ChargePoint (NYSE:CHPT) PT Lowered to $1.25

ChargePoint (NYSE:CHPT) had its price objective reduced by stock analysts at The Goldman Sachs Group from $1.50 to $1.25 in a report issued on Friday, Benzinga reports. The brokerage currently has a “sell” rating on the stock. The Goldman Sachs Group’s target price would suggest a potential downside of 4.58% from the company’s previous close.

Other analysts have also issued reports about the stock. B. Riley raised shares of ChargePoint to a “hold” rating in a research report on Tuesday, June 25th. Benchmark restated a “buy” rating and set a $3.00 price objective on shares of ChargePoint in a research note on Thursday. Evercore ISI cut their target price on shares of ChargePoint from $6.00 to $4.00 and set an “outperform” rating for the company in a research note on Thursday. Needham & Company LLC lowered their price target on ChargePoint from $3.00 to $2.00 and set a “buy” rating on the stock in a research report on Thursday. Finally, Royal Bank of Canada dropped their price objective on ChargePoint from $3.00 to $2.50 and set a “sector perform” rating on the stock in a research note on Thursday. One analyst has rated the stock with a sell rating, thirteen have issued a hold rating and five have issued a buy rating to the stock. Based on data from MarketBeat.com, the stock has an average rating of “Hold” and a consensus price target of $3.90.

ChargePoint Stock Performance

CHPT opened at $1.31 on Friday. The business’s 50-day simple moving average is $1.86 and its 200 day simple moving average is $1.76. ChargePoint has a 52-week low of $1.21 and a 52-week high of $6.33. The company has a debt-to-equity ratio of 1.02, a quick ratio of 1.45 and a current ratio of 2.13. The firm has a market capitalization of $554.60 million, a PE ratio of -1.11 and a beta of 1.70.

ChargePoint (NYSE:CHPT) last announced its quarterly earnings data 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. The company had revenue of $107.04 million for the quarter, compared to analysts’ expectations of $106.09 million. ChargePoint had a negative return on equity of 104.05% and a negative net margin of 89.12%. As a group, sell-side analysts expect that ChargePoint will post -0.53 earnings per share for the current fiscal year.

Insider Activity at ChargePoint

In other ChargePoint news, CEO Richard Wilmer sold 27,722 shares of the stock in a transaction on Friday, June 21st. The stock was sold at an average price of $1.40, for a total transaction of $38,810.80. Following the transaction, the chief executive officer now owns 2,331,740 shares in the company, valued at approximately $3,264,436. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. In related news, CAO Henrik Gerdes sold 43,596 shares of the stock in a transaction that occurred on Thursday, June 20th. The stock was sold at an average price of $1.50, for a total transaction of $65,394.00. Following the sale, the chief accounting officer now owns 438,004 shares of the company’s stock, valued at $657,006. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, CEO Richard Wilmer sold 27,722 shares of ChargePoint stock in a transaction on Friday, June 21st. The shares were sold at an average price of $1.40, for a total value of $38,810.80. Following the completion of the transaction, the chief executive officer now directly owns 2,331,740 shares of the company’s stock, valued at $3,264,436. The disclosure for this sale can be found here. Insiders sold 95,099 shares of company stock worth $137,498 in the last ninety days. 3.50% of the stock is owned by company insiders.

Institutional Inflows and Outflows

Hedge funds have recently modified their holdings of the stock. Vanguard Group Inc. lifted its position in ChargePoint by 26.3% during the first quarter. Vanguard Group Inc. now owns 36,688,672 shares of the company’s stock worth $69,708,000 after purchasing an additional 7,645,210 shares during the period. Point72 Asset Management L.P. bought a new stake in shares of ChargePoint during the 2nd quarter worth approximately $13,007,000. Norges Bank acquired a new stake in shares of ChargePoint during the 4th quarter worth approximately $9,733,000. Skandinaviska Enskilda Banken AB publ increased its stake in ChargePoint by 62.0% in the second quarter. Skandinaviska Enskilda Banken AB publ now owns 1,623,836 shares of the company’s stock valued at $2,452,000 after acquiring an additional 621,536 shares during the last quarter. Finally, Bank of New York Mellon Corp raised its position in ChargePoint by 60.1% during the second quarter. Bank of New York Mellon Corp now owns 1,298,289 shares of the company’s stock valued at $1,960,000 after purchasing an additional 487,262 shares in the last quarter. Institutional investors 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.