ChargePoint (NYSE:CHPT) PT Lowered to $2.50

ChargePoint (NYSE:CHPT) had its price target lowered by Royal Bank of Canada from $3.00 to $2.50 in a report released on Thursday, Benzinga reports. The brokerage presently has a “sector perform” rating on the stock. Royal Bank of Canada’s price objective indicates a potential upside of 77.94% from the stock’s previous close.

Several other equities research analysts have also recently weighed in on CHPT. Wolfe Research started coverage on ChargePoint in a research note on Thursday. They set a “peer perform” rating for the company. TD Cowen cut ChargePoint from a “buy” rating to a “hold” rating and set a $2.00 target price for the company. in a research note on Thursday. Needham & Company LLC decreased their target price on ChargePoint from $3.00 to $2.00 and set a “buy” rating for the company in a research note on Thursday. B. Riley upgraded ChargePoint to a “hold” rating in a research note on Tuesday, June 25th. Finally, Benchmark restated a “buy” rating and set a $3.00 target price on shares of ChargePoint in a research note on Thursday. One equities research analyst has rated the stock with a sell rating, fourteen have issued a hold rating and five have given a buy rating to the stock. According to data from MarketBeat, the company presently has a consensus rating of “Hold” and a consensus price target of $3.92.

ChargePoint Stock Down 16.9 %

Shares of CHPT traded down $0.29 during midday trading on Thursday, hitting $1.41. The company had a trading volume of 29,494,270 shares, compared to its average volume of 13,933,936. The company’s 50-day simple moving average is $1.86 and its 200-day simple moving average is $1.77. The company has a debt-to-equity ratio of 1.02, a quick ratio of 1.45 and a current ratio of 2.13. The firm has a market capitalization of $594.82 million, a P/E ratio of -1.21 and a beta of 1.70. ChargePoint has a 1 year low of $1.21 and a 1 year high of $7.41.

ChargePoint (NYSE:CHPT) last posted its earnings results on Wednesday, June 5th. The company reported ($0.16) earnings per share for the quarter, topping the consensus estimate of ($0.19) by $0.03. The firm had revenue of $107.04 million during the quarter, compared to analysts’ expectations of $106.09 million. ChargePoint had a negative return on equity of 127.18% and a negative net margin of 93.05%. As a group, sell-side analysts expect that ChargePoint will post -0.53 EPS for the current year.

Insider Activity

In other news, CAO Henrik Gerdes sold 43,596 shares of the business’s stock in a transaction that occurred on Thursday, June 20th. The stock was sold at an average price of $1.50, for a total value of $65,394.00. Following the transaction, the chief accounting officer now owns 438,004 shares of the company’s stock, valued at $657,006. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. In related news, CAO Henrik Gerdes sold 43,596 shares of the company’s stock in a transaction on Thursday, June 20th. The stock was sold at an average price of $1.50, for a total transaction of $65,394.00. Following the transaction, the chief accounting officer now owns 438,004 shares of the company’s stock, valued at $657,006. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CEO Richard Wilmer sold 27,722 shares of the company’s stock in a transaction on Friday, June 21st. The stock was sold at an average price of $1.40, for a total value of $38,810.80. Following the transaction, the chief executive officer now directly owns 2,331,740 shares in the company, valued at approximately $3,264,436. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 95,099 shares of company stock valued at $137,498. Company insiders own 3.50% of the company’s stock.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently bought and sold shares of the business. Balentine LLC purchased a new stake in ChargePoint during the fourth quarter worth $26,000. Bridgecreek Investment Management LLC purchased a new stake in shares of ChargePoint in the fourth quarter valued at $33,000. Simmons Bank purchased a new stake in shares of ChargePoint in the fourth quarter valued at $35,000. CreativeOne Wealth LLC purchased a new stake in shares of ChargePoint in the first quarter valued at $30,000. Finally, PDS Planning Inc acquired a new position in ChargePoint in the 1st quarter valued at $31,000. Institutional investors and hedge funds own 37.77% of the company’s stock.

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.