ChargePoint (NYSE:CHPT) Stock Price Down 8.7% - Here's What Happened

Key Points

• ChargePoint's stock price dropped by 8.7% on Friday, trading as low as $11.14, following a series of analyst downgrades and target price cuts.
• Recent analyst ratings show a mix of opinions, with one "Buy," seven "Hold," and three "Sell" ratings, generally reflecting a negative sentiment toward the stock.
• Insider activity includes the sale of 2,363 shares by an insider, contributing to a total of 7,426 shares sold in the last 90 days, which may raise concerns about insider confidence in the company's future.

ChargePoint Holdings, Inc. (NYSE:CHPT - Get Free Report) was down 8.7% on Friday . The company traded as low as $11.14 and last traded at $11.17. Approximately 551,361 shares changed hands during mid-day trading, an increase of 11% from the average daily volume of 495,800 shares. The stock had previously closed at $12.23.

Wall Street Analyst Weigh In

CHPT has been the topic of a number of recent analyst reports. Roth Capital set a $11.00 target price on ChargePoint and gave the company a "neutral" rating in a research report on Tuesday, September 2nd. TD Cowen cut their target price on ChargePoint from $30.00 to $11.00 and set a "hold" rating on the stock in a research report on Thursday, September 4th. Benchmark cut their target price on ChargePoint from $40.00 to $20.00 and set a "buy" rating on the stock in a research report on Friday, September 5th. Needham & Company LLC reaffirmed a "hold" rating on shares of ChargePoint in a research report on Thursday, September 4th. Finally, UBS Group set a $12.00 target price on ChargePoint and gave the company a "neutral" rating in a research report on Friday, September 19th. One equities research analyst has rated the stock with a Buy rating, seven have issued a Hold rating and three have assigned a Sell rating to the company. According to data from MarketBeat.com, the company has an average rating of "Reduce" and an average target price of $13.56.

ChargePoint Stock Down 8.7%

The company has a debt-to-equity ratio of 4.38, a quick ratio of 1.00 and a current ratio of 1.67. The firm has a market capitalization of $260.82 million, a P/E ratio of -0.96 and a beta of 2.56. The stock has a fifty day moving average price of $11.08 and a two-hundred day moving average price of $12.39.

Insider Buying and Selling

In related news, insider John David Vice sold 2,363 shares of the company's stock in a transaction on Tuesday, September 23rd. The stock was sold at an average price of $11.27, for a total transaction of $26,631.01. Following the completion of the transaction, the insider directly owned 123,615 shares in the company, valued at $1,393,141.05. This represents a 1.88% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. In the last ninety days, insiders sold 7,426 shares of company stock worth $83,691. 3.50% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

A number of institutional investors have recently added to or reduced their stakes in the business. Hsbc Holdings PLC boosted its position in ChargePoint by 31.2% during the 1st quarter. Hsbc Holdings PLC now owns 64,567 shares of the company's stock worth $38,000 after acquiring an additional 15,366 shares during the period. Trueblood Wealth Management LLC boosted its position in ChargePoint by 100.0% during the 2nd quarter. Trueblood Wealth Management LLC now owns 40,000 shares of the company's stock worth $28,000 after acquiring an additional 20,000 shares during the period. Corient Private Wealth LLC lifted its holdings in shares of ChargePoint by 57.1% in the second quarter. Corient Private Wealth LLC now owns 67,345 shares of the company's stock valued at $47,000 after buying an additional 24,470 shares during the period. Perennial Investment Advisors LLC lifted its holdings in shares of ChargePoint by 36.8% in the second quarter. Perennial Investment Advisors LLC now owns 96,650 shares of the company's stock valued at $68,000 after buying an additional 26,000 shares during the period. Finally, MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. lifted its holdings in shares of ChargePoint by 14.6% in the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 283,924 shares of the company's stock valued at $172,000 after buying an additional 36,097 shares during the period. Institutional investors and hedge funds 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.

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