Q-GRG VII (CP) Investment Partners, LLC, the more than 10% owner of ChargePoint Holdings (NYSE:CHPT), increased its stake in the company by purchasing 1,850,000 shares on September 20 at an average price of $5.40 per share. The transaction’s total consideration stands at $9.99 million. CHPT stock gained over 1% in yesterday’s extended trade.
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The company provides networked charging systems and cloud-based software and services to residential and commercial customers, as well as fleet operators.
As per the data collected by TipRanks, Q-GRG VII (CP) Investment Partners has had a 67% success rate over the past year, with an average 14.6% return per transaction.
Surge in Insider Activities in CHPT Stock
Another insider transaction worth mentioning is that of Bruce Chizen, who is one of the company’s Directors. He bought 500,000 CHPT shares at $5.79 per share on September 13 for a total value of $2.9 million.
Furthermore, Michael Linse, owner of more than 10% and the company’s Director, sold a total of 4,672,848 shares in the past 15 days. The collective value of these transactions stands at $26.7 million.
Bearish Insider Confidence Signal
Overall, corporate insiders have sold CHPT shares worth $18.3 million over the last three months. TipRanks’ Insider Trading Activity Tool shows that insider confidence in ChargePoint stock is currently Negative.
Interestingly, TipRanks offers daily insider transactions as well as a list of top corporate insiders. It also provides a list of hot stocks that boast either a Very Positive or Positive insider confidence signal.
What is the Price Target for CHPT Stock?
On TipRanks, CHPT stock commands a Strong Buy consensus rating based on 10 Buys and three Holds. The average ChargePoint stock price target of $10.65 implies 112.15% upside potential.
Importantly, hedge funds also increased their holdings of CHPT stock by 4.1 million shares in the last quarter. Moreover, CHPT scores 8 out of 10 on TipRanks’ Smart Score rating system, pointing to its potential to outperform market averages.
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