ChargePoint (NYSE:CHPT) General Counsel Eric Batill Sells 4,302 Shares

Key Points

• ChargePoint General Counsel Eric Batill sold 4,302 shares at an average price of $9.86, totaling $42,417.72. The sale covered tax-withholding obligations tied to vested equity awards and reduced his ownership by 3% to 139,329 shares.
• ChargePoint shares rose 4.6% to $9.85 during Tuesday trading, but the company remains unprofitable, with analysts forecasting a current-year loss of $3.75 per share.
• Wall Street sentiment remains cautious: seven analysts rate the stock Hold and three rate it Sell, producing a “Reduce” consensus rating and an average price target of $7.07.

ChargePoint Holdings, Inc. (NYSE:CHPT - Get Free Report) General Counsel Eric Batill sold 4,302 shares of the stock in a transaction on Tuesday, September 22nd. The stock was sold at an average price of $9.86, for a total value of $42,417.72. Following the transaction, the general counsel owned 139,329 shares of the company's stock, valued at approximately $1,373,783.94. This represents a 3.00% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. The sale was made to cover tax withholding obligations related to the vesting of equity awards.

ChargePoint Stock Up 4.6%

CHPT stock traded up $0.44 during midday trading on Tuesday, hitting $9.85. The company's stock had a trading volume of 1,804,758 shares, compared to its average volume of 4,109,930. The firm has a market capitalization of $264.39 million, a P/E ratio of -1.37 and a beta of 1.77. The company has a quick ratio of 0.57, a current ratio of 1.07 and a debt-to-equity ratio of 10.73. ChargePoint Holdings, Inc. has a 52-week low of $4.44 and a 52-week high of $12.61. The firm has a 50-day simple moving average of $6.77 and a 200-day simple moving average of $6.43.

ChargePoint (NYSE:CHPT - Get Free Report) last posted its quarterly earnings results on Wednesday, September 2nd. The company reported ($1.35) earnings per share for the quarter, beating analysts' consensus estimates of ($1.57) by $0.22. The company had revenue of $116.08 million for the quarter, compared to analysts' expectations of $105.21 million. ChargePoint had a negative return on equity of 3,366.29% and a negative net margin of 40.59%. As a group, equities analysts forecast that ChargePoint Holdings, Inc. will post -3.75 EPS for the current year.

Institutional Trading of ChargePoint

Several hedge funds have recently made changes to their positions in the stock. Rothschild Investment LLC grew its position in ChargePoint by 233.3% in the 4th 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 in the last quarter. R Squared Ltd bought a new stake in ChargePoint during the first quarter valued at about $59,000. Hsbc Holdings PLC grew its position in ChargePoint by 40.0% in the 1st 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. Squarepoint Ops LLC lifted its holdings in shares of ChargePoint by 70.8% during the 2nd quarter. Squarepoint Ops LLC now owns 25,242 shares of the company's stock worth $149,000 after acquiring an additional 10,464 shares during the period. Finally, Bank of New York Mellon Corp acquired a new stake in shares of ChargePoint during the 2nd quarter worth about $344,000. Institutional investors own 37.77% of the company's stock.

Wall Street Analysts Forecast Growth

A number of equities research analysts have recently commented on CHPT shares. B. Riley Financial reaffirmed a "neutral" rating on shares of ChargePoint in a report on Friday, September 4th. Needham & Company LLC reiterated a "hold" rating on shares of ChargePoint in a research note on Thursday, September 3rd. UBS Group reiterated a "neutral" rating and issued a $9.00 price objective (up from $8.00) on shares of ChargePoint in a research report on Tuesday. Weiss Ratings restated a "sell (e+)" rating on shares of ChargePoint in a research note on Friday, July 17th. Finally, TD Cowen restated a "hold" rating on shares of ChargePoint in a research note 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 stock currently has an average rating of "Reduce" and an average price target of $7.07.

About ChargePoint

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.

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