ChargePoint (NYSE:CHPT) Rating Lowered to Underweight at JPMorgan Chase & Co.

ChargePoint (NYSE:CHPT) was downgraded by equities researchers at JPMorgan Chase & Co. from an “overweight” rating to an “underweight” rating in a research report issued to clients and investors on Thursday, Marketbeat reports.

A number of other analysts have also weighed in on the stock. TD Cowen lowered shares of ChargePoint from a “buy” rating to a “hold” rating and reduced their price target for the stock from $3.00 to $2.00 in a research note on Thursday, September 5th. Royal Bank of Canada cut their price objective on ChargePoint from $3.00 to $2.50 and set a “sector perform” rating for the company in a report on Thursday, September 5th. The Goldman Sachs Group lowered their target price on ChargePoint from $1.50 to $1.25 and set a “sell” rating on the stock in a report on Friday, September 6th. Benchmark reissued a “buy” rating and issued a $3.00 price target on shares of ChargePoint in a report on Thursday, September 5th. Finally, 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 note on Thursday, September 5th. Two investment analysts have rated the stock with a sell rating, thirteen have given a hold rating, four have assigned a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat, the stock presently has an average rating of “Hold” and a consensus price target of $3.39.

ChargePoint Price Performance

NYSE CHPT opened at $1.31 on Thursday. The company has a current ratio of 2.03, a quick ratio of 1.32 and a debt-to-equity ratio of 1.24. The company has a 50-day moving average price of $1.66 and a two-hundred day moving average price of $1.69. The stock has a market cap of $565.37 million, a price-to-earnings ratio of -1.11 and a beta of 1.70. ChargePoint has a 52 week low of $1.21 and a 52 week high of $4.70.

ChargePoint (NYSE:CHPT) last announced its earnings results on Wednesday, September 4th. The company reported ($0.15) earnings per share for the quarter, meeting the consensus estimate of ($0.15). The firm 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%. Analysts forecast that ChargePoint will post -0.56 EPS for the current year.

Insider Activity

In other ChargePoint news, CFO Mansi Khetani sold 23,409 shares of the firm’s stock in a transaction dated Monday, September 23rd. The stock was sold at an average price of $1.35, for a total transaction of $31,602.15. Following the completion of the sale, the chief financial officer now directly owns 849,084 shares in the company, valued at approximately $1,146,263.40. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. In other news, CFO Mansi Khetani sold 23,409 shares of the business’s stock in a transaction 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 transaction, the chief financial officer now directly owns 849,084 shares in the company, valued at approximately $1,146,263.40. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. Also, CEO Richard Wilmer sold 27,252 shares of the stock in a transaction on Monday, September 23rd. The stock was sold at an average price of $1.35, for a total value of $36,790.20. Following the sale, the chief executive officer now owns 2,304,489 shares of the company’s stock, valued at $3,111,060.15. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 74,515 shares of company stock worth $100,595. 3.50% of the stock is owned by corporate insiders.

Institutional Trading of ChargePoint

A number of institutional investors have recently added to or reduced their stakes in CHPT. Point72 Asset Management L.P. bought a new position in shares of ChargePoint during the 2nd quarter valued at $13,007,000. Susquehanna Fundamental Investments LLC bought a new stake in shares of ChargePoint during the 1st quarter worth about $258,000. Vanguard Group Inc. increased its holdings in shares of ChargePoint by 26.3% during the 1st quarter. Vanguard Group Inc. now owns 36,688,672 shares of the company’s stock valued at $69,708,000 after acquiring an additional 7,645,210 shares during the last quarter. Public Employees Retirement System of Ohio raised its stake in shares of ChargePoint by 6.1% in the 1st quarter. Public Employees Retirement System of Ohio now owns 136,355 shares of the company’s stock valued at $259,000 after acquiring an additional 7,838 shares in the last quarter. Finally, CreativeOne Wealth LLC acquired a new stake in ChargePoint in the 1st quarter worth approximately $30,000. 37.77% of the stock is currently 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.