The Vanguard Group, Inc. recently announced the acquisition of new stake in Charge Enterprises Inc (NASDAQ:CRGE). The institutional investor has increased its shareholding in the Communication Services company by 2.37% to 4.97 million shares with purchase of 0.12 million shares. This fresh investment now brings its stake to 2.31% valued currently at $0.57 million. In addition, Geode Capital Management LLC raised its holdings by 0.2 million to 2.49 million shares. And SSgA Funds Management, Inc. has lifted its position by 0.07% or 1612.0 shares – to 2.39 million shares.
With over 454.56 million Charge Enterprises Inc (CRGE) shares trading Friday and a closing price of $0.23 on the day, the dollar volume was approximately $104.55 million. The shares have shown a negative half year performance of -76.21% and its price on 01/12/24 gained nearly 179.56%. Currently, there are 206.84M common shares owned by the public and among those 115.40M shares have been available to trade.
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Insiders at the company have transacted a total of 28 times over the past 12 months, according to data filed with the U.S. Securities and Exchange Commission (SEC). 27 of these insider trades were purchases, accounting for 586,156 shares. Insider sales of the common stock occurred on 1 occasions, with total insider shares sold totaling 128,866 shares.
The top 3 mutual fund holders in Charge Enterprises Inc are Vanguard Total Stock Market ETF, Vanguard Extended Market Index Fu, and Fidelity Small Cap Index Fund. Vanguard Total Stock Market ETF owns 2.55 million shares of the company’s stock, all valued at over $0.29 million. Vanguard Extended Market Index Fu bought 14730.0 shares to see its total holdings expand to 1.36 million shares valued at over $0.15 million and representing 0.63% of the shares outstanding. Fidelity Small Cap Index Fund bought 21128.0 shares to bring its total holdings to over 1.21 million shares at a value of $0.14 million. Fidelity Small Cap Index Fund now owns shares totaling to 0.56% of the shares outstanding.
Shares of Charge Enterprises Inc (NASDAQ: CRGE) opened at $0.11, up $0.03 from a prior closing price of $0.08. However, the script later moved the day high at 0.3423, up 179.56%. The company’s stock has a 5-day price change of 143.82% and -42.94% over the past three months. CRGE shares are trading 98.95% year to date (YTD), with the 12-month market performance down to -84.24% lower. It has a 12-month low price of $0.08 and touched a high of $1.60 over the same period. CRGE has an average intraday trading volume of 1.19 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 112.00%, 17.75%, and -65.84% respectively.
Institutional ownership of Charge Enterprises Inc (NASDAQ: CRGE) shares accounts for 16.93% of the company’s 206.84M shares outstanding. Mutual fund holders own 17.79%, while other institutional holders and individual stakeholders account for 5.57% and 11.35% respectively.
It has a market capitalization of $48.81M and a beta (3y monthly) value of 2.74. The earnings-per-share (ttm) stands at -$0.20. Price movements for the stock have been influenced by the stock’s volatility, which stands at 51.25% over the week and 22.85% over the month.
Analysts forecast that Charge Enterprises Inc (CRGE) will achieve an EPS of -$0.04 for the current quarter, -$0.04 for the next quarter and -$0.08 for 2024. The lowest estimate earnings-per-share for the quarter is -$0.04 while analysts give the company a high EPS estimate of -$0.04. Comparatively, EPS for the current quarter was -$0.06 a year ago. Earnings per share for the fiscal year are expected to increase by 48.57%, and 55.56% over the next financial year.
If you are looking to buy this stock, then you may note that the average analyst recommendation by 1 brokerage firm advisors rate Charge Enterprises Inc (CRGE) as a “Strong Buy” at a consensus score of 1.00. Specifically, 1 Wall Street analysts polled rate the stock as a buy, while 0 of the 1 advise that investors “hold,” and 0 rated it as a “Sell.”
Looking at the support for the CRGE, a number of firms have released research notes about the stock. H.C. Wainwright stated their Buy rating for the stock in a research note on October 14, 2022, with the firm’s price target at $4.50.
