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

ChargePoint Holdings, Inc. (NYSE:CHPT) was the target of a significant growth in short interest in the month of September. As of September 15th, there was short interest totalling 114,270,000 shares, a growth of 8.0% from the August 31st total of 105,840,000 shares. Currently, 29.1% of the shares of the stock are short sold. Based on an average daily volume of 13,970,000 shares, the days-to-cover ratio is presently 8.2 days.

Analyst Upgrades and Downgrades

A number of brokerages have weighed in on CHPT. B. Riley raised shares of ChargePoint to a “hold” rating in a report on Tuesday, June 25th. Capital One Financial raised shares of ChargePoint to a “strong-buy” rating in a report on Tuesday, September 17th. Needham & Company LLC cut their price target on shares of ChargePoint from $3.00 to $2.00 and set a “buy” rating for the company in a report on Thursday, September 5th. Royal Bank of Canada cut their price target on shares of ChargePoint from $3.00 to $2.50 and set a “sector perform” rating for the company in a report on Thursday, September 5th. Finally, TD Cowen downgraded shares of ChargePoint from a “buy” rating to a “hold” rating and cut their price target for the company from $3.00 to $2.00 in a report on Thursday, September 5th. One investment analyst has rated the stock with a sell rating, thirteen have given a hold rating, five have given a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat.com, the stock has an average rating of “Hold” and a consensus target price of $3.39.

Insider Buying and Selling

In related news, CEO Richard Wilmer sold 27,252 shares of the company’s stock in a transaction dated Monday, September 23rd. The shares were sold at an average price of $1.35, for a total value of $36,790.20. Following the completion of the sale, the chief executive officer now owns 2,304,489 shares of the company’s stock, valued at $3,111,060.15. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. In related news, CFO Mansi Khetani sold 23,409 shares of the company’s stock in a transaction dated Monday, September 23rd. The shares were sold at an average price of $1.35, for a total value of $31,602.15. Following the completion of the sale, the chief financial officer now owns 849,084 shares of the company’s stock, valued at $1,146,263.40. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CEO Richard Wilmer sold 27,252 shares of the company’s stock in a transaction dated Monday, September 23rd. The stock was sold at an average price of $1.35, for a total transaction of $36,790.20. Following the completion of the sale, the chief executive officer now directly owns 2,304,489 shares of the company’s stock, valued at approximately $3,111,060.15. The disclosure for this sale can be found here. Insiders sold 74,515 shares of company stock valued at $100,595 over the last 90 days. 3.50% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On ChargePoint

Large investors have recently made changes to their positions in the business. Sanctuary Advisors LLC acquired a new position in ChargePoint in the second quarter worth approximately $138,000. Point72 Asset Management L.P. acquired a new position in ChargePoint in the second quarter worth approximately $13,007,000. Creative Planning increased its holdings in ChargePoint by 152.3% in the second quarter. Creative Planning now owns 188,363 shares of the company’s stock worth $284,000 after buying an additional 113,699 shares during the last quarter. Algert Global LLC acquired a new position in ChargePoint in the second quarter worth approximately $58,000. Finally, The Manufacturers Life Insurance Company acquired a new position in ChargePoint in the second quarter worth approximately $231,000. Institutional investors and hedge funds own 37.77% of the company’s stock.

ChargePoint Price Performance

Shares of CHPT opened at $1.37 on Monday. The company has a market capitalization of $580.00 million, a price-to-earnings ratio of -1.16 and a beta of 1.70. ChargePoint has a fifty-two week low of $1.21 and a fifty-two week high of $5.18. The company has a debt-to-equity ratio of 1.24, a current ratio of 2.03 and a quick ratio of 1.32. The business’s 50-day moving average is $1.70 and its 200-day moving average is $1.70.

ChargePoint (NYSE:CHPT) last issued its earnings results on Wednesday, September 4th. The company reported ($0.15) earnings per share for the quarter, meeting analysts’ consensus estimates of ($0.15). The company had revenue of $108.54 million for the quarter, compared to the consensus estimate of $114.15 million. ChargePoint had a negative return on equity of 112.67% and a negative net margin of 89.12%. Equities research analysts expect that ChargePoint will post -0.56 EPS for the current fiscal year.

About ChargePoint

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.