ChargePoint (NYSE:CHPT) Rating Lowered to “Hold” at Needham & Company LLC

ChargePoint (NYSE:CHPT) was downgraded by equities researchers at Needham & Company LLC from a “buy” rating to a “hold” rating in a research report issued to clients and investors on Tuesday, MarketBeat.com reports.

A number of other equities research analysts have also recently weighed in on the stock. Capital One Financial upgraded shares of ChargePoint to a “strong-buy” rating in a report on Tuesday, September 17th. Benchmark restated a “buy” rating and issued a $3.00 price target on shares of ChargePoint in a research note on Thursday, September 5th. Evercore ISI dropped their target price on ChargePoint from $6.00 to $4.00 and set an “outperform” rating on the stock in a report on Thursday, September 5th. Stifel Nicolaus reduced their price target on ChargePoint from $3.00 to $2.00 and set a “hold” rating for the company in a report on Wednesday, October 30th. Finally, Royal Bank of Canada decreased their target price on shares of ChargePoint from $3.00 to $2.50 and set a “sector perform” rating for the company in a report on Thursday, September 5th. Two investment analysts have rated the stock with a sell rating, twelve have given a hold rating, three have assigned a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the stock has an average rating of “Hold” and an average price target of $2.47.

ChargePoint Price Performance

CHPT stock opened at $1.13 on Tuesday. The company has a market capitalization of $485.53 million, a price-to-earnings ratio of -1.14 and a beta of 1.70. The company has a debt-to-equity ratio of 1.24, a quick ratio of 1.32 and a current ratio of 2.03. The business’s 50 day moving average price is $1.31 and its two-hundred day moving average price is $1.61. ChargePoint has a fifty-two week low of $1.08 and a fifty-two week high of $3.13.

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

Insider Buying and Selling at ChargePoint

In other ChargePoint news, CEO Richard Wilmer sold 27,252 shares of the business’s stock in a transaction dated Monday, September 23rd. The stock was sold at an average price of $1.35, for a total transaction of $36,790.20. Following the completion of the sale, the chief executive officer now directly owns 2,304,489 shares in the company, valued at $3,111,060.15. The trade was a 1.17 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, CFO Mansi Khetani sold 23,409 shares of the stock in a transaction that occurred on Monday, September 23rd. The stock was sold at an average price of $1.35, for a total transaction of $31,602.15. Following the completion of the transaction, the chief financial officer now owns 849,084 shares in the company, valued at $1,146,263.40. This trade represents a 2.68 % decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders sold 100,803 shares of company stock worth $135,295. Insiders own 3.50% of the company’s stock.

Hedge Funds Weigh In On ChargePoint

Several institutional investors and hedge funds have recently bought and sold shares of CHPT. Vanguard Group Inc. increased its position in ChargePoint by 26.3% in the first quarter. Vanguard Group Inc. now owns 36,688,672 shares of the company’s stock worth $69,708,000 after buying an additional 7,645,210 shares in the last quarter. State Street Corp grew its stake in shares of ChargePoint by 1.4% during the 3rd quarter. State Street Corp now owns 10,297,421 shares of the company’s stock valued at $14,107,000 after acquiring an additional 142,767 shares during the period. Geode Capital Management LLC increased its holdings in ChargePoint by 4.6% in the 3rd quarter. Geode Capital Management LLC now owns 9,072,168 shares of the company’s stock worth $12,432,000 after acquiring an additional 399,070 shares in the last quarter. Point72 Asset Management L.P. bought a new stake in ChargePoint during the 2nd quarter worth approximately $13,007,000. Finally, Charles Schwab Investment Management Inc. lifted its holdings in ChargePoint by 7.2% during the third quarter. Charles Schwab Investment Management Inc. now owns 3,251,029 shares of the company’s stock valued at $4,454,000 after purchasing an additional 219,426 shares in the last quarter. 37.77% of the stock is currently owned by hedge funds and other institutional investors.

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.