The Vanguard Group, Inc. recently announced the acquisition of new stake in ChargePoint Holdings Inc. (NYSE:CHPT). The institutional investor has increased its shareholding in the Consumer Cyclical company by 6.46% to 22.14 million shares with purchase of 1.34 million shares. This fresh investment now brings its stake to 6.51% valued currently at $309.48 million. In addition, BlackRock Fund Advisors raised its holdings by 2.21 million to 9.39 million shares. And Baillie Gifford & Co. has lifted its position by 25.61% or 1.17 million shares – to 5.76 million shares.
With over 7.63 million ChargePoint Holdings Inc. (CHPT) shares trading Monday and a closing price of $11.71 on the day, the dollar volume was approximately $89.32 million. The shares have shown a positive half year performance of 3.63% and its price on 11/21/22 lost nearly -5.94%. Currently, there are 339.87M common shares owned by the public and among those 329.01M shares have been available to trade.
An analysis of what Wall Street brokers have to say about the expected price targets for this stock gives us this picture: 22 analysts who have offered their price forecasts for CHPT have a consensus price objective of $22.83. The analysts have set the share’s price value over the next 12 months at a high of $46.00 and a low of $13.00. The average price target is 47.91% above its recent price level and an upside to the estimated low will see the stock gain 9.92% over that period. But an upside of 74.54% will see the stock hit the forecast high price target while median target price for the stock is $20.50.
Insiders at the company have transacted a total of 215 times over the past 12 months, according to data filed with the U.S. Securities and Exchange Commission (SEC). 91 of these insider trades were purchases, accounting for 6,585,641 shares. Insider sales of the common stock occurred on 124 occasions, with total insider shares sold totaling 28,778,274 shares.
The top 3 mutual fund holders in ChargePoint Holdings Inc. are Canada Pension Plan, Vanguard Total Stock Market Index, and Vanguard Small Cap Index Fund. Canada Pension Plan owns 7.8 million shares of the company’s stock, all valued at over $109.11 million. The company sold -4.86 million shares recently to bring their total holdings to about 2.30% of the shares outstanding. Vanguard Total Stock Market Index bought 25757.0 shares to see its total holdings expand to 7.59 million shares valued at over $106.05 million and representing 2.23% of the shares outstanding. Vanguard Small Cap Index Fund bought 0.1 million shares to bring its total holdings to over 6.52 million shares at a value of $91.17 million. Vanguard Small Cap Index Fund now owns shares totaling to 1.92% of the shares outstanding.
Shares of ChargePoint Holdings Inc. (NYSE: CHPT) opened at $12.30, down -$0.15 from a prior closing price of $12.45. However, the script later moved the day high at 12.32, down -5.94%. The company’s stock has a 5-day price change of -11.95% and -17.54% over the past three months. CHPT shares are trading -38.53% year to date (YTD), with the 12-month market performance down to -56.47% lower. It has a 12-month low price of $8.50 and touched a high of $28.53 over the same period. CHPT has an average intraday trading volume of 9.18 million shares. The stock is trading above its simple moving averages at the SMA20, SMA50, and SMA200, as the current price level is off by -9.75%, -18.14%, and -19.61% respectively.
Institutional ownership of ChargePoint Holdings Inc. (NYSE: CHPT) shares accounts for 53.60% of the company’s 339.87M shares outstanding. Mutual fund holders own 18.51%, while other institutional holders and individual stakeholders account for 29.03% and 12.91% respectively.
It has a market capitalization of $4.02B. The earnings-per-share (ttm) stands at -$0.94. Price movements for the stock have been influenced by the stock’s volatility, which stands at 5.66% over the week and 7.39% over the month.
Analysts forecast that ChargePoint Holdings Inc. (CHPT) will achieve an EPS of -$0.19 for the current quarter, -$0.16 for the next quarter and -$0.56 for 2024. The lowest estimate earnings-per-share for the quarter is -$0.21 while analysts give the company a high EPS estimate of -$0.17. Comparatively, EPS for the current quarter was -$0.14 a year ago. Earnings per share for the fiscal year are expected to decrease by -18.10%, and 28.20% over the next financial year.
If you are looking to buy this stock, then you may note that the average analyst recommendation by 22 brokerage firm advisors rate ChargePoint Holdings Inc. (CHPT) as a “Moderate Buy” at a consensus score of 2.00. Specifically, 16 Wall Street analysts polled rate the stock as a buy, while 5 of the 22 advise that investors “hold,” and 1 rated it as a “Sell.”
Looking at the support for the CHPT, a number of firms have released research notes about the stock. Needham stated their Buy rating for the stock in a research note on October 20, 2022, with the firm’s price target at $24-$18. Credit Suisse coverage for the ChargePoint Holdings Inc. (CHPT) stock in a research note released on September 07, 2022 offered a Outperform rating with a price target of $22. B. Riley Securities was of a view on June 17, 2022 that the stock is Buy, while Tudor Pickering Holt & Co. gave the stock Buy rating on April 21, 2022, issuing a price target of $22. Needham on their part issued Buy rating on February 22, 2022.