Benchmark Reiterates Buy Rating for ChargePoint (NYSE:CHPT)

Benchmark reaffirmed their buy rating on shares of ChargePoint (NYSE:CHPT) in a research note issued to investors on Wednesday,Benzinga reports. Benchmark currently has a $3.00 price target on the stock.

Several other equities analysts have also weighed in on the company. The Goldman Sachs Group cut their price target on ChargePoint from $1.50 to $1.25 and set a “sell” rating for the company in a research note on Friday, September 6th. JPMorgan Chase & Co. lowered ChargePoint from an “overweight” rating to an “underweight” rating in a research report on Thursday, October 3rd. UBS Group dropped their price target on shares of ChargePoint from $1.80 to $1.50 and set a “neutral” rating on the stock in a research note on Tuesday, October 15th. Royal Bank of Canada decreased their price objective on shares of ChargePoint from $3.00 to $2.50 and set a “sector perform” rating on the stock in a report on Thursday, September 5th. Finally, TD Cowen cut shares of ChargePoint from a “buy” rating to a “hold” rating and cut their target price for the stock from $3.00 to $2.00 in a research note on Thursday, September 5th. Two equities research analysts have rated the stock with a sell rating, eleven have assigned a hold rating, three have given a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat.com, ChargePoint presently has a consensus rating of “Hold” and a consensus target price of $2.47.

ChargePoint Stock Down 3.1 %

NYSE:CHPT opened at $1.10 on Wednesday. The firm has a fifty day simple moving average of $1.30 and a 200-day simple moving average of $1.60. ChargePoint has a 12 month low of $1.08 and a 12 month high of $3.13. The company has a current ratio of 2.03, a quick ratio of 1.32 and a debt-to-equity ratio of 1.24.

ChargePoint (NYSE:CHPT) last released its quarterly earnings data on Wednesday, September 4th. The company reported ($0.15) EPS for the quarter, meeting the consensus estimate of ($0.15). The business had revenue of $108.54 million for the quarter, compared to the consensus estimate of $114.15 million. ChargePoint had a negative net margin of 89.12% and a negative return on equity of 112.67%. As a group, research analysts expect that ChargePoint will post -0.56 earnings per share for the current year.

Insider Buying and Selling

In other news, CEO Richard Wilmer sold 27,252 shares of the company’s stock in a transaction that occurred on Monday, September 23rd. The shares were sold at an average price of $1.35, for a total value of $36,790.20. Following the transaction, the chief executive officer now directly owns 2,304,489 shares in the company, valued at approximately $3,111,060.15. This represents a 1.17 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, CAO Henrik Gerdes sold 26,288 shares of the company’s stock in a transaction on Friday, October 11th. The stock was sold at an average price of $1.32, for a total value of $34,700.16. Following the transaction, the chief accounting officer now owns 390,596 shares in the company, valued at $515,586.72. This trade represents a 6.31 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders sold 100,803 shares of company stock worth $135,295. Company insiders own 3.50% of the company’s stock.

Hedge Funds Weigh In On ChargePoint

Several hedge funds have recently bought and sold shares of the company. CIBC Asset Management Inc boosted its stake in shares of ChargePoint by 50.7% in the second quarter. CIBC Asset Management Inc now owns 17,145 shares of the company’s stock valued at $26,000 after purchasing an additional 5,770 shares during the period. Financial Advocates Investment Management purchased a new position in ChargePoint in the 3rd quarter valued at approximately $29,000. CreativeOne Wealth LLC acquired a new position in shares of ChargePoint in the first quarter worth $30,000. Delap Wealth Advisory LLC acquired a new stake in shares of ChargePoint in the second quarter valued at $31,000. Finally, Perennial Investment Advisors LLC boosted its holdings in ChargePoint by 74.4% in the second quarter. Perennial Investment Advisors LLC now owns 24,380 shares of the company’s stock valued at $37,000 after purchasing an additional 10,400 shares during the period. Institutional investors and hedge funds own 37.77% of the company’s stock.

About ChargePoint

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.