ChargePoint (NYSE:CHPT) Price Target Cut to $3.00

ChargePoint (NYSE:CHPT) had its target price reduced by Benchmark from $4.25 to $3.00 in a research report sent to investors on Friday morning, Benzinga reports. They currently have a buy rating on the stock.

A number of other equities research analysts have also weighed in on CHPT. Oppenheimer reaffirmed a market perform rating on shares of ChargePoint in a research report on Wednesday, March 6th. Needham & Company LLC reaffirmed a buy rating and set a $3.00 target price on shares of ChargePoint in a research report on Thursday, June 6th. DA Davidson reaffirmed a buy rating and set a $4.00 target price on shares of ChargePoint in a research report on Wednesday, March 6th. Royal Bank of Canada reaffirmed a sector perform rating and set a $3.00 target price (down from $3.50) on shares of ChargePoint in a research report on Wednesday, March 6th. Finally, TD Cowen reduced their price target on ChargePoint from $4.00 to $3.00 and set a buy rating for the company in a research report on Thursday, June 6th. One investment analyst has rated the stock with a sell rating, twelve have given a hold rating and six have assigned a buy rating to the company’s stock. According to MarketBeat, the company currently has a consensus rating of Hold and an average price target of $4.88.

ChargePoint Price Performance

Shares of ChargePoint stock opened at $1.48 on Friday. The stock has a market cap of $626.57 million, a price-to-earnings ratio of -1.25 and a beta of 1.72. The company has a debt-to-equity ratio of 1.02, a quick ratio of 1.45 and a current ratio of 2.13. The stock has a 50 day moving average price of $1.62 and a 200-day moving average price of $1.85. ChargePoint has a one year low of $1.21 and a one year high of $9.23.

ChargePoint (NYSE:CHPT) last issued its quarterly earnings results on Wednesday, June 5th. The company reported ($0.16) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates 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 analyst estimates of $106.09 million. Equities analysts expect that ChargePoint will post -0.56 EPS for the current year.

Insider Activity

In other 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 transaction, the chief accounting officer now owns 438,004 shares of the company’s stock, valued at approximately $657,006. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. In related news, CFO Mansi Khetani sold 19,007 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 value of $26,609.80. Following the completion of the transaction, the chief financial officer now owns 402,493 shares of the company’s stock, valued at approximately $563,490.20. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CAO Henrik Gerdes sold 43,596 shares of the company’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 transaction, the chief accounting officer now directly owns 438,004 shares of the company’s stock, valued at approximately $657,006. The disclosure for this sale can be found here. Insiders sold a total of 95,099 shares of company stock valued at $137,498 in the last quarter. 3.50% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On ChargePoint

Hedge funds have recently made changes to their positions in the company. Balentine LLC acquired a new position in shares of ChargePoint during the fourth quarter valued at approximately $26,000. CreativeOne Wealth LLC purchased a new stake in shares of ChargePoint in the first quarter valued at approximately $30,000. RWA Wealth Partners LLC purchased a new stake in shares of ChargePoint in the fourth quarter valued at approximately $31,000. PDS Planning Inc purchased a new stake in shares of ChargePoint in the first quarter valued at approximately $31,000. Finally, Ingalls & Snyder LLC purchased a new stake in shares of ChargePoint in the fourth quarter valued at approximately $33,000. Institutional investors and hedge funds 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.