JPMorgan Chase & Co. Trims ChargePoint (NYSE:CHPT) Target Price to $18.00

ChargePoint (NYSE:CHPTGet Rating) had its price target decreased by equities researchers at JPMorgan Chase & Co. from $22.00 to $18.00 in a research note issued to investors on Thursday, The Fly reports. JPMorgan Chase & Co.‘s price target suggests a potential upside of 66.51% from the stock’s previous close.

CHPT has been the topic of several other research reports. Zacks Investment Research lowered shares of ChargePoint from a “hold” rating to a “sell” rating in a research report on Thursday, March 10th. Tudor, Pickering, Holt & Co. started coverage on shares of ChargePoint in a research report on Thursday, April 21st. They issued a “buy” rating and a $22.00 target price on the stock. Needham & Company LLC cut their target price on shares of ChargePoint from $35.00 to $24.00 and set a “buy” rating on the stock in a research report on Tuesday, February 22nd. Tudor Pickering assumed coverage on shares of ChargePoint in a research report on Thursday, April 21st. They issued a “buy” rating and a $22.00 target price on the stock. Finally, Citigroup raised their price target on shares of ChargePoint from $15.00 to $17.00 and gave the company a “neutral” rating in a research note on Thursday, March 3rd. One equities research analyst has rated the stock with a sell rating, five have given a hold rating and nine have issued a buy rating to the company. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Buy” and an average target price of $24.07.

ChargePoint stock opened at $10.81 on Thursday. The firm has a 50-day moving average of $14.89 and a 200-day moving average of $17.00. ChargePoint has a one year low of $8.50 and a one year high of $36.86. The company has a market cap of $3.63 billion, a price-to-earnings ratio of -6.89 and a beta of 2.17.

ChargePoint (NYSE:CHPTGet Rating) last released its quarterly earnings results on Wednesday, March 2nd. The company reported ($0.26) earnings per share for the quarter, missing the consensus estimate of ($0.19) by ($0.07). The company had revenue of $80.68 million during the quarter, compared to the consensus estimate of $75.85 million. ChargePoint had a negative net margin of 54.71% and a positive return on equity of 5.72%. Analysts expect that ChargePoint will post -0.89 earnings per share for the current year.

In other ChargePoint news, CEO Pasquale Romano sold 250,000 shares of ChargePoint stock in a transaction dated Friday, April 22nd. The shares were sold at an average price of $14.62, for a total value of $3,655,000.00. Following the sale, the chief executive officer now owns 2,766,428 shares of the company’s stock, valued at $40,445,177.36. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, CFO Rex S. Jackson sold 8,100 shares of ChargePoint stock in a transaction dated Tuesday, March 22nd. The stock was sold at an average price of $17.92, for a total transaction of $145,152.00. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 1,981,130 shares of company stock worth $30,641,403. 39.50% of the stock is owned by corporate insiders.

A number of hedge funds have recently made changes to their positions in CHPT. Linse Capital LLC bought a new stake in shares of ChargePoint in the fourth quarter valued at approximately $973,490,000. BlackRock Inc. raised its position in shares of ChargePoint by 65.1% in the fourth quarter. BlackRock Inc. now owns 7,988,543 shares of the company’s stock valued at $152,183,000 after purchasing an additional 3,150,557 shares during the period. Norges Bank bought a new stake in shares of ChargePoint in the fourth quarter valued at approximately $32,814,000. Millennium Management LLC raised its position in shares of ChargePoint by 5,113.8% in the third quarter. Millennium Management LLC now owns 1,258,305 shares of the company’s stock valued at $25,154,000 after purchasing an additional 1,234,171 shares during the period. Finally, State Street Corp raised its position in shares of ChargePoint by 51.1% in the fourth quarter. State Street Corp now owns 3,049,494 shares of the company’s stock valued at $58,093,000 after purchasing an additional 1,030,825 shares during the period. 51.11% of the stock is currently owned by institutional investors and hedge funds.

About ChargePoint (Get Rating)

ChargePoint Holdings, Inc provides electric vehicle (EV) charging networks and charging solutions in the United States and internationally. It offers a portfolio of hardware, software, and services for commercial, fleet, and residential customers. The company was founded in 2007 and is headquartered in Campbell, California.

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