Billionaire Philippe Laffont is Selling These 5 Stocks

3. ChargePoint Holdings, Inc. (NYSE:CHPT)

Number of Hedge Fund Holders: 18

Percentage Decline in Stake: 100%

ChargePoint Holdings, Inc. (NYSE:CHPT) is a company that provides electric car charging networks. On December 10, Stifel analyst Stephen Gengaro initiated coverage of ChargePoint Holdings, Inc. (NYSE:CHPT), rating the stock as “Buy” and gave a price target of $29.

Billionaire Philippe Laffont added ChargePoint Holdings, Inc. (NYSE:CHPT) to his portfolio in the second quarter by buying 2.10 million shares. Coatue Management sold its entire stake in the company in third quarter of 2021.

In its first-quarter 2021 investor letter, Alger Mid Cap Focus Fund mentioned Chargepoint Holdings Inc. (NYSE:CHPT). Here is what the fund said:

“ChargePoint Holdings, Inc. was among the top detractors from performance. ChargePoint provides a network of electric vehicle (EV) charging stations globally. Like equities of many businesses geared to electric vehicles, ChargePoint shares underperformed in the first quarter of 2021 as part of a broad rotation away from high-growth technology companies with limited track records of performance as public companies. Longer-term, Charge Point could potentially serve as a bellwether company of the fast growing EV category and we believe it is an attractive way to gain exposure to EV adoption without betting on whether a particular EV brand will win in the marketplace. Additionally, EVs are a massive end market.”