ChargePoint Holdings, Inc. (NYSE:CHPT) shares were down 5% on Thursday following insider selling activity. The company traded as low as $24.58 and last traded at $24.67. Approximately 74,221 shares changed hands during mid-day trading, a decline of 99% from the average daily volume of 6,177,723 shares. The stock had previously closed at $25.96.Specifically, SVP William J. Loewenthal sold 2,224 shares of the business's stock in a transaction dated Wednesday, June 23rd. The shares were sold at an average price of $32.22, for a total transaction of $71,657.28. Following the transaction, the senior vice president now owns 79,410 shares in the company, valued at approximately $2,558,590.20. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, insider Michael D. Hughes sold 9,562 shares of the business's stock in a transaction dated Wednesday, June 23rd. The stock was sold at an average price of $32.22, for a total transaction of $308,087.64. Following the transaction, the insider now owns 276,477 shares in the company, valued at approximately $8,908,088.94. The disclosure for this sale can be found here. In the last three months, insiders have sold 9,697,575 shares of company stock valued at $228,283,336. Company insiders own 39.50% of the company's stock.
Several research analysts have recently issued reports on the stock. Needham & Company LLC assumed coverage on shares of ChargePoint in a report on Wednesday. They set a "buy" rating and a $39.00 price objective on the stock. began coverage on shares of ChargePoint in a report on Thursday, March 25th. They set a "neutral" rating and a $28.00 price objective on the stock. Citigroup began coverage on shares of ChargePoint in a research note on Thursday, March 25th. They issued a "neutral" rating and a $28.00 target price on the stock. Jefferies Financial Group began coverage on shares of ChargePoint in a research note on Tuesday, June 22nd. They issued a "buy" rating and a $40.00 target price on the stock. Finally, Cowen upped their target price on shares of ChargePoint from $37.00 to $39.00 and gave the company an "outperform" rating in a research note on Wednesday, June 23rd. One analyst has rated the stock with a sell rating, two have given a hold rating and seven have given a buy rating to the company's stock. The company has an average rating of "Buy" and an average price target of $36.00.
The business's 50-day moving average price is $27.86.
ChargePoint (NYSE:CHPT) last released its quarterly earnings results on Wednesday, June 2nd. The company reported ($0.18) EPS for the quarter, missing the Zacks' consensus estimate of ($0.12) by ($0.06). The business had revenue of $40.51 million for the quarter, compared to analysts' expectations of $37.23 million. The firm's quarterly revenue was up 23.6% on a year-over-year basis. During the same quarter in the previous year, the business posted ($2.37) EPS. As a group, sell-side analysts expect that ChargePoint Holdings, Inc. will post -0.55 earnings per share for the current fiscal year.
Large investors have recently added to or reduced their stakes in the business. RHO Capital Partners Inc. acquired a new position in shares of ChargePoint during the first quarter worth approximately $669,000,000. Canada Pension Plan Investment Board acquired a new position in shares of ChargePoint during the first quarter worth approximately $367,380,000. SPT Invest Management Sarl acquired a new position in shares of ChargePoint during the first quarter worth approximately $312,443,000. Baillie Gifford & Co. acquired a new position in shares of ChargePoint during the first quarter worth approximately $106,800,000. Finally, D. E. Shaw & Co. Inc. acquired a new position in shares of ChargePoint during the first quarter worth approximately $53,400,000. Hedge funds and other institutional investors own 25.12% of the company's stock.
ChargePoint Company Profile (NYSE:CHPT)
ChargePoint Holdings, Inc provides electric vehicle (EV) charging networks and charging solutions in the United States. It offers a portfolio of hardware, software, and services for commercial, fleet, and residential customers. The company was founded in 2007 and is headquartered in Campbell, California.
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