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

Key Points

• ChargePoint CFO Mansi Khetani sold 4,931 shares at an average price of $9.86, totaling $48,619.66. The sale covered tax withholding obligations from vested equity awards and reduced her ownership by 2.75% to 174,417 shares.
• ChargePoint reported quarterly revenue of $116.08 million and an adjusted EPS loss of $1.35, beating analysts’ estimates for both metrics. However, the company remains unprofitable, with analysts expecting a full-year EPS loss of $3.75.
• Analyst sentiment remains cautious, with seven Hold ratings and three Sell ratings; the stock carries an average “Reduce” rating and a $7.07 price target, below its recent trading level near $9.85.

ChargePoint Holdings, Inc. (NYSE:CHPT - Get Free Report) CFO Mansi Khetani sold 4,931 shares of the firm's stock in a transaction on Tuesday, September 22nd. The stock was sold at an average price of $9.86, for a total value of $48,619.66. Following the completion of the transaction, the chief financial officer directly owned 174,417 shares of the company's stock, valued at approximately $1,719,751.62. This trade represents a 2.75% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. The sale was made to cover tax withholding obligations related to the vesting of equity awards.

ChargePoint Price Performance

ChargePoint stock traded up $0.44 during trading hours on Tuesday, hitting $9.85. 1,804,758 shares of the stock were exchanged, compared to its average volume of 4,109,930. ChargePoint Holdings, Inc. has a 12 month low of $4.44 and a 12 month high of $12.61. The business's 50-day moving average is $6.77 and its two-hundred day moving average is $6.43. The stock 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 debt-to-equity ratio of 10.73, a quick ratio of 0.57 and a current ratio of 1.07.

ChargePoint (NYSE:CHPT - Get Free Report) last posted its quarterly earnings results on Wednesday, September 2nd. The company reported ($1.35) earnings per share (EPS) for the quarter, beating the consensus estimate of ($1.57) by $0.22. The business 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%. Equities research analysts expect that ChargePoint Holdings, Inc. will post -3.75 EPS for the current fiscal year.

Hedge Funds Weigh In On ChargePoint

A number of hedge funds have recently added to or reduced their stakes in CHPT. Northwestern Mutual Wealth Management Co. raised 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 purchasing an additional 236,063 shares during the last quarter. Renaissance Technologies LLC grew its position in shares of ChargePoint by 77.7% during the 1st 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 bought a new stake in ChargePoint during the second quarter valued at about $344,000. R Squared Ltd acquired a new position in ChargePoint during the 1st quarter valued at about $59,000. Finally, Squarepoint Ops LLC raised its stake in shares of ChargePoint by 70.8% in the second 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 last quarter. 37.77% of the stock is currently owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

Several research analysts have recently weighed in on the stock. Weiss Ratings restated a "sell (e+)" rating on shares of ChargePoint in a research note on Friday, July 17th. Oppenheimer restated a "market perform" rating on shares of ChargePoint in a report on Thursday, September 3rd. B. Riley Financial reiterated a "neutral" rating on shares of ChargePoint in a report on Friday, September 4th. UBS Group reissued a "neutral" rating and issued a $9.00 price target (up from $8.00) on shares of ChargePoint in a research report on Tuesday. Finally, Royal Bank Of Canada reiterated a "sector perform" rating and set a $6.50 price target on shares of ChargePoint in a report on Thursday, June 4th. Seven investment analysts have rated the stock with a Hold rating and three have issued a Sell rating to the stock. Based on data from MarketBeat.com, the company 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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