Insider Selling: ChargePoint (NYSE:CHPT) General Counsel Sells 2,058 Shares of Stock

Key Points

• ChargePoint's General Counsel Eric Batill sold 2,058 shares at an average price of $11.27 for a total of $23,193.66, reducing his ownership by 2.38% to 84,281 shares.
• ChargePoint's stock is currently trading at $11.10, with a 12-month range between $8.55 and $30.00.
• Analysts have set varying price targets for ChargePoint, with estimates ranging from $8.00 to $13.56, indicating a consensus rating of "Reduce."

ChargePoint Holdings, Inc. (NYSE:CHPT - Get Free Report) General Counsel Eric Batill sold 2,058 shares of the stock in a transaction on Tuesday, September 23rd. The shares were sold at an average price of $11.27, for a total value of $23,193.66. Following the completion of the sale, the general counsel owned 84,281 shares in the company, valued at approximately $949,846.87. The trade was a 2.38% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at the SEC website.

ChargePoint Stock Performance

Shares of CHPT stock traded up $0.22 during mid-day trading on Wednesday, hitting $11.10. 380,101 shares of the stock were exchanged, compared to its average volume of 506,440. The company has a debt-to-equity ratio of 4.38, a quick ratio of 1.00 and a current ratio of 1.67. ChargePoint Holdings, Inc. has a 12-month low of $8.55 and a 12-month high of $30.00. The stock's fifty day simple moving average is $11.03 and its two-hundred day simple moving average is $12.57. The stock has a market capitalization of $259.19 million, a price-to-earnings ratio of -0.95 and a beta of 2.29.

Institutional Trading of ChargePoint

Several institutional investors and hedge funds have recently added to or reduced their stakes in the company. Millennium Management LLC raised its position in shares of ChargePoint by 13,605.0% in the fourth quarter. Millennium Management LLC now owns 2,857,349 shares of the company's stock valued at $3,057,000 after purchasing an additional 2,836,500 shares during the period. AQR Capital Management LLC raised its holdings in ChargePoint by 6,429.1% in the 1st quarter. AQR Capital Management LLC now owns 2,679,217 shares of the company's stock valued at $1,553,000 after buying an additional 2,638,182 shares during the last quarter. GMT Capital Corp bought a new position in ChargePoint during the 1st quarter worth approximately $1,226,000. Goldman Sachs Group Inc. increased its stake 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 valued at $2,293,000 after acquiring an additional 1,448,114 shares in the last quarter. Finally, Nuveen LLC bought a new stake in shares of ChargePoint in the 1st quarter valued at $759,000. 37.77% of the stock is owned by institutional investors.

Wall Street Analysts Forecast Growth

Several analysts have commented on CHPT shares. Roth Capital set a $11.00 target price on shares of ChargePoint and gave the stock a "neutral" rating in a research note on Tuesday, September 2nd. TD Cowen lowered their price objective on shares of ChargePoint from $30.00 to $11.00 and set a "hold" rating for the company in a research report on Thursday, September 4th. Royal Bank Of Canada dropped their price target on shares of ChargePoint from $20.00 to $10.00 and set a "sector perform" rating on the stock in a research note on Thursday, September 4th. JPMorgan Chase & Co. decreased their price objective on shares of ChargePoint from $9.00 to $8.00 and set an "underweight" rating for the company in a report on Thursday, September 4th. Finally, Benchmark decreased their price objective on shares of ChargePoint from $40.00 to $20.00 and set a "buy" rating for the company in a research note on Friday, September 5th. One investment analyst has rated the stock with a Buy rating, seven have assigned a Hold rating and two have given a Sell rating to the stock. According to MarketBeat, the stock presently has a consensus rating of "Reduce" and an average price target of $13.56.

ChargePoint Company Profile

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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