ChargePoint Holdings, Inc. (NYSE:CHPT) Receives Average Recommendation of “Reduce” from Brokerages

Shares of ChargePoint Holdings, Inc. (NYSE:CHPT) have earned a consensus rating of “Reduce” from the twelve research firms that are presently covering the company, MarketBeat.com reports. Three investment analysts have rated the stock with a sell recommendation, eight have assigned a hold recommendation and one has issued a buy recommendation on the company. The average 1-year price objective among analysts that have covered the stock in the last year is $12.15.

Several brokerages recently issued reports on CHPT. Royal Bank Of Canada reaffirmed a “sector perform” rating and set a $9.00 target price (down from $10.00) on shares of ChargePoint in a research report on Friday, December 5th. Weiss Ratings reissued a “sell (e+)” rating on shares of ChargePoint in a research note on Wednesday, January 21st. B. Riley cut their price objective on ChargePoint from $12.50 to $11.00 and set a “neutral” rating on the stock in a research note on Wednesday, December 10th. Roth Mkm set a $8.50 target price on ChargePoint and gave the company a “neutral” rating in a report on Friday, December 5th. Finally, UBS Group reissued a “neutral” rating and set a $9.00 target price (down previously from $12.00) on shares of ChargePoint in a research report on Monday, December 22nd.

ChargePoint Stock Down 1.2%

Shares of NYSE CHPT opened at $6.55 on Thursday. The company has a 50 day simple moving average of $7.57 and a 200 day simple moving average of $9.84. The company has a debt-to-equity ratio of 8.38, a current ratio of 1.59 and a quick ratio of 0.93. ChargePoint has a 1 year low of $6.39 and a 1 year high of $20.60. The firm has a market cap of $154.91 million, a PE ratio of -0.64 and a beta of 1.40.

ChargePoint (NYSE:CHPT) last announced its quarterly earnings results on Thursday, December 4th. The company reported ($2.23) earnings per share (EPS) for the quarter, missing the consensus estimate of ($1.35) by ($0.88). The business had revenue of $105.67 million during the quarter, compared to analyst estimates of $96.51 million. ChargePoint had a negative net margin of 59.54% and a negative return on equity of 209.46%. During the same quarter last year, the company posted ($1.94) earnings per share. On average, research analysts forecast that ChargePoint will post -0.57 EPS for the current year.

Insiders Place Their Bets

In other news, CFO Mansi Khetani sold 3,943 shares of ChargePoint stock in a transaction dated Tuesday, December 23rd. The stock was sold at an average price of $6.99, for a total value of $27,561.57. Following the completion of the transaction, the chief financial officer directly owned 130,363 shares of the company’s stock, valued at approximately $911,237.37. This trade represents a 2.94% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, insider Jagdeep Ca Singh sold 4,832 shares of the business’s stock in a transaction dated Tuesday, December 23rd. The shares were sold at an average price of $6.99, for a total value of $33,775.68. Following the completion of the transaction, the insider directly owned 124,627 shares in the company, valued at $871,142.73. This represents a 3.73% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders have sold 12,670 shares of company stock valued at $88,534 in the last three months. 3.50% of the stock is owned by insiders.

Hedge Funds Weigh In On ChargePoint

Institutional investors have recently added to or reduced their stakes in the business. International Assets Investment Management LLC acquired a new stake in shares of ChargePoint during the 2nd quarter worth approximately $27,000. Focus Partners Wealth bought a new position in ChargePoint during the first quarter worth $27,000. Trueblood Wealth Management LLC boosted its stake in ChargePoint by 100.0% during the second quarter. Trueblood Wealth Management LLC now owns 40,000 shares of the company’s stock worth $28,000 after acquiring an additional 20,000 shares in the last quarter. Ethic Inc. acquired a new stake in ChargePoint in the second quarter worth $32,000. Finally, Corient Private Wealth LLC increased its stake in ChargePoint by 57.1% in the second quarter. Corient Private Wealth LLC now owns 67,345 shares of the company’s stock valued at $47,000 after purchasing an additional 24,470 shares in the last quarter. 37.77% of the stock is owned by institutional investors and hedge funds.

ChargePoint Company Profile

ChargePoint (NYSE: CHPT) is a leading provider of electric vehicle (EV) charging solutions that designs, develops and markets charging hardware, software and services. The company’s portfolio includes Level 2 AC charging stations for residential, commercial and fleet applications, as well as DC fast charging systems suited for retail, hospitality and public use. ChargePoint’s integrated platform enables site hosts to manage charging infrastructure through cloud-based monitoring, analytics and billing tools, while EV drivers access and control charging sessions via a mobile app or RFID card.

Since its founding in 2007 and headquarters in Campbell, California, ChargePoint has built one of the largest open EV charging networks in the world.