarterly earnings results on Wednesday, June 4th. The company reported ($2.00) earnings per share (EPS) for the quarter, missing analysts' consensus estimates of ($1.00) by ($1.00). The business had revenue of $97.64 million for the quarter, compared to the consensus estimate of $100.43 million. ChargePoint had a negative return on equity of 131.65% and a negative net margin of 65.79%. During the same quarter in the previous year, the company posted ($2.20) earnings per share. Sell-side analysts predict that ChargePoint will post -0.57 EPS for the current fiscal year.

Wall Street Analyst Weigh In

Several research analysts have recently issued reports on CHPT shares. TD Cowen raised ChargePoint to a "hold" rating in a research note on Monday, July 7th. UBS Group lowered their price objective on ChargePoint from $14.00 to $13.00 and set a "neutral" rating for the company in a research note on Thursday, April 17th. Needham & Company LLC reaffirmed a "hold" rating on shares of ChargePoint in a research note on Thursday, June 5th. Finally, Royal Bank Of Canada reissued a "sector perform" rating and set a $20.00 target price on shares of ChargePoint in a research report on Thursday, June 5th. Two analysts have rated the stock with a sell rating, seven have issued a hold rating, one has given a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat, the stock has an average rating of "Hold" and an average target price of $27.88.

Hedge Funds Weigh In On ChargePoint

A number of institutional investors and hedge funds have recently modified their holdings of the business. Geode Capital Management LLC lifted its holdings in shares of ChargePoint by 2.3% in the 4th quarter. Geode Capital Management LLC now owns 9,276,632 shares of the company's stock worth $9,929,000 after purchasing an additional 204,464 shares in the last quarter. Toronto Dominion Bank bought a new position in shares of ChargePoint in the 4th quarter worth $8,746,000. Invesco Ltd. lifted its holdings in shares of ChargePoint by 13.1% in the 4th quarter. Invesco Ltd. now owns 5,029,849 shares of the company's stock worth $5,382,000 after purchasing an additional 583,761 shares in the last quarter. Goldman Sachs Group Inc. lifted 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 worth $2,293,000 after purchasing an additional 1,448,114 shares in the last quarter. Finally, Charles Schwab Investment Management Inc. lifted its holdings in shares of ChargePoint by 2.6% in the 1st quarter. Charles Schwab Investment Management Inc. now owns 3,423,298 shares of the company's stock worth $2,071,000 after purchasing an additional 86,753 shares in the last quarter. 37.77% of the stock is currently owned by institutional investors.

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.

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