ChargePoint (NYSE:CHPT) Given New $4.00 Price Target at Needham & Company LLC

ChargePoint (NYSE:CHPT) had its price target cut by Needham & Company LLC from $8.00 to $4.00 in a research report sent to investors on Friday, Benzinga reports. They currently have a buy rating on the stock.

A number of other equities research analysts have also recently weighed in on CHPT. JPMorgan Chase & Co. lowered their price target on ChargePoint from $15.00 to $13.00 and set an overweight rating on the stock in a report on Wednesday, August 30th. Evercore ISI reduced their target price on ChargePoint from $20.00 to $17.00 and set an outperform rating on the stock in a research note on Friday, September 8th. Fox Advisors lowered ChargePoint from an overweight rating to an equal weight rating in a research note on Thursday, September 7th. The Goldman Sachs Group reduced their target price on ChargePoint from $10.00 to $7.00 and set a neutral rating on the stock in a research note on Monday, September 18th. Finally, TD Cowen reduced their target price on ChargePoint from $14.00 to $11.00 and set an outperform rating on the stock in a research note on Thursday, September 7th. Eleven equities research analysts have rated the stock with a hold rating and seven have given a buy rating to the company’s stock. According to MarketBeat.com, ChargePoint presently has a consensus rating of Hold and a consensus target price of $10.16.

ChargePoint Stock Performance

NYSE CHPT opened at $2.11 on Friday. The stock has a market capitalization of $759.71 million, a price-to-earnings ratio of -1.99 and a beta of 1.81. The company has a current ratio of 2.03, a quick ratio of 1.61 and a debt-to-equity ratio of 1.07. The business’s 50 day moving average is $3.77 and its two-hundred day moving average is $6.64. ChargePoint has a 12-month low of $1.95 and a 12-month high of $13.65.

ChargePoint (NYSE:CHPT) last released its quarterly earnings results on Wednesday, September 6th. The company reported ($0.35) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.13) by ($0.22). The firm had revenue of $150.49 million during the quarter, compared to analyst estimates of $153.25 million. ChargePoint had a negative return on equity of 106.73% and a negative net margin of 65.71%. The business’s revenue was up 39.0% on a year-over-year basis. During the same quarter in the prior year, the company earned ($0.27) EPS. Research analysts expect that ChargePoint will post -0.96 EPS for the current year.

Insider Buying and Selling

In related news, insider Richard Wilmer sold 8,191 shares of the stock in a transaction on Thursday, September 21st. The stock was sold at an average price of $5.03, for a total value of $41,200.73. Following the transaction, the insider now directly owns 628,840 shares of the company’s stock, valued at approximately $3,163,065.20. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. In related news, Director Ekta Singh-Bushell sold 4,622 shares of the stock in a transaction on Wednesday, September 20th. The stock was sold at an average price of $5.44, for a total value of $25,143.68. Following the completion of the sale, the director now directly owns 41,215 shares in the company, valued at approximately $224,209.60. The sale was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, insider Richard Wilmer sold 8,191 shares of the stock in a transaction on Thursday, September 21st. The shares were sold at an average price of $5.03, for a total value of $41,200.73. Following the completion of the sale, the insider now owns 628,840 shares of the company’s stock, valued at $3,163,065.20. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 4,316,970 shares of company stock valued at $24,767,903. 12.90% of the stock is currently owned by company insiders.

Institutional Trading of ChargePoint

Large investors have recently added to or reduced their stakes in the stock. Hollencrest Capital Management grew its stake in shares of ChargePoint by 162.2% during the first quarter. Hollencrest Capital Management now owns 3,395 shares of the company’s stock valued at $36,000 after acquiring an additional 2,100 shares in the last quarter. Trium Capital LLP acquired a new stake in shares of ChargePoint during the first quarter valued at about $37,000. Ameritas Advisory Services LLC acquired a new stake in shares of ChargePoint during the first quarter valued at about $38,000. Dark Forest Capital Management LP acquired a new stake in shares of ChargePoint during the first quarter valued at about $39,000. Finally, Smithfield Trust Co acquired a new stake in shares of ChargePoint during the second quarter valued at about $40,000. 45.01% of the stock is currently owned by institutional investors and hedge funds.

About ChargePoint

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