ChargePoint Holdings, Inc. (NYSE:CHPT) Short Interest Up 16.0% in March

ChargePoint Holdings, Inc. (NYSE:CHPTGet Free Report) was the target of a large growth in short interest in the month of March. As of March 15th, there was short interest totalling 105,310,000 shares, a growth of 16.0% from the February 29th total of 90,750,000 shares. Based on an average daily volume of 15,020,000 shares, the days-to-cover ratio is currently 7.0 days. Approximately 28.9% of the shares of the company are sold short.

ChargePoint Stock Down 4.1 %

ChargePoint stock traded down $0.07 during mid-day trading on Tuesday, hitting $1.75. The company had a trading volume of 10,902,339 shares, compared to its average volume of 14,941,937. The company has a quick ratio of 1.77, a current ratio of 2.34 and a debt-to-equity ratio of 0.72. The business has a fifty day moving average of $1.95 and a 200 day moving average of $2.56. The stock has a market cap of $729.46 million, a price-to-earnings ratio of -1.41 and a beta of 1.62. ChargePoint has a 1 year low of $1.56 and a 1 year high of $10.60.

ChargePoint (NYSE:CHPTGet Free Report) last released its quarterly earnings data on Tuesday, March 5th. The company reported ($0.19) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.20) by $0.01. The company had revenue of $115.83 million during the quarter, compared to the consensus estimate of $126.48 million. ChargePoint had a negative net margin of 90.32% and a negative return on equity of 124.81%. On average, sell-side analysts expect that ChargePoint will post -0.63 earnings per share for the current fiscal year.

Insider Transactions at ChargePoint

In other ChargePoint news, CFO Mansi Khetani sold 19,035 shares of the stock in a transaction that occurred on Thursday, March 21st. The stock was sold at an average price of $1.87, for a total transaction of $35,595.45. Following the transaction, the chief financial officer now owns 421,500 shares in the company, valued at $788,205. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. In related news, CEO Richard Wilmer sold 25,376 shares of the stock in a transaction that occurred on Thursday, March 21st. The stock was sold at an average price of $1.87, for a total value of $47,453.12. Following the completion of the sale, the chief executive officer now owns 2,359,462 shares of the company’s stock, valued at $4,412,193.94. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, CFO Mansi Khetani sold 19,035 shares of the business’s stock in a transaction on Thursday, March 21st. The stock was sold at an average price of $1.87, for a total value of $35,595.45. Following the transaction, the chief financial officer now directly owns 421,500 shares in the company, valued at approximately $788,205. The disclosure for this sale can be found here. Insiders have sold 154,846 shares of company stock valued at $296,562 in the last 90 days. 12.90% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

Hedge funds have recently added to or reduced their stakes in the company. Vanguard Group Inc. boosted its holdings in shares of ChargePoint by 12.9% in the third quarter. Vanguard Group Inc. now owns 29,162,249 shares of the company’s stock valued at $144,936,000 after acquiring an additional 3,325,694 shares during the period. BlackRock Inc. lifted its stake in shares of ChargePoint by 14.6% in the 2nd quarter. BlackRock Inc. now owns 15,217,487 shares of the company’s stock worth $133,762,000 after acquiring an additional 1,939,710 shares during the period. State Street Corp boosted its holdings in ChargePoint by 5.7% in the 2nd quarter. State Street Corp now owns 4,286,364 shares of the company’s stock valued at $37,677,000 after purchasing an additional 229,805 shares in the last quarter. Norges Bank acquired a new position in ChargePoint during the fourth quarter worth $9,733,000. Finally, Geode Capital Management LLC raised its position in ChargePoint by 8.3% in the second quarter. Geode Capital Management LLC now owns 3,942,418 shares of the company’s stock worth $34,654,000 after acquiring an additional 301,687 shares in the last quarter. Hedge funds and other institutional investors own 37.77% of the company’s stock.

Analysts Set New Price Targets

A number of equities research analysts have commented on the company. R. F. Lafferty reduced their target price on ChargePoint from $4.00 to $3.00 and set a “hold” rating on the stock in a research report on Wednesday, March 6th. DA Davidson reiterated a “buy” rating and set a $4.00 price target on shares of ChargePoint in a research report on Wednesday, March 6th. Needham & Company LLC reduced their price target on shares of ChargePoint from $4.00 to $3.00 and set a “buy” rating on the stock in a research note on Wednesday, March 6th. Benchmark reaffirmed a “buy” rating and set a $4.25 price objective on shares of ChargePoint in a research report on Wednesday, March 6th. Finally, Royal Bank of Canada reissued a “sector perform” rating and issued a $3.00 target price (down previously from $3.50) on shares of ChargePoint in a research report on Wednesday, March 6th. Fourteen equities research analysts have rated the stock with a hold rating and six have assigned a buy rating to the company. Based on data from MarketBeat.com, ChargePoint has a consensus rating of “Hold” and a consensus price target of $6.17.

Check Out Our Latest Stock Analysis on ChargePoint

About ChargePoint

(Get Free Report)

ChargePoint Holdings, Inc, together with its subsidiaries, provides electric vehicle (EV) charging networks and charging solutions in the United States and internationally. It offers a portfolio of hardware, software, and services for commercial, fleet, and residential customers. ChargePoint Holdings, Inc was founded in 2007 and is headquartered in Campbell, California.

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