ChargePoint (NYSE:CHPT) Releases Earnings Results

ChargePoint (NYSE:CHPT) announced its quarterly earnings data on Wednesday. The company reported ($1.85) EPS for the quarter, missing the consensus estimate of ($1.07) by ($0.78), FiscalAI reports. The company had revenue of $109.32 million for the quarter, compared to analyst estimates of $104.85 million. ChargePoint had a negative return on equity of 209.46% and a negative net margin of 59.54%.

ChargePoint Stock Performance

Shares of CHPT stock traded up $0.13 during trading on Wednesday, reaching $6.60. 849,759 shares of the company’s stock traded hands, compared to its average volume of 481,674. The firm’s 50-day moving average is $6.51 and its 200 day moving average is $8.84. The company has a market capitalization of $156.09 million, a P/E ratio of -0.64 and a beta of 1.40. ChargePoint has a 1 year low of $5.53 and a 1 year high of $17.78. The company has a current ratio of 1.59, a quick ratio of 0.93 and a debt-to-equity ratio of 8.38.

Analyst Ratings Changes

A number of equities analysts have issued reports on CHPT shares. Roth Mkm set a $8.50 price target on ChargePoint and gave the company a “neutral” rating in a research note on Friday, December 5th. Weiss Ratings reaffirmed a “sell (e+)” rating on shares of ChargePoint in a report on Wednesday, January 21st. The Goldman Sachs Group reiterated a “sell” rating and issued a $5.00 target price on shares of ChargePoint in a research note on Thursday, January 15th. UBS Group restated a “neutral” rating and set a $9.00 price target (down from $12.00) on shares of ChargePoint in a report on Monday, December 22nd. Finally, B. Riley Financial reduced their price objective on shares of ChargePoint from $12.50 to $11.00 and set a “neutral” rating for the company in a research report on Wednesday, December 10th. One investment analyst has rated the stock with a Buy rating, eight have given a Hold rating and three have assigned a Sell rating to the company’s stock. According to data from MarketBeat, the company has a consensus rating of “Reduce” and a consensus target price of $12.15.

Insider Buying and Selling at ChargePoint

In other news, insider Jagdeep Ca Singh sold 4,832 shares of ChargePoint stock in a transaction on Tuesday, December 23rd. The stock was sold at an average price of $6.99, for a total value of $33,775.68. Following the completion of the transaction, the insider directly owned 124,627 shares in the company, valued at approximately $871,142.73. The trade was a 3.73% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CFO Mansi Khetani sold 3,943 shares of the stock in a transaction dated Tuesday, December 23rd. The stock was sold at an average price of $6.99, for a total transaction of $27,561.57. Following the completion of the sale, the chief financial officer directly owned 130,363 shares in the company, valued at approximately $911,237.37. The trade was a 2.94% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Over the last quarter, insiders sold 12,670 shares of company stock valued at $88,534. 3.50% of the stock is owned by company insiders.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently modified their holdings of CHPT. Integrated Wealth Concepts LLC increased its holdings in shares of ChargePoint by 2,885.1% in the first quarter. Integrated Wealth Concepts LLC now owns 461,771 shares of the company’s stock worth $279,000 after buying an additional 446,302 shares during the period. Creative Planning grew its position in ChargePoint by 806.3% during the 2nd quarter. Creative Planning now owns 309,693 shares of the company’s stock worth $218,000 after acquiring an additional 275,523 shares during the last quarter. Squarepoint Ops LLC lifted its position in ChargePoint by 126.1% in the fourth quarter. Squarepoint Ops LLC now owns 26,668 shares of the company’s stock valued at $177,000 after purchasing an additional 14,871 shares during the last quarter. Tower Research Capital LLC TRC boosted its position 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 buying an additional 165,566 shares during the period. Finally, MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. boosted its holdings in shares of ChargePoint by 14.6% during the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 283,924 shares of the company’s stock worth $172,000 after purchasing an additional 36,097 shares during the period. Hedge funds and other institutional investors own 37.77% of the company’s stock.

About ChargePoint

ChargePoint (NYSE: CHPT) is a leading provider of electric vehicle (EV) charging solutions that designs, develops and markets charging hardware, software and services. The company’s portfolio includes Level 2 AC charging stations for residential, commercial and fleet applications, as well as DC fast charging systems suited for retail, hospitality and public use. ChargePoint’s integrated platform enables site hosts to manage charging infrastructure through cloud-based monitoring, analytics and billing tools, while EV drivers access and control charging sessions via a mobile app or RFID card.

Since its founding in 2007 and headquarters in Campbell, California, ChargePoint has built one of the largest open EV charging networks in the world.