Pinnacle Associates Ltd. acquired a new position in shares of ChargePoint Holdings, Inc. (NYSE:CHPT – Get Rating) during the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund acquired 10,720 shares of the company’s stock, valued at approximately $102,000.
Other institutional investors have also recently made changes to their positions in the company. Bank of New York Mellon Corp boosted its stake in ChargePoint by 8.1% in the 1st quarter. Bank of New York Mellon Corp now owns 652,385 shares of the company’s stock worth $12,969,000 after purchasing an additional 48,903 shares during the period. HighTower Advisors LLC raised its holdings in shares of ChargePoint by 46.4% during the 1st quarter. HighTower Advisors LLC now owns 30,579 shares of the company’s stock valued at $610,000 after buying an additional 9,689 shares in the last quarter. Private Advisor Group LLC increased its stake in ChargePoint by 152.8% in the 1st quarter. Private Advisor Group LLC now owns 35,608 shares of the company’s stock worth $708,000 after purchasing an additional 21,524 shares during the period. D.A. Davidson & CO. bought a new stake in shares of ChargePoint in the 1st quarter worth approximately $213,000. Finally, MetLife Investment Management LLC bought a new stake in shares of ChargePoint during the first quarter valued at approximately $91,000. Institutional investors own 44.87% of the company’s stock.
Wall Street Analyst Weigh In
Several research firms have recently weighed in on CHPT. Needham & Company LLC restated a “buy” rating and issued a $14.00 price target on shares of ChargePoint in a research note on Friday, March 3rd. The Goldman Sachs Group assumed coverage on ChargePoint in a report on Tuesday, March 21st. They set a “neutral” rating and a $10.00 price target for the company. Janney Montgomery Scott assumed coverage on ChargePoint in a research note on Friday, February 24th. They issued a “buy” rating for the company. Citigroup dropped their price target on ChargePoint from $14.00 to $13.00 and set a “neutral” rating for the company in a research note on Monday, March 6th. Finally, JPMorgan Chase & Co. decreased their price objective on ChargePoint from $16.00 to $15.00 and set an “overweight” rating on the stock in a research report on Friday, March 3rd. Three equities research analysts have rated the stock with a hold rating and ten have issued a buy rating to the company. According to MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average price target of $19.16.
ChargePoint Stock Performance
ChargePoint (NYSE:CHPT – Get Rating) last released its quarterly earnings data on Thursday, March 2nd. The company reported ($0.19) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.22) by $0.03. ChargePoint had a negative net margin of 73.59% and a negative return on equity of 82.84%. The company had revenue of $152.83 million during the quarter, compared to the consensus estimate of $164.31 million. On average, analysts expect that ChargePoint Holdings, Inc. will post -0.72 EPS for the current year.
Insider Buying and Selling
In other ChargePoint news, insider Michael Linse sold 270,162 shares of the stock in a transaction dated Thursday, April 13th. The shares were sold at an average price of $8.60, for a total value of $2,323,393.20. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. In related news, insider Richard Wilmer sold 4,312 shares of the company’s stock in a transaction on Tuesday, March 21st. The shares were sold at an average price of $9.40, for a total transaction of $40,532.80. Following the completion of the sale, the insider now directly owns 658,018 shares of the company’s stock, valued at approximately $6,185,369.20. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, insider Michael Linse sold 270,162 shares of the company’s stock in a transaction on Thursday, April 13th. The stock was sold at an average price of $8.60, for a total transaction of $2,323,393.20. The disclosure for this sale can be found here. Insiders sold 295,610 shares of company stock valued at $2,562,686 over the last ninety days. Corporate insiders own 23.64% of the company’s stock.
ChargePoint Profile
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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