ChargePoint (NYSE:CHPT) Releases Quarterly Earnings Results, Misses Expectations By $0.88 EPS

ChargePoint (NYSE:CHPT) released its quarterly earnings data on Thursday. The company reported ($2.23) earnings per share for the quarter, missing the consensus estimate of ($1.35) by ($0.88), FiscalAI reports. ChargePoint had a negative net margin of 66.76% and a negative return on equity of 163.56%. The business had revenue of $105.67 million during the quarter, compared to analyst estimates of $96.51 million.

ChargePoint Stock Up 2.1%

CHPT stock traded up $0.18 during trading on Thursday, reaching $8.53. The stock had a trading volume of 712,231 shares, compared to its average volume of 835,820. The company has a quick ratio of 1.00, a current ratio of 1.67 and a debt-to-equity ratio of 4.38. The company has a market capitalization of $199.08 million, a price-to-earnings ratio of -0.73 and a beta of 1.43. ChargePoint has a one year low of $7.30 and a one year high of $30.00. The company’s 50 day moving average is $10.09 and its two-hundred day moving average is $11.69.

Analyst Upgrades and Downgrades

Several equities analysts recently commented on CHPT shares. Weiss Ratings reissued a “sell (e+)” rating on shares of ChargePoint in a research note on Wednesday, October 8th. JPMorgan Chase & Co. decreased their price target on ChargePoint from $9.00 to $8.00 and set an “underweight” rating for the company in a research note on Thursday, September 4th. Roth Capital set a $11.00 target price on shares of ChargePoint and gave the company a “neutral” rating in a report on Tuesday, September 2nd. Benchmark dropped their target price on shares of ChargePoint from $40.00 to $20.00 and set a “buy” rating on the stock in a research report on Friday, September 5th. Finally, TD Cowen dropped their price target on ChargePoint from $30.00 to $11.00 and set a “hold” rating on the stock in a research note on Thursday, September 4th. One analyst has rated the stock with a Buy rating, seven have issued a Hold rating and three have assigned a Sell rating to the stock. Based on data from MarketBeat, ChargePoint has an average rating of “Reduce” and a consensus price target of $13.56.

Insider Activity

In related news, insider John David Vice sold 2,363 shares of ChargePoint stock in a transaction on Tuesday, September 23rd. The stock was sold at an average price of $11.27, for a total transaction of $26,631.01. Following the sale, the insider directly owned 123,615 shares in the company, valued at approximately $1,393,141.05. This trade represents a 1.88% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Insiders sold 7,426 shares of company stock valued at $83,691 over the last three months. Corporate insiders own 3.50% of the company’s stock.

Hedge Funds Weigh In On ChargePoint

Large investors have recently modified their holdings of the business. Tower Research Capital LLC TRC raised its holdings in ChargePoint by 201.1% during the 2nd quarter. Tower Research Capital LLC TRC now owns 247,903 shares of the company’s stock valued at $174,000 after acquiring an additional 165,566 shares during the period. Two Sigma Securities LLC grew its position in shares of ChargePoint by 4,060.7% in the second quarter. Two Sigma Securities LLC now owns 679,693 shares of the company’s stock valued at $478,000 after purchasing an additional 663,357 shares in the last quarter. Brevan Howard Capital Management LP bought a new stake in shares of ChargePoint during the 2nd quarter valued at $517,000. Bank of America Corp DE raised its stake in shares of ChargePoint by 5.3% during the 2nd quarter. Bank of America Corp DE now owns 773,162 shares of the company’s stock valued at $544,000 after purchasing an additional 38,667 shares during the period. Finally, Qube Research & Technologies Ltd purchased a new stake in ChargePoint during the 2nd quarter worth about $518,000. Hedge funds and other institutional investors 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.