ChargePoint Holdings, Inc. (NYSE:CHPT) Receives Consensus Rating of “Reduce” from Analysts

ChargePoint Holdings, Inc. (NYSE:CHPT) has been given an average rating of “Reduce” by the ten ratings firms that are presently covering the company, Marketbeat.com reports. Three equities research analysts have rated the stock with a sell rating, six have given a hold rating and one has assigned a buy rating to the company. The average 12 month price objective among analysts that have updated their coverage on the stock in the last year is $8.3125.

A number of equities analysts have issued reports on CHPT shares. Weiss Ratings reiterated a “sell (e+)” rating on shares of ChargePoint in a report on Monday, April 20th. JPMorgan Chase & Co. lowered their target price on ChargePoint from $8.00 to $5.00 and set an “underweight” rating for the company in a report on Thursday, March 5th. Royal Bank Of Canada reiterated a “sector perform” rating and set a $6.50 target price on shares of ChargePoint in a report on Thursday, June 4th. B. Riley Financial reduced their price objective on shares of ChargePoint from $11.00 to $6.00 and set a “neutral” rating for the company in a research note on Friday, March 13th. Finally, TD Cowen restated a “hold” rating and set a $7.50 price objective (up from $7.00) on shares of ChargePoint in a research note on Wednesday, June 17th.

Insider Activity at ChargePoint

In other news, insider John David Vice sold 4,072 shares of the stock in a transaction dated Tuesday, June 23rd. The shares were sold at an average price of $7.13, for a total transaction of $29,033.36. Following the completion of the transaction, the insider directly owned 171,507 shares in the company, valued at $1,222,844.91. This represents a 2.32% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, General Counsel Eric Batill sold 4,979 shares of the stock in a transaction dated Tuesday, June 23rd. The stock was sold at an average price of $7.13, for a total transaction of $35,500.27. Following the transaction, the general counsel owned 143,631 shares of the company’s stock, valued at approximately $1,024,089.03. This represents a 3.35% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Over the last 90 days, insiders sold 29,164 shares of company stock worth $208,037. Corporate insiders own 4.20% of the company’s stock.

Hedge Funds Weigh In On ChargePoint

A number of large investors have recently modified their holdings of the business. Renaissance Technologies LLC boosted its stake in shares of ChargePoint by 77.7% during the 1st quarter. Renaissance Technologies LLC now owns 144,059 shares of the company’s stock worth $700,000 after buying an additional 63,000 shares during the last quarter. Hsbc Holdings PLC boosted its stake in shares of ChargePoint by 40.0% during the 1st quarter. Hsbc Holdings PLC now owns 15,220 shares of the company’s stock worth $75,000 after buying an additional 4,352 shares during the last quarter. R Squared Ltd acquired a new position in shares of ChargePoint during the 1st quarter worth about $59,000. Invesco Ltd. boosted its stake in shares of ChargePoint by 94.2% during the 4th quarter. Invesco Ltd. now owns 340,479 shares of the company’s stock worth $2,261,000 after buying an additional 165,152 shares during the last quarter. Finally, XTX Topco Ltd acquired a new position in shares of ChargePoint during the 4th quarter worth about $365,000. 37.77% of the stock is currently owned by institutional investors and hedge funds.

ChargePoint Stock Performance

Shares of ChargePoint stock opened at $5.58 on Friday. The company has a debt-to-equity ratio of 10.73, a quick ratio of 0.56 and a current ratio of 1.15. ChargePoint has a 52 week low of $4.44 and a 52 week high of $16.20. The firm has a fifty day moving average of $6.89 and a two-hundred day moving average of $6.52. The stock has a market capitalization of $136.14 million, a price-to-earnings ratio of -0.64 and a beta of 1.74.

ChargePoint (NYSE:CHPT) last released its quarterly earnings data on Wednesday, June 3rd. The company reported ($1.75) EPS for the quarter, missing analysts’ consensus estimates of ($1.11) by ($0.64). ChargePoint had a negative net margin of 49.66% and a negative return on equity of 504.42%. The firm had revenue of $101.82 million during the quarter, compared to the consensus estimate of $95.64 million. As a group, equities research analysts predict that ChargePoint will post -5.48 EPS for the current year.

ChargePoint Company Profile

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.