ChargePoint (NYSE:CHPT) Price Target Lowered to $5.00 at JPMorgan Chase & Co.

ChargePoint (NYSE:CHPT) had its price target trimmed by JPMorgan Chase & Co. from $8.00 to $5.00 in a research note published on Friday morning, Benzinga reports. The brokerage currently has an overweight rating on the stock.

Several other research analysts have also issued reports on CHPT. Evercore ISI cut their target price on shares of ChargePoint from $20.00 to $17.00 and set an outperform rating on the stock in a research note on Friday, September 8th. Needham & Company LLC cut their target price on shares of ChargePoint from $8.00 to $4.00 and set a buy rating on the stock in a research note on Friday. R. F. Lafferty cut their target price on shares of ChargePoint from $19.00 to $17.00 and set a buy rating on the stock in a research note on Thursday, September 7th. Janney Montgomery Scott lowered shares of ChargePoint from a buy rating to a neutral rating in a research note on Friday. Finally, Citigroup cut their target price on shares of ChargePoint from $10.80 to $8.25 and set a neutral rating on the stock in a research note on Thursday, September 7th. Eleven equities research analysts have rated the stock with a hold rating and seven have assigned a buy rating to the company. According to data from MarketBeat, ChargePoint has an average rating of Hold and an average target price of $10.16.

ChargePoint Trading Up 4.5 %

NYSE:CHPT opened at $2.11 on Friday. The firm’s fifty day moving average is $3.77 and its 200-day moving average is $6.64. The company has a debt-to-equity ratio of 1.07, a quick ratio of 1.61 and a current ratio of 2.03. ChargePoint has a 52 week low of $1.95 and a 52 week high of $13.65. The firm has a market cap of $759.71 million, a P/E ratio of -1.99 and a beta of 1.81.

ChargePoint (NYSE:CHPT) last posted its quarterly earnings data on Wednesday, September 6th. The company reported ($0.35) EPS for the quarter, missing analysts’ consensus estimates of ($0.13) by ($0.22). The firm had revenue of $150.49 million during the quarter, compared to the consensus estimate of $153.25 million. ChargePoint had a negative net margin of 65.71% and a negative return on equity of 106.73%. The company’s revenue for the quarter was up 39.0% compared to the same quarter last year. During the same period in the prior year, the company posted ($0.27) earnings per share. Equities analysts expect that ChargePoint will post -0.96 earnings per share for the current year.

Insider Activity at ChargePoint

In other news, insider Richard Wilmer sold 8,191 shares of the business’s stock in a transaction on Thursday, September 21st. The shares were sold at an average price of $5.03, for a total transaction of $41,200.73. Following the sale, the insider now owns 628,840 shares in the company, valued at approximately $3,163,065.20. The sale was disclosed in a document filed with the SEC, which is accessible through this link. In other news, CAO Henrik Gerdes sold 5,328 shares of the company’s stock in a transaction dated Thursday, September 21st. The shares were sold at an average price of $5.03, for a total transaction of $26,799.84. Following the completion of the sale, the chief accounting officer now owns 78,210 shares of the company’s stock, valued at approximately $393,396.30. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, insider Richard Wilmer sold 8,191 shares of the company’s stock in a transaction dated Thursday, September 21st. The shares were sold at an average price of $5.03, for a total transaction of $41,200.73. Following the sale, the insider now directly owns 628,840 shares of the company’s stock, valued at approximately $3,163,065.20. The disclosure for this sale can be found here. Insiders have sold a total of 4,316,970 shares of company stock worth $24,767,903 over the last quarter. Corporate insiders own 12.90% of the company’s stock.

Institutional Investors Weigh In On ChargePoint

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Hollencrest Capital Management boosted its stake in ChargePoint by 162.2% in the 1st quarter. Hollencrest Capital Management now owns 3,395 shares of the company’s stock worth $36,000 after purchasing an additional 2,100 shares during the period. Trium Capital LLP purchased a new stake in ChargePoint during the 1st quarter valued at $37,000. Ameritas Advisory Services LLC bought a new stake in shares of ChargePoint during the first quarter worth $38,000. Dark Forest Capital Management LP bought a new stake in shares of ChargePoint during the first quarter worth $39,000. Finally, Smithfield Trust Co bought a new stake in shares of ChargePoint during the second quarter worth $40,000. 45.01% of the stock is owned by hedge funds and other institutional investors.

ChargePoint Company Profile

ChargePoint Holdings, Inc, together with its subsidiaries, provides electric vehicle (EV) charging networks and charging solutions in the United States and internationally. It offers a portfolio of hardware, software, and services for commercial, fleet, and residential customers. ChargePoint Holdings, Inc was founded in 2007 and is headquartered in Campbell, California.