ChargePoint (NYSE:CHPT) Cut to Hold at Needham & Company LLC

Needham & Company LLC downgraded shares of ChargePoint (NYSE:CHPT) from a buy rating to a hold rating in a report issued on Tuesday morning, Marketbeat Ratings reports.

Several other brokerages also recently commented on CHPT. Wolfe Research initiated coverage on shares of ChargePoint in a research note on Thursday, September 5th. They issued a “peer perform” rating on the stock. TD Cowen lowered shares of ChargePoint from a “buy” rating to a “hold” rating and reduced their price target for the company from $3.00 to $2.00 in a research report on Thursday, September 5th. The Goldman Sachs Group dropped their price objective on shares of ChargePoint from $1.50 to $1.25 and set a “sell” rating for the company in a report on Friday, September 6th. JPMorgan Chase & Co. downgraded ChargePoint from an “overweight” rating to an “underweight” rating in a report on Thursday, October 3rd. Finally, Stifel Nicolaus decreased their price target on ChargePoint from $3.00 to $2.00 and set a “hold” rating on the stock in a research report on Wednesday, October 30th. Two investment analysts have rated the stock with a sell rating, eleven have issued a hold rating, three have issued a buy rating and one has assigned a strong buy rating to the company’s stock. According to MarketBeat, ChargePoint has an average rating of “Hold” and a consensus price target of $2.47.

ChargePoint Price Performance

NYSE:CHPT opened at $1.15 on Tuesday. The company has a market capitalization of $494.16 million, a price-to-earnings ratio of -1.16 and a beta of 1.70. The company has a 50-day moving average of $1.29 and a 200-day moving average of $1.59. ChargePoint has a 52 week low of $1.05 and a 52 week high of $3.13. The company has a debt-to-equity ratio of 1.24, a quick ratio of 1.32 and a current ratio of 2.03.

ChargePoint (NYSE:CHPT) last released its quarterly earnings data on Wednesday, September 4th. The company reported ($0.15) earnings per share for the quarter, meeting analysts’ consensus estimates of ($0.15). The company had revenue of $108.54 million for the quarter, compared to the consensus estimate of $114.15 million. ChargePoint had a negative return on equity of 112.67% and a negative net margin of 89.12%. As a group, equities research analysts anticipate that ChargePoint will post -0.56 earnings per share for the current fiscal year.

Insider Buying and Selling at ChargePoint

In other ChargePoint news, CFO Mansi Khetani sold 23,409 shares of the firm’s stock in a transaction that occurred on Monday, September 23rd. The shares were sold at an average price of $1.35, for a total transaction of $31,602.15. Following the sale, the chief financial officer now directly owns 849,084 shares in the company, valued at approximately $1,146,263.40. This trade represents a 2.68 % decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through this link. Also, CAO Henrik Gerdes sold 26,288 shares of the firm’s stock in a transaction on Friday, October 11th. The stock was sold at an average price of $1.32, for a total transaction of $34,700.16. Following the sale, the chief accounting officer now owns 390,596 shares in the company, valued at approximately $515,586.72. The trade was a 6.31 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders have sold 100,803 shares of company stock worth $135,295. Company insiders own 3.50% of the company’s stock.

Institutional Trading of ChargePoint

A number of hedge funds have recently made changes to their positions in CHPT. Geode Capital Management LLC increased its holdings in shares of ChargePoint by 4.6% during the 3rd quarter. Geode Capital Management LLC now owns 9,072,168 shares of the company’s stock worth $12,432,000 after acquiring an additional 399,070 shares during the last quarter. XTX Topco Ltd grew its position in shares of ChargePoint by 1,141.0% in the third quarter. XTX Topco Ltd now owns 308,786 shares of the company’s stock valued at $423,000 after purchasing an additional 283,904 shares during the last quarter. State Street Corp increased its stake in shares of ChargePoint by 1.4% during the third quarter. State Street Corp now owns 10,297,421 shares of the company’s stock worth $14,107,000 after purchasing an additional 142,767 shares during the period. Stifel Financial Corp boosted its position in shares of ChargePoint by 15.5% in the third quarter. Stifel Financial Corp now owns 2,055,211 shares of the company’s stock valued at $2,816,000 after acquiring an additional 275,653 shares during the period. Finally, Integrated Wealth Concepts LLC increased its holdings in shares of ChargePoint by 144.7% during the third quarter. Integrated Wealth Concepts LLC now owns 50,170 shares of the company’s stock worth $69,000 after purchasing an additional 29,669 shares during the period. 37.77% of the stock is owned by institutional investors and hedge funds.

ChargePoint Company Profile

ChargePoint Holdings, Inc, together with its subsidiaries, provides electric vehicle (EV) charging networks and charging solutions in the North America and Europe. The company serves commercial, such as retail, workplace, hospitality, parking, recreation, municipal, education, and highway fast charge; fleet, which include delivery, take home, logistics, motor pool, transit, and shared mobility; and residential including single family homes and multi-family apartments and condominiums customers.