ChargePoint (NYSE:CHPT) Price Target Lowered to $2.50 at Royal Bank of Canada

ChargePoint (NYSE:CHPT) had its price objective decreased by investment analysts at Royal Bank of Canada from $3.00 to $2.50 in a report released on Thursday, Benzinga reports. The brokerage currently has a “sector perform” rating on the stock. Royal Bank of Canada’s target price would suggest a potential upside of 90.84% from the stock’s previous close.

Other equities analysts have also recently issued research reports about the company. Wolfe Research assumed coverage on ChargePoint in a research note on Thursday. They issued a “peer perform” rating on the stock. Evercore ISI dropped their target price on shares of ChargePoint from $6.00 to $4.00 and set an “outperform” rating on the stock in a research report on Thursday. Benchmark restated a “buy” rating and issued a $3.00 price target on shares of ChargePoint in a research report on Thursday. Needham & Company LLC lowered their price objective on shares of ChargePoint from $3.00 to $2.00 and set a “buy” rating on the stock in a research report on Thursday. Finally, B. Riley raised shares of ChargePoint to a “hold” rating in a research note on Tuesday, June 25th. One equities research analyst has rated the stock with a sell rating, fourteen have given a hold rating and five have assigned a buy rating to the company. According to data from MarketBeat.com, ChargePoint has a consensus rating of “Hold” and an average price target of $3.90.

ChargePoint Trading Down 5.8 %

ChargePoint stock opened at $1.31 on Thursday. The firm has a market cap of $554.60 million, a price-to-earnings ratio of -1.11 and a beta of 1.70. ChargePoint has a 1 year low of $1.21 and a 1 year high of $6.33. The firm’s 50 day moving average price is $1.86 and its two-hundred day moving average price is $1.76. The company has a debt-to-equity ratio of 1.02, a quick ratio of 1.45 and a current ratio of 2.13.

ChargePoint (NYSE:CHPT) last issued its earnings results on Wednesday, June 5th. The company reported ($0.16) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.19) by $0.03. ChargePoint had a negative return on equity of 127.18% and a negative net margin of 93.05%. The business had revenue of $107.04 million for the quarter, compared to analysts’ expectations of $106.09 million. On average, research analysts predict that ChargePoint will post -0.53 EPS for the current fiscal year.

Insider Buying and Selling

In other ChargePoint news, CFO Mansi Khetani sold 19,007 shares of ChargePoint stock in a transaction that occurred on Friday, June 21st. The shares were sold at an average price of $1.40, for a total value of $26,609.80. Following the completion of the sale, the chief financial officer now directly owns 402,493 shares in the company, valued at $563,490.20. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. In other news, CAO Henrik Gerdes sold 43,596 shares of the stock in a transaction dated Thursday, June 20th. The stock was sold at an average price of $1.50, for a total transaction of $65,394.00. Following the transaction, the chief accounting officer now owns 438,004 shares of the company’s stock, valued at approximately $657,006. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, CFO Mansi Khetani sold 19,007 shares of the business’s stock in a transaction that occurred on Friday, June 21st. The stock was sold at an average price of $1.40, for a total value of $26,609.80. Following the completion of the sale, the chief financial officer now owns 402,493 shares of the company’s stock, valued at $563,490.20. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 95,099 shares of company stock worth $137,498. Insiders own 3.50% of the company’s stock.

Hedge Funds Weigh In On ChargePoint

Several hedge funds and other institutional investors have recently added to or reduced their stakes in CHPT. Treasurer of the State of North Carolina boosted its holdings in shares of ChargePoint by 3.7% during the 4th quarter. Treasurer of the State of North Carolina now owns 136,113 shares of the company’s stock worth $319,000 after buying an additional 4,910 shares during the period. Independent Advisor Alliance lifted its position in ChargePoint by 34.2% during the 4th quarter. Independent Advisor Alliance now owns 19,945 shares of the company’s stock worth $47,000 after acquiring an additional 5,085 shares during the last quarter. CIBC Asset Management Inc lifted its position in ChargePoint by 50.7% during the 2nd quarter. CIBC Asset Management Inc now owns 17,145 shares of the company’s stock worth $26,000 after acquiring an additional 5,770 shares during the last quarter. Hsbc Holdings PLC boosted its holdings in ChargePoint by 41.4% during the second quarter. Hsbc Holdings PLC now owns 26,397 shares of the company’s stock valued at $39,000 after acquiring an additional 7,723 shares during the period. Finally, Public Employees Retirement System of Ohio grew its position in shares of ChargePoint by 6.1% in the first quarter. Public Employees Retirement System of Ohio now owns 136,355 shares of the company’s stock valued at $259,000 after purchasing an additional 7,838 shares during the last quarter. Institutional investors and hedge funds own 37.77% of the company’s stock.

About ChargePoint

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.