ChargePoint: Insider Selling Hints At Limited Upside

 

  • ChargePoint insiders have filed to sell up to 13.8 million shares.
  • These selling shareholders will still control ~140 million shares after the offering, placing a cap on the stock until more selling is done.
  • The stock remains insanely expensive at 17x FY24 sales targets.
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In no huge surprise, insiders are filing to sell shares of ChargePoint Holdings (CHPT) with the stock up substantially from the IPO and PIPE prices. The timing though is questionable since ChargePoint has recently fallen from the highs and took another 10% hit on the offering news. My investment thesis remains very negative on the stock and the EV charging station space due to weak financial results and ramping up competition.

Read the full article on Seeking Alpha. 

Disclosure: No position mentioned. Please review the disclaimer page for more details. 


Update - September 1

ChargePoint reported solid Q2 revenues and guided up for the year. The stock still doesn't justify the current prices, but CHPT has recently had strong support at $20. 

  • ChargePoint Holdings (NYSE:CHPT): Q2 GAAP EPS of -$0.29 misses by $0.15.
  • Revenue of $56.12M (+60.5% Y/Y) beats by $7.06M.
  • Q3 Guidance: The company expects revenue of $60-$65M vs. consensus of $54.71M;
  • Raises FY Guidance: Revenue now expected to be $225 - $235M, up from prior guidance of $195 - $205M
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