ChargePoint Holdings, Inc. (NYSE:CHPT) Short Interest Update

ChargePoint Holdings, Inc. (NYSE:CHPT) was the recipient of a large decrease in short interest during the month of December. As of December 31st, there was short interest totalling 113,550,000 shares, a decrease of 6.3% from the December 15th total of 121,170,000 shares. Approximately 28.5% of the shares of the stock are short sold. Based on an average daily trading volume, of 15,980,000 shares, the days-to-cover ratio is currently 7.1 days.

Insider Buying and Selling at ChargePoint

In other news, insider Jagdeep Ca Singh sold 36,574 shares of the company’s stock in a transaction on Monday, December 23rd. The stock was sold at an average price of $1.14, for a total transaction of $41,694.36. Following the completion of the sale, the insider now directly owns 1,161,430 shares in the company, valued at $1,324,030.20. This represents a 3.05 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at this link. Also, CFO Mansi Khetani sold 22,038 shares of the stock in a transaction that occurred on Monday, December 23rd. The stock was sold at an average price of $1.14, for a total transaction of $25,123.32. Following the sale, the chief financial officer now directly owns 1,230,305 shares of the company’s stock, valued at approximately $1,402,547.70. This trade represents a 1.76 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 87,148 shares of company stock worth $99,349. 3.50% of the stock is owned by insiders.

Hedge Funds Weigh In On ChargePoint

Several large investors have recently bought and sold shares of the stock. Inspire Investing LLC boosted its stake in ChargePoint by 25.1% in the fourth quarter. Inspire Investing LLC now owns 375,860 shares of the company’s stock worth $402,000 after purchasing an additional 75,362 shares in the last quarter. JPMorgan Chase & Co. lifted its position in shares of ChargePoint by 5.7% during the third quarter. JPMorgan Chase & Co. now owns 177,375 shares of the company’s stock worth $243,000 after purchasing an additional 9,519 shares in the last quarter. Franklin Resources Inc. acquired a new stake in shares of ChargePoint in the third quarter valued at approximately $117,000. Geode Capital Management LLC lifted its holdings in ChargePoint by 4.6% during the 3rd quarter. Geode Capital Management LLC now owns 9,072,168 shares of the company’s stock worth $12,432,000 after buying an additional 399,070 shares in the last quarter. Finally, XTX Topco Ltd boosted its position in ChargePoint by 1,141.0% in the 3rd quarter. XTX Topco Ltd now owns 308,786 shares of the company’s stock valued at $423,000 after buying an additional 283,904 shares during the last quarter. 37.77% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

Several brokerages have recently weighed in on CHPT. Benchmark restated a “buy” rating and set a $3.00 target price on shares of ChargePoint in a research note on Wednesday, November 20th. Royal Bank of Canada cut their target price on shares of ChargePoint from $2.50 to $2.00 and set a “sector perform” rating on the stock in a research note on Thursday, December 5th. UBS Group lowered their price objective on ChargePoint from $1.50 to $1.30 and set a “neutral” rating for the company in a report on Tuesday, December 10th. Stifel Nicolaus decreased their target price on ChargePoint from $3.00 to $2.00 and set a “hold” rating for the company in a research report on Wednesday, October 30th. Finally, JPMorgan Chase & Co. cut ChargePoint from an “overweight” rating to an “underweight” rating in a research note on Thursday, October 3rd. Two research analysts have rated the stock with a sell rating, nine have assigned a hold rating, three have assigned a buy rating and one has issued a strong buy rating to the company’s stock. According to data from MarketBeat, the stock presently has a consensus rating of “Hold” and an average target price of $2.46.

ChargePoint Stock Down 1.4 %

CHPT traded down $0.02 during midday trading on Friday, hitting $1.09. 11,467,831 shares of the company’s stock traded hands, compared to its average volume of 18,868,468. The company has a debt-to-equity ratio of 1.65, a current ratio of 1.94 and a quick ratio of 1.24. The company has a market cap of $479.94 million, a PE ratio of -1.47 and a beta of 1.70. ChargePoint has a one year low of $1.02 and a one year high of $2.44. The stock’s fifty day simple moving average is $1.16 and its 200-day simple moving average is $1.45.

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.