ChargePoint Holdings, Inc. (NYSE:CHPT) Stock Has Average Target Price of $7.07

ChargePoint Holdings, Inc. (NYSE:CHPT) has received a consensus recommendation of “Reduce” from the ten ratings firms that are presently covering the stock, Marketbeat reports. Three equities research analysts have rated the stock with a sell recommendation and seven have issued a hold recommendation on the company. The average 12-month price objective among brokers that have updated their coverage on the stock in the last year is $7.07.

Several equities research analysts have weighed in on the stock. B. Riley Financial reaffirmed a “neutral” rating on shares of ChargePoint in a research note on Friday, September 4th. Weiss Ratings restated a “sell (e+)” rating on shares of ChargePoint in a research note on Friday, July 17th. UBS Group reaffirmed a “neutral” rating and issued a $9.00 target price (up from $8.00) on shares of ChargePoint in a research report on Tuesday, September 22nd. Needham & Company LLC reaffirmed a “hold” rating on shares of ChargePoint in a research note on Thursday, September 3rd. Finally, TD Cowen reiterated a “hold” rating on shares of ChargePoint in a report on Thursday, September 3rd.

ChargePoint Stock Performance

Shares of CHPT stock opened at $10.19 on Tuesday. The firm has a 50 day moving average of $7.28 and a 200-day moving average of $6.62. The company has a market cap of $273.60 million, a price-to-earnings ratio of -1.42 and a beta of 1.69. The company has a quick ratio of 0.57, a current ratio of 1.07 and a debt-to-equity ratio of 10.73. ChargePoint has a 52 week low of $4.44 and a 52 week high of $12.61.

ChargePoint (NYSE:CHPT) last released its earnings results on Wednesday, September 2nd. The company reported ($1.35) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($1.57) by $0.22. The company had revenue of $116.08 million for the quarter, compared to the consensus estimate of $105.21 million. ChargePoint had a negative net margin of 40.59% and a negative return on equity of 3,366.29%. On average, equities analysts forecast that ChargePoint will post -3.75 earnings per share for the current year.

Insider Transactions at ChargePoint

In other news, CFO Mansi Khetani sold 4,931 shares of the company’s stock in a transaction that occurred on Tuesday, September 22nd. The stock was sold at an average price of $9.86, for a total transaction of $48,619.66. Following the transaction, the chief financial officer directly owned 174,417 shares of the company’s stock, valued at $1,719,751.62. This represents a 2.75% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, insider Jagdeep Singh sold 5,965 shares of the stock in a transaction on Tuesday, September 22nd. The stock was sold at an average price of $9.86, for a total value of $58,814.90. Following the completion of the transaction, the insider owned 182,381 shares in the company, valued at approximately $1,798,276.66. This represents a 3.17% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Insiders have sold 16,682 shares of company stock valued at $164,485 over the last ninety days. 4.20% of the stock is owned by company insiders.

Institutional Inflows and Outflows

A number of large investors have recently made changes to their positions in the business. Squarepoint Ops LLC increased its position in shares of ChargePoint by 70.8% during the second quarter. Squarepoint Ops LLC now owns 25,242 shares of the company’s stock worth $149,000 after acquiring an additional 10,464 shares in the last quarter. Bank of New York Mellon Corp acquired a new stake in shares of ChargePoint in the 2nd quarter worth about $344,000. Renaissance Technologies LLC lifted its position in ChargePoint by 77.7% in the 1st quarter. Renaissance Technologies LLC now owns 144,059 shares of the company’s stock valued at $700,000 after acquiring an additional 63,000 shares in the last quarter. Hsbc Holdings PLC boosted its stake in ChargePoint by 40.0% during the 1st quarter. Hsbc Holdings PLC now owns 15,220 shares of the company’s stock valued at $75,000 after purchasing an additional 4,352 shares during the last quarter. Finally, R Squared Ltd acquired a new position in ChargePoint during the 1st quarter valued at about $59,000. 37.77% of the stock is owned by institutional investors.

ChargePoint Company Profile

ChargePoint Holdings, Inc operates an electric vehicle (EV) charging network and provides charging hardware, software and related services. Its platform is designed to support drivers, businesses, fleet operators, property owners and other organizations managing EV charging infrastructure.

The company offers Level 2 and DC fast-charging stations, cloud-based software for monitoring and managing charging activity, payment and access tools, and services such as installation, maintenance and customer support.