ChargePoint (NYSE:CHPT) Stock Jumps 1.8% - What's Next?

Key Points

• ChargePoint shares rose 1.8% to $8.355, trading above both the 50-day moving average of $7.96 and the 200-day average of $6.92.
• Analysts remain cautious, with seven Hold ratings and three Sell ratings; the stock has a consensus rating of “Reduce” and an average price target of $7.07.
• The company exceeded quarterly expectations, reporting a loss of $1.35 per share versus the projected $1.57 loss and revenue of $116.08 million versus estimates of $105.21 million, though it continues to show significant negative margins and return on equity.

ChargePoint Holdings, Inc. (NYSE:CHPT - Get Free Report) shares were up 1.8% during trading on Friday. The company traded as high as $8.46 and last traded at $8.3550. Approximately 777,815 shares changed hands during trading, a decline of 23% from the average session volume of 1,016,443 shares. The stock had previously closed at $8.21.

Wall Street Analyst Weigh In

A number of analysts have recently commented on the company. Needham & Company LLC reissued a "hold" rating on shares of ChargePoint in a research note on Thursday, September 3rd. TD Cowen restated a "hold" rating on shares of ChargePoint in a research report on Thursday, September 3rd. Weiss Ratings upgraded ChargePoint from a "sell (e+)" rating to a "sell (d-)" rating in a research report on Thursday, October 15th. B. Riley Financial reissued a "neutral" rating on shares of ChargePoint in a research note on Friday, September 4th. Finally, UBS Group reissued a "neutral" rating and issued a $9.00 price target (up from $8.00) on shares of ChargePoint in a research note on Tuesday, September 22nd. Seven research analysts have rated the stock with a Hold rating and three have issued a Sell rating to the stock. According to data from MarketBeat, ChargePoint has a consensus rating of "Reduce" and an average target price of $7.07.

ChargePoint Stock Up 1.8%

The firm's fifty day moving average is $7.96 and its 200-day moving average is $6.92. The company has a current ratio of 1.07, a quick ratio of 0.57 and a debt-to-equity ratio of 10.73. The stock has a market capitalization of $224.33 million, a P/E ratio of -1.16 and a beta of 1.70.

ChargePoint (NYSE:CHPT - Get Free Report) last released its quarterly earnings results on Wednesday, September 2nd. The company reported ($1.35) EPS for the quarter, topping analysts' consensus estimates of ($1.57) by $0.22. The business had revenue of $116.08 million for the quarter, compared to analyst estimates 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 research analysts predict that ChargePoint Holdings, Inc. will post -3.75 earnings per share for the current year.

Insiders Place Their Bets

In other ChargePoint news, insider Jagdeep Singh sold 5,965 shares of the business's stock in a transaction dated Tuesday, September 22nd. The shares were sold at an average price of $9.86, for a total value of $58,814.90. Following the completion of the transaction, the insider directly owned 182,381 shares of the company's stock, valued at approximately $1,798,276.66. The trade was a 3.17% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, General Counsel Eric Batill sold 4,302 shares of the company's stock in a transaction that occurred on Tuesday, September 22nd. The stock was sold at an average price of $9.86, for a total transaction of $42,417.72. Following the transaction, the general counsel owned 139,329 shares in the company, valued at $1,373,783.94. The trade was a 3.00% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Insiders have sold a total of 16,682 shares of company stock valued at $164,485 in the last 90 days. 4.20% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

Several institutional investors have recently bought and sold shares of the stock. Hsbc Holdings PLC boosted its position in ChargePoint by 40.0% in the 1st quarter. Hsbc Holdings PLC now owns 15,220 shares of the company's stock valued at $75,000 after buying an additional 4,352 shares during the last quarter. Squarepoint Ops LLC raised its position in shares of ChargePoint by 70.8% during the second 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 last quarter. R Squared Ltd bought a new stake in shares of ChargePoint during the first quarter worth $59,000. Bank of New York Mellon Corp acquired a new position in shares of ChargePoint during the second quarter valued at $344,000. Finally, Renaissance Technologies LLC lifted its stake in shares of ChargePoint by 77.7% during the first quarter. Renaissance Technologies LLC now owns 144,059 shares of the company's stock valued at $700,000 after acquiring an additional 63,000 shares during the period. Institutional investors own 37.77% of the company's stock.

About ChargePoint

ChargePoint Holdings, Inc develops and operates electric vehicle charging infrastructure and related software. The company provides charging stations, cloud-based management tools and mobile applications that allow drivers to locate, access and pay for charging. Its solutions support home, workplace, multifamily, retail, fleet and public charging applications.

ChargePoint offers Level 2 AC charging equipment as well as DC fast-charging systems through its charging network. Businesses, property owners, fleet operators and other organizations can use the company's software to manage charging access, energy use, payments and station performance.

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