ChargePoint (NYSE:CHPT) Sets New 12-Month Low Following Analyst Downgrade

ChargePoint Holdings, Inc. (NYSE:CHPT)’s stock price hit a new 52-week low on Thursday after Stifel Nicolaus lowered their price target on the stock from $3.00 to $2.00. Stifel Nicolaus currently has a hold rating on the stock. ChargePoint traded as low as $1.21 and last traded at $1.22, with a volume of 7103997 shares trading hands. The stock had previously closed at $1.25.

A number of other research analysts have also weighed in on CHPT. 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 report on Thursday, September 5th. Benchmark reiterated a “buy” rating and issued a $3.00 price target on shares of ChargePoint in a report on Thursday, September 5th. TD Cowen cut shares of ChargePoint from a “buy” rating to a “hold” rating and reduced their price objective for the company from $3.00 to $2.00 in a research note on Thursday, September 5th. Wolfe Research assumed coverage on shares of ChargePoint in a research report on Thursday, September 5th. They set a “peer perform” rating on the stock. Finally, The Goldman Sachs Group reduced their price target on shares of ChargePoint from $1.50 to $1.25 and set a “sell” rating for the company in a research report on Friday, September 6th. Two equities research analysts have rated the stock with a sell rating, thirteen have assigned a hold rating, four have given a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat, the company has a consensus rating of “Hold” and a consensus price target of $2.61.

Insider Activity at ChargePoint

In other news, CEO Richard Wilmer sold 27,252 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 $36,790.20. Following the transaction, the chief executive officer now directly owns 2,304,489 shares of the company’s stock, valued at approximately $3,111,060.15. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. In other news, CFO Mansi Khetani sold 23,409 shares of the business’s stock in a transaction dated Monday, September 23rd. The shares were sold at an average price of $1.35, for a total value of $31,602.15. Following the completion of the sale, the chief financial officer now owns 849,084 shares of the company’s stock, valued at approximately $1,146,263.40. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, CEO Richard Wilmer sold 27,252 shares of the business’s stock in a transaction dated Monday, September 23rd. The shares were sold at an average price of $1.35, for a total value of $36,790.20. Following the completion of the sale, the chief executive officer now directly owns 2,304,489 shares of the company’s stock, valued at approximately $3,111,060.15. This represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 100,803 shares of company stock worth $135,295. 3.50% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On ChargePoint

Large investors have recently added to or reduced their stakes in the company. CreativeOne Wealth LLC acquired a new stake in ChargePoint in the first quarter worth $30,000. PDS Planning Inc acquired a new stake in ChargePoint during the first quarter valued at approximately $31,000. CIBC Asset Management Inc lifted its position in shares of ChargePoint by 50.7% during the 2nd quarter. CIBC Asset Management Inc now owns 17,145 shares of the company’s stock valued at $26,000 after acquiring an additional 5,770 shares during the last quarter. Delap Wealth Advisory LLC acquired a new position in shares of ChargePoint in the 2nd quarter valued at $31,000. Finally, Financial Advocates Investment Management acquired a new stake in shares of ChargePoint during the third quarter valued at approximately $29,000. 37.77% of the stock is currently owned by institutional investors.

ChargePoint Price Performance

The stock has a fifty day moving average price of $1.41 and a 200-day moving average price of $1.62. The company has a market cap of $530.84 million, a PE ratio of -1.24 and a beta of 1.69. The company has a debt-to-equity ratio of 1.24, a current ratio of 2.03 and a quick ratio of 1.32.

ChargePoint (NYSE:CHPT) last issued its earnings results on Wednesday, September 4th. The company reported ($0.15) earnings per share (EPS) for the quarter, meeting analysts’ consensus estimates of ($0.15). ChargePoint had a negative net margin of 89.12% and a negative return on equity of 112.67%. The company had revenue of $108.54 million during the quarter, compared to analyst estimates of $114.15 million. On average, equities analysts expect that ChargePoint Holdings, Inc. will post -0.56 earnings per share for the current year.

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.