ChargePoint (NYSE:CHPT) Downgraded by Zacks Investment Research to Sell

Zacks Investment Research downgraded shares of ChargePoint (NYSE:CHPT) from a hold rating to a sell rating in a report released on Tuesday morning, Zacks.com reports.

According to Zacks, “ChargePoint Holdings Inc. provides electric vehicle charging network. The company’s cloud subscription platform and software-defined charging hardware are designed to include options for every charging scenario from home and multifamily to workplace, parking, hospitality, retail and transport fleets of all types. ChargePoint Holdings Inc., formerly known as Switchback Energy Acquisition Corporation, is based in CAMPBELL, Calif. “

Several other equities analysts have also recently weighed in on CHPT. Citigroup Inc. 3% Minimum Coupon Principal Protected Based Upon Russell assumed coverage on shares of ChargePoint in a research note on Thursday, March 25th. They set a neutral rating and a $28.00 target price for the company. Cowen assumed coverage on shares of ChargePoint in a research note on Monday, March 15th. They set an outperform rating and a $43.00 target price for the company. Oppenheimer assumed coverage on shares of ChargePoint in a research note on Monday, March 8th. They set an outperform rating and a $39.00 target price for the company. R. F. Lafferty assumed coverage on shares of ChargePoint in a research note on Friday, April 16th. They set a buy rating and a $29.00 target price for the company. Finally, Citigroup assumed coverage on shares of ChargePoint in a research note on Thursday, March 25th. They set a neutral rating and a $28.00 target price for the company. One equities research analyst has rated the stock with a sell rating, two have assigned a hold rating and five have assigned a buy rating to the company. ChargePoint currently has a consensus rating of Buy and a consensus price target of $35.50.

Shares of CHPT stock opened at $28.09 on Tuesday. ChargePoint has a one year low of $9.82 and a one year high of $49.48. The company’s fifty day moving average price is $24.90.

ChargePoint (NYSE:CHPT) last announced its quarterly earnings data on Wednesday, June 2nd. The company reported ($0.18) EPS for the quarter, missing the Thomson Reuters’ consensus estimate of ($0.12) by ($0.06). The firm had revenue of $40.51 million for the quarter, compared to analysts’ expectations of $37.23 million. ChargePoint’s revenue for the quarter was up 23.6% on a year-over-year basis. During the same quarter last year, the firm earned ($2.37) EPS. On average, analysts anticipate that ChargePoint will post -0.56 earnings per share for the current fiscal year.

Several large investors have recently modified their holdings of CHPT. RHO Capital Partners Inc. purchased a new position in shares of ChargePoint in the 1st quarter worth $669,000,000. Canada Pension Plan Investment Board purchased a new position in shares of ChargePoint in the 1st quarter worth $367,380,000. Baillie Gifford & Co. purchased a new position in shares of ChargePoint in the 1st quarter worth $106,800,000. D. E. Shaw & Co. Inc. purchased a new position in shares of ChargePoint in the 1st quarter worth $53,400,000. Finally, Electron Capital Partners LLC purchased a new position in shares of ChargePoint in the 1st quarter worth $49,821,000. 23.48% of the stock is owned by institutional investors and hedge funds.

ChargePoint Company Profile

ChargePoint Holdings, Inc provides electric vehicle (EV) charging networks and charging solutions in the United States. It offers a portfolio of hardware, software, and services for commercial, fleet, and residential customers. The company was founded in 2007 and is headquartered in Campbell, California.

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