Oak Thistle LLC Buys Shares of 16,130 ChargePoint Holdings, Inc. (NYSE:CHPT)

Posted by on Jul 17th, 2023

Oak Thistle LLC purchased a new position in shares of ChargePoint Holdings, Inc. (NYSE:CHPT – Free Report) in the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund purchased 16,130 shares of the company’s stock, valued at approximately $169,000.

Other hedge funds and other institutional investors have also made changes to their positions in the company. Biltmore Wealth Management LLC purchased a new position in ChargePoint in the 4th quarter worth approximately $230,588,000. Atticus Wealth Management LLC increased its position in ChargePoint by 305.4% in the fourth quarter. Atticus Wealth Management LLC now owns 2,635 shares of the company’s stock worth $25,000 after buying an additional 1,985 shares during the period. Armstrong Advisory Group Inc. bought a new position in shares of ChargePoint in the fourth quarter worth $26,000. Almanack Investment Partners LLC. bought a new position in shares of ChargePoint in the third quarter worth $43,000. Finally, First Manhattan Co. boosted its stake in ChargePoint by 65.4% during the first quarter. First Manhattan Co. now owns 3,085 shares of the company’s stock valued at $61,000 after buying an additional 1,220 shares in the last quarter. Institutional investors and hedge funds own 35.23% of the company’s stock.

Analyst Upgrades and Downgrades

Several brokerages recently weighed in on CHPT. Stifel Nicolaus decreased their target price on ChargePoint from $25.00 to $17.00 in a research note on Tuesday, April 25th. Needham & Company LLC lowered their target price on ChargePoint from $14.00 to $13.00 in a report on Friday, June 2nd. Citigroup lowered their target price on ChargePoint from $13.00 to $10.80 in a report on Tuesday, June 20th. Bank of America raised ChargePoint from a “neutral” rating to a “buy” rating and lowered their target price for the company from $15.50 to $14.00 in a report on Tuesday, May 30th. Finally, Guggenheim initiated coverage on ChargePoint in a research report on Tuesday, May 2nd. They issued a “neutral” rating for the company. Four analysts have rated the stock with a hold rating and six have issued a buy rating to the company’s stock. Based on data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $16.60.

Insider Activity at ChargePoint

In related news, insider Michael D. Hughes sold 94,000 shares of the business’s stock in a transaction dated Friday, May 12th. The stock was sold at an average price of $8.34, for a total value of $783,960.00. Following the completion of the sale, the insider now directly owns 897,894 shares of the company’s stock, valued at approximately $7,488,435.96. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. In other ChargePoint news, insider Michael D. Hughes sold 94,000 shares of the business’s stock in a transaction that occurred on Friday, May 12th. The stock was sold at an average price of $8.34, for a total transaction of $783,960.00. Following the completion of the sale, the insider now directly owns 897,894 shares of the company’s stock, valued at approximately $7,488,435.96. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CEO Pasquale Romano sold 10,000 shares of the business’s stock in a transaction that occurred on Thursday, June 15th. The stock was sold at an average price of $9.09, for a total value of $90,900.00. Following the sale, the chief executive officer now directly owns 4,148,054 shares of the company’s stock, valued at $37,705,810.86. The disclosure for this sale can be found here. Insiders sold 784,911 shares of company stock valued at $6,853,957 in the last three months. Corporate insiders own 12.90% of the company’s stock.

ChargePoint Stock Down 6.7 %

Shares of CHPT opened at $8.26 on Monday. The company has a market capitalization of $2.92 billion, a PE ratio of -8.34 and a beta of 1.60. ChargePoint Holdings, Inc. has a 12 month low of $7.22 and a 12 month high of $19.92. The stock’s 50-day moving average price is $8.67 and its two-hundred day moving average price is $9.75. The company has a current ratio of 2.37, a quick ratio of 1.97 and a debt-to-equity ratio of 0.90.

ChargePoint (NYSE:CHPT – Get Free Report) last announced its earnings results on Thursday, June 1st. The company reported ($0.15) EPS for the quarter, topping the consensus estimate of ($0.19) by $0.04. ChargePoint had a negative return on equity of 88.36% and a negative net margin of 64.78%. The firm had revenue of $130.00 million for the quarter, compared to the consensus estimate of $128.27 million. During the same period in the previous year, the business earned ($0.26) EPS. The business’s quarterly revenue was up 59.3% compared to the same quarter last year. On average, analysts anticipate that ChargePoint Holdings, Inc. will post -0.7 EPS for the current year.

About ChargePoint

(Free Report)

ChargePoint Holdings, Inc, together with its subsidiaries, 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. ChargePoint Holdings, Inc was founded in 2007 and is headquartered in Campbell, California.

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Institutional Ownership by Quarter for ChargePoint (NYSE:CHPT)

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