ChargePoint Holdings, Inc. (NYSE:CHPT) Sees Significant Increase in Short Interest

ChargePoint Holdings, Inc. (NYSE:CHPT) was the recipient of a significant growth in short interest in the month of May. As of May 31st, there was short interest totalling 112,730,000 shares, a growth of 6.0% from the May 15th total of 106,320,000 shares. Based on an average trading volume of 12,930,000 shares, the short-interest ratio is presently 8.7 days. Currently, 28.9% of the shares of the company are sold short.

Institutional Trading of ChargePoint

Several institutional investors and hedge funds have recently made changes to their positions in the business. Vanguard Group Inc. lifted its holdings in shares of ChargePoint by 26.3% during the 1st quarter. Vanguard Group Inc. now owns 36,688,672 shares of the company’s stock valued at $69,708,000 after purchasing an additional 7,645,210 shares in the last quarter. Norges Bank acquired a new position in shares of ChargePoint in the fourth quarter valued at approximately $9,733,000. Wellington Management Group LLP increased its position in shares of ChargePoint by 418.2% during the third quarter. Wellington Management Group LLP now owns 2,522,247 shares of the company’s stock worth $12,536,000 after acquiring an additional 2,035,496 shares in the last quarter. Invesco Ltd. raised its holdings in shares of ChargePoint by 19.2% during the third quarter. Invesco Ltd. now owns 2,193,049 shares of the company’s stock worth $10,899,000 after acquiring an additional 353,988 shares during the period. Finally, Cadian Capital Management LP bought a new stake in ChargePoint in the 3rd quarter valued at $4,970,000. Institutional investors own 37.77% of the company’s stock.

ChargePoint Stock Performance

Shares of ChargePoint stock opened at $1.50 on Thursday. The firm has a fifty day moving average of $1.64 and a two-hundred day moving average of $1.91. The stock has a market capitalization of $635.04 million, a price-to-earnings ratio of -1.27 and a beta of 1.74. ChargePoint has a 52 week low of $1.21 and a 52 week high of $9.23. The company has a debt-to-equity ratio of 1.02, a quick ratio of 1.45 and a current ratio of 2.13.

Wall Street Analyst Weigh In

Several brokerages recently issued reports on CHPT. DA Davidson restated a “buy” rating and set a $4.00 price target on shares of ChargePoint in a research note on Wednesday, March 6th. The Goldman Sachs Group reaffirmed a “sell” rating and set a $1.50 price objective (down from $2.00) on shares of ChargePoint in a report on Tuesday, April 9th. TD Cowen decreased their price objective on ChargePoint from $4.00 to $3.00 and set a “buy” rating on the stock in a report on Thursday, June 6th. Needham & Company LLC reaffirmed a “buy” rating and set a $3.00 price objective on shares of ChargePoint in a report on Thursday, June 6th. Finally, Oppenheimer reaffirmed a “market perform” rating on shares of ChargePoint in a report on Wednesday, March 6th. One equities research analyst has rated the stock with a sell rating, twelve have given a hold rating and six have given a buy rating to the company’s stock. Based on data from MarketBeat.com, ChargePoint presently has an average rating of “Hold” and an average target price of $4.96.

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.