B. Riley Financial Issues Positive Forecast for ChargePoint (NYSE:CHPT) Stock Price

ChargePoint (NYSE:CHPT) had its price objective boosted by stock analysts at B. Riley Financial from $6.00 to $8.00 in a research note issued on Friday, Benzinga reports. The firm currently has a “neutral” rating on the stock. B. Riley Financial’s price target would suggest a potential downside of 17.57% from the company’s current price.

Several other equities analysts have also commented on CHPT. Royal Bank Of Canada reissued a “sector perform” rating and set a $6.50 price objective on shares of ChargePoint in a research report on Thursday, June 4th. Weiss Ratings reissued a “sell (e+)” rating on shares of ChargePoint in a research note on Friday, July 17th. Needham & Company LLC reaffirmed a “hold” rating on shares of ChargePoint in a research note on Thursday. Oppenheimer reiterated a “market perform” rating on shares of ChargePoint in a report on Thursday. Finally, UBS Group reissued a “neutral” rating and issued a $8.00 price target (up from $7.00) on shares of ChargePoint in a research report on Tuesday, June 23rd. One research analyst has rated the stock with a Buy rating, eight have given a Hold rating and three have issued a Sell rating to the company’s stock. Based on data from MarketBeat.com, the company has an average rating of “Reduce” and an average target price of $8.56.

ChargePoint Price Performance

Shares of CHPT stock traded up $0.62 during trading on Friday, hitting $9.71. The company had a trading volume of 10,484,146 shares, compared to its average volume of 858,450. The company has a quick ratio of 0.56, a current ratio of 1.15 and a debt-to-equity ratio of 10.73. The stock’s 50-day moving average is $5.87 and its two-hundred day moving average is $6.14. The stock has a market capitalization of $237.00 million, a price-to-earnings ratio of -1.35 and a beta of 1.77. ChargePoint has a 52 week low of $4.44 and a 52 week high of $12.61.

ChargePoint (NYSE:CHPT) last announced its earnings results on Wednesday, September 2nd. The company reported ($1.35) earnings per share (EPS) for the quarter, beating the consensus estimate of ($1.43) by $0.08. ChargePoint had a negative net margin of 40.59% and a negative return on equity of 723.17%. The business had revenue of $116.08 million during the quarter, compared to analyst estimates of $105.43 million. As a group, analysts predict that ChargePoint will post -5.48 EPS for the current fiscal year.

Insider Buying and Selling

In related news, insider John Vice sold 4,072 shares of the business’s stock in a transaction that occurred on Tuesday, June 23rd. The stock was sold at an average price of $7.13, for a total transaction of $29,033.36. Following the completion of the transaction, the insider directly owned 171,507 shares in the company, valued at approximately $1,222,844.91. The trade was a 2.32% decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, CFO Mansi Khetani sold 8,152 shares of the firm’s stock in a transaction that occurred on Tuesday, June 23rd. The stock was sold at an average price of $7.13, for a total transaction of $58,123.76. Following the sale, the chief financial officer owned 179,348 shares in the company, valued at approximately $1,278,751.24. The trade was a 4.35% decrease in their position. 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 a total of 29,164 shares of company stock valued at $208,037 over the last three months. 4.20% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

Several hedge funds have recently bought and sold shares of the company. Focus Partners Wealth purchased a new stake in shares of ChargePoint during the first quarter worth about $27,000. Rothschild Investment LLC increased its holdings in shares of ChargePoint by 233.3% in the fourth quarter. Rothschild Investment LLC now owns 5,000 shares of the company’s stock worth $33,000 after purchasing an additional 3,500 shares during the last quarter. Corient Private Wealth LLC lifted its position in shares of ChargePoint by 57.1% in the second quarter. Corient Private Wealth LLC now owns 67,345 shares of the company’s stock worth $47,000 after buying an additional 24,470 shares in the last quarter. R Squared Ltd bought a new position in ChargePoint during the first quarter valued at approximately $59,000. Finally, Jump Financial LLC purchased a new position in ChargePoint during the 2nd quarter valued at approximately $66,000. Institutional investors own 37.77% of the company’s stock.

More ChargePoint News

Here are the key news stories impacting ChargePoint this week:

• Positive Sentiment: ChargePoint reported quarterly revenue of approximately $116.1 million, up 17.7% year over year and well above analyst expectations near $105 million. Its adjusted loss was also narrower than expected, while the GAAP loss of $1.35 per share modestly exceeded the consensus estimate for a $1.43 loss. ChargePoint shares surge after narrower quarterly loss
• Positive Sentiment: Profitability trends improved: GAAP gross margin reached 36%, non-GAAP gross margin 38%, and adjusted EBITDA loss narrowed to $4.8 million from $22.1 million a year earlier. Investors are responding to the potential for further losses to decline and eventual positive EBITDA. ChargePoint jumps after revenue beat and margin improvement
• Positive Sentiment: Fiscal third-quarter revenue guidance of $105 million to $115 million, with a midpoint of $110 million, was slightly better than analysts’ forecast. New products and momentum in Europe are helping offset uncertainty in North America. CHPT Q2 Deep Dive
• Positive Sentiment: Elevated short interest may have amplified the earnings reaction through short-covering. Unusually heavy call-option activity also indicates increased speculative interest in CHPT. Short-covering analysis

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.