The Goldman Sachs Group Lowers ChargePoint (NYSE:CHPT) Price Target to $1.25

ChargePoint (NYSE:CHPT) had its price target reduced by equities researchers at The Goldman Sachs Group from $1.50 to $1.25 in a note issued to investors on Friday, Benzinga reports. The brokerage presently has a “sell” rating on the stock. The Goldman Sachs Group’s target price indicates a potential downside of 7.87% from the company’s current price.

A number of other research analysts have also recently issued reports on CHPT. Benchmark reiterated a “buy” rating and issued a $3.00 target price on shares of ChargePoint in a research report on Thursday. Evercore ISI reduced their price objective on ChargePoint from $6.00 to $4.00 and set an “outperform” rating on the stock in a research report on Thursday. Needham & Company LLC reduced their price target on ChargePoint from $3.00 to $2.00 and set a “buy” rating on the stock in a report on Thursday. Wolfe Research started coverage on shares of ChargePoint in a report on Thursday. They issued a “peer perform” rating for the company. Finally, B. Riley raised shares of ChargePoint to a “hold” rating in a report on Tuesday, June 25th. One research analyst has rated the stock with a sell rating, fourteen have assigned a hold rating and five have assigned a buy rating to the stock. According to MarketBeat, ChargePoint presently has a consensus rating of “Hold” and a consensus target price of $3.90.

ChargePoint Price Performance

Shares of NYSE:CHPT traded down $0.03 during midday trading on Friday, hitting $1.36. The stock had a trading volume of 8,724,130 shares, compared to its average volume of 13,946,421. The company has a quick ratio of 1.45, a current ratio of 2.13 and a debt-to-equity ratio of 1.02. The company has a market capitalization of $574.41 million, a P/E ratio of -1.15 and a beta of 1.70. The company’s 50-day moving average price is $1.86 and its 200-day moving average price is $1.77. ChargePoint has a fifty-two week low of $1.21 and a fifty-two week high of $6.33.

ChargePoint (NYSE:CHPT) last released 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. ChargePoint had a negative return on equity of 127.18% and a negative net margin of 93.05%. The firm had revenue of $107.04 million during the quarter, compared to analysts’ expectations of $106.09 million. As a group, equities research analysts predict that ChargePoint will post -0.53 EPS for the current fiscal year.

Insider Activity at ChargePoint

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

Institutional Trading of ChargePoint

Institutional investors and hedge funds have recently made changes to their positions in the company. Point72 Asset Management L.P. bought a new stake in ChargePoint in the second quarter worth about $13,007,000. Vanguard Group Inc. increased its position in ChargePoint by 26.3% in the first quarter. Vanguard Group Inc. now owns 36,688,672 shares of the company’s stock worth $69,708,000 after buying an additional 7,645,210 shares during the last quarter. Norges Bank bought a new stake in shares of ChargePoint in the fourth quarter valued at $9,733,000. AQR Capital Management LLC purchased a new position in shares of ChargePoint during the 2nd quarter valued at $1,310,000. Finally, Skandinaviska Enskilda Banken AB publ increased its holdings in ChargePoint by 62.0% in the 2nd quarter. Skandinaviska Enskilda Banken AB publ now owns 1,623,836 shares of the company’s stock worth $2,452,000 after acquiring an additional 621,536 shares during the last quarter. Hedge funds and other institutional investors 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.