M&T Bank Corp Buys Shares of 10,242 ChargePoint Holdings, Inc. (NYSE:CHPT)

M&T Bank Corp bought a new stake in ChargePoint Holdings, Inc. (NYSE:CHPTGet Rating) during the second quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund bought 10,242 shares of the company’s stock, valued at approximately $140,000.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Hodges Capital Management Inc. raised its position in ChargePoint by 9.2% in the second quarter. Hodges Capital Management Inc. now owns 11,835 shares of the company’s stock valued at $162,000 after purchasing an additional 1,000 shares during the period. Capital Square LLC increased its position in shares of ChargePoint by 7.8% during the second quarter. Capital Square LLC now owns 13,780 shares of the company’s stock worth $188,000 after acquiring an additional 1,000 shares during the period. Steward Partners Investment Advisory LLC increased its position in shares of ChargePoint by 16.2% during the second quarter. Steward Partners Investment Advisory LLC now owns 7,533 shares of the company’s stock worth $103,000 after acquiring an additional 1,048 shares during the period. Western Wealth Management LLC increased its position in shares of ChargePoint by 7.6% during the second quarter. Western Wealth Management LLC now owns 15,828 shares of the company’s stock worth $217,000 after acquiring an additional 1,120 shares during the period. Finally, Wedbush Securities Inc. increased its position in shares of ChargePoint by 7.3% during the second quarter. Wedbush Securities Inc. now owns 16,505 shares of the company’s stock worth $226,000 after acquiring an additional 1,130 shares during the period. Hedge funds and other institutional investors own 45.88% of the company’s stock.

ChargePoint Trading Down 2.3 %

NYSE CHPT opened at $12.59 on Friday. The stock has a market capitalization of $4.28 billion, a P/E ratio of -12.72 and a beta of 1.65. ChargePoint Holdings, Inc. has a 52-week low of $8.50 and a 52-week high of $28.53. The firm has a 50-day moving average price of $14.50 and a 200 day moving average price of $14.03. The company has a quick ratio of 2.62, a current ratio of 2.85 and a debt-to-equity ratio of 0.75.

ChargePoint (NYSE:CHPTGet Rating) last posted its quarterly earnings results on Tuesday, August 30th. The company reported ($0.27) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.25) by ($0.02). The firm had revenue of $108.29 million for the quarter, compared to analysts’ expectations of $103.03 million. ChargePoint had a negative return on equity of 61.79% and a negative net margin of 92.93%. The company’s revenue for the quarter was up 93.0% on a year-over-year basis. During the same period in the prior year, the company earned ($0.24) earnings per share. Equities research analysts expect that ChargePoint Holdings, Inc. will post -0.97 EPS for the current year.

Insider Buying and Selling

In related news, insider William J. Loewenthal sold 3,115 shares of the stock in a transaction dated Wednesday, November 2nd. The shares were sold at an average price of $14.03, for a total transaction of $43,703.45. Following the completion of the transaction, the insider now directly owns 435,943 shares of the company’s stock, valued at $6,116,280.29. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. In other ChargePoint news, Director Bruce R. Chizen sold 10,000 shares of the stock in a transaction dated Thursday, September 8th. The shares were sold at an average price of $16.67, for a total value of $166,700.00. Following the completion of the transaction, the director now directly owns 24,162 shares of the company’s stock, valued at $402,780.54. The sale was disclosed in a filing with the SEC, which is available at this link. Also, insider William J. Loewenthal sold 3,115 shares of the stock in a transaction dated Wednesday, November 2nd. The shares were sold at an average price of $14.03, for a total transaction of $43,703.45. Following the completion of the transaction, the insider now directly owns 435,943 shares of the company’s stock, valued at $6,116,280.29. The disclosure for this sale can be found here. Insiders sold 130,130 shares of company stock valued at $2,082,753 over the last ninety days. Corporate insiders own 23.64% of the company’s stock.

Wall Street Analyst Weigh In

A number of analysts have recently weighed in on CHPT shares. Bank of America upped their price objective on ChargePoint from $14.00 to $15.50 in a research report on Monday, August 22nd. Needham & Company LLC cut their price objective on ChargePoint from $24.00 to $18.00 and set a “buy” rating on the stock in a research report on Thursday, October 20th. Credit Suisse Group initiated coverage on ChargePoint in a research report on Wednesday, September 7th. They set an “outperform” rating and a $22.00 price objective on the stock. JPMorgan Chase & Co. increased their target price on ChargePoint from $18.00 to $20.00 in a report on Tuesday, August 23rd. Finally, B. Riley dropped their target price on ChargePoint from $20.00 to $18.00 in a report on Monday, November 7th. Four analysts have rated the stock with a hold rating and nine have issued a buy rating to the stock. Based on data from MarketBeat.com, ChargePoint currently has an average rating of “Moderate Buy” and a consensus price target of $20.63.

ChargePoint Company Profile

(Get Rating)

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.

Further Reading

Institutional Ownership by Quarter for ChargePoint (NYSE:CHPT)

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