ChargePoint (NYSE:CHPT) Trading Down 3.7% After Insider Selling

Shares of ChargePoint Holdings, Inc. (NYSE:CHPTGet Rating) fell 3.7% during mid-day trading on Tuesday after an insider sold shares in the company. The company traded as low as $9.54 and last traded at $9.54. 54,478 shares were traded during trading, a decline of 99% from the average session volume of 9,100,365 shares. The stock had previously closed at $9.91.

Specifically, CTO Eric Sidle sold 3,915 shares of the firm’s stock in a transaction dated Wednesday, December 21st. The stock was sold at an average price of $9.53, for a total value of $37,309.95. Following the sale, the chief technology officer now directly owns 637,070 shares of the company’s stock, valued at approximately $6,071,277.10. The sale was disclosed in a filing with the SEC, which can be accessed through this link. In other news, CTO Eric Sidle sold 3,915 shares of ChargePoint stock in a transaction dated Wednesday, December 21st. The stock was sold at an average price of $9.53, for a total value of $37,309.95. Following the transaction, the chief technology officer now directly owns 637,070 shares of the company’s stock, valued at approximately $6,071,277.10. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider William J. Loewenthal sold 3,115 shares of ChargePoint stock in a transaction dated Thursday, January 5th. The shares were sold at an average price of $8.94, for a total value of $27,848.10. Following the completion of the transaction, the insider now directly owns 432,892 shares in the company, valued at $3,870,054.48. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 228,520 shares of company stock valued at $2,240,679. Insiders own 23.64% of the company’s stock.

Wall Street Analysts Forecast Growth

Several equities analysts have recently weighed in on CHPT shares. Oppenheimer reduced their price objective on ChargePoint from $40.00 to $26.00 in a research note on Friday, December 2nd. DA Davidson reduced their price target on ChargePoint from $20.00 to $18.00 in a research report on Monday, December 5th. Citigroup reduced their price target on ChargePoint from $15.50 to $14.00 and set a “neutral” rating on the stock in a research report on Tuesday, November 29th. R. F. Lafferty reduced their price target on ChargePoint from $34.00 to $28.00 and set a “buy” rating on the stock in a research report on Monday, December 5th. Finally, B. Riley reduced their price target on ChargePoint from $20.00 to $18.00 in a research report on Monday, November 7th. Three equities research analysts have rated the stock with a hold rating and ten have given a buy rating to the stock. According to MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $20.64.

ChargePoint Stock Performance

The stock has a 50-day simple moving average of $10.96 and a 200-day simple moving average of $13.43. The company has a market capitalization of $3.44 billion, a price-to-earnings ratio of -9.79 and a beta of 1.65. The company has a current ratio of 2.69, a quick ratio of 2.43 and a debt-to-equity ratio of 0.87.

Hedge Funds Weigh In On ChargePoint

Institutional investors have recently made changes to their positions in the business. Total Clarity Wealth Management Inc. acquired a new stake in shares of ChargePoint during the 2nd quarter valued at approximately $26,000. Guardian Wealth Advisors LLC acquired a new stake in shares of ChargePoint during the 3rd quarter valued at approximately $26,000. CoreCap Advisors LLC acquired a new stake in shares of ChargePoint during the 2nd quarter valued at approximately $30,000. Wolff Wiese Magana LLC acquired a new stake in shares of ChargePoint during the 2nd quarter valued at approximately $31,000. Finally, Allworth Financial LP raised its position in shares of ChargePoint by 75.8% during the 3rd quarter. Allworth Financial LP now owns 2,667 shares of the company’s stock valued at $39,000 after acquiring an additional 1,150 shares in the last quarter. 44.87% of the stock is owned by institutional investors and hedge funds.

About ChargePoint

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ChargePoint Holdings, Inc 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. The company was founded in 2007 and is headquartered in Campbell, California.

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