Principal Financial Group Inc. Cuts Stake in ChargePoint Holdings, Inc. (NYSE:CHPT)

Principal Financial Group Inc. lessened its stake in shares of ChargePoint Holdings, Inc. (NYSE:CHPT) by 27.7% during the 3rd quarter, Holdings Channel reports. The firm owned 33,309 shares of the company’s stock after selling 12,733 shares during the quarter. Principal Financial Group Inc.’s holdings in ChargePoint were worth $46,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds have also recently made changes to their positions in the company. Point72 Asset Management L.P. acquired a new stake in shares of ChargePoint during the 2nd quarter worth approximately $13,007,000. Vanguard Group Inc. grew its holdings in shares of ChargePoint by 26.3% in the first 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 during the period. AQR Capital Management LLC purchased a new position in ChargePoint in the second quarter worth approximately $1,310,000. Skandinaviska Enskilda Banken AB publ boosted its position in shares of ChargePoint by 62.0% during the 2nd quarter. Skandinaviska Enskilda Banken AB publ now owns 1,623,836 shares of the company’s stock worth $2,452,000 after purchasing an additional 621,536 shares during the period. Finally, Bank of New York Mellon Corp boosted its stake in shares of ChargePoint by 60.1% in the second quarter. Bank of New York Mellon Corp now owns 1,298,289 shares of the company’s stock valued at $1,960,000 after purchasing an additional 487,262 shares during the period. 37.77% of the stock is owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

A number of research firms recently commented on CHPT. TD Cowen downgraded shares of ChargePoint from a “buy” rating to a “hold” rating and dropped their target price for the company from $3.00 to $2.00 in a research report on Thursday, September 5th. JPMorgan Chase & Co. downgraded shares of ChargePoint from an “overweight” rating to an “underweight” rating in a research note on Thursday, October 3rd. Benchmark reissued a “buy” rating and set a $3.00 price objective on shares of ChargePoint in a research note on Wednesday, November 20th. UBS Group cut their target price on ChargePoint from $1.80 to $1.50 and set a “neutral” rating on the stock in a research report on Tuesday, October 15th. Finally, Evercore ISI lowered their price target on ChargePoint from $6.00 to $4.00 and set an “outperform” rating for the company in a research report on Thursday, September 5th. Two equities research analysts have rated the stock with a sell rating, eleven have assigned a hold rating, three have issued a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat, the stock currently has a consensus rating of “Hold” and a consensus target price of $2.47.

Insider Buying and Selling at ChargePoint

In other news, CFO Mansi Khetani sold 23,409 shares of the company’s stock in a transaction on Monday, September 23rd. The shares were sold at an average price of $1.35, for a total value of $31,602.15. Following the sale, the chief financial officer now directly owns 849,084 shares of the company’s stock, valued at approximately $1,146,263.40. This represents a 2.68 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Also, CAO Henrik Gerdes sold 26,288 shares of ChargePoint stock in a transaction dated Friday, October 11th. The stock was sold at an average price of $1.32, for a total value of $34,700.16. Following the completion of the transaction, the chief accounting officer now directly owns 390,596 shares of the company’s stock, valued at approximately $515,586.72. This trade represents a 6.31 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 100,803 shares of company stock worth $135,295 over the last ninety days. 3.50% of the stock is currently owned by corporate insiders.

ChargePoint Price Performance

Shares of NYSE CHPT opened at $1.15 on Wednesday. The firm has a market cap of $494.16 million, a PE ratio of -1.16 and a beta of 1.70. The company has a fifty day moving average price of $1.29 and a 200 day moving average price of $1.59. ChargePoint Holdings, Inc. has a 1-year low of $1.05 and a 1-year high of $3.13. The company has a current ratio of 2.03, a quick ratio of 1.32 and a debt-to-equity ratio of 1.24.

ChargePoint (NYSE:CHPT) last released its quarterly earnings results on Wednesday, September 4th. The company reported ($0.15) earnings per share for the quarter, hitting analysts’ consensus estimates of ($0.15). ChargePoint had a negative return on equity of 112.67% and a negative net margin of 89.12%. The firm had revenue of $108.54 million during the quarter, compared to the consensus estimate of $114.15 million. Research analysts predict that ChargePoint Holdings, Inc. will post -0.56 earnings per share 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.