ChargePoint (NYSE:CHPT) Posts Earnings Results

ChargePoint (NYSE:CHPTGet Rating) announced its quarterly earnings results on Tuesday. The company reported ($0.21) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.22) by $0.01, MarketWatch Earnings reports. ChargePoint had a negative net margin of 54.71% and a positive return on equity of 5.72%. During the same quarter in the previous year, the firm earned ($0.18) earnings per share. ChargePoint updated its FY 2023 guidance to EPS and its Q2 2023 guidance to EPS.

Shares of ChargePoint stock opened at $12.79 on Wednesday. The firm’s fifty day simple moving average is $14.46 and its 200-day simple moving average is $16.57. The stock has a market capitalization of $4.30 billion, a price-to-earnings ratio of -8.15 and a beta of 2.17. ChargePoint has a 12 month low of $8.50 and a 12 month high of $36.86.

In other news, Director Michael Linse sold 81,173 shares of ChargePoint stock in a transaction that occurred on Thursday, April 14th. The shares were sold at an average price of $16.18, for a total transaction of $1,313,379.14. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CEO Pasquale Romano sold 250,000 shares of ChargePoint stock in a transaction that occurred on Friday, April 22nd. The shares were sold at an average price of $14.62, for a total transaction 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 disclosure for this sale can be found here. Insiders sold a total of 1,981,130 shares of company stock worth $30,641,403 over the last ninety days. Corporate insiders own 39.50% of the company’s stock.

Institutional investors and hedge funds have recently modified their holdings of the company. First Manhattan Co. increased its stake in shares of ChargePoint by 65.4% during the 1st quarter. First Manhattan Co. now owns 3,085 shares of the company’s stock worth $61,000 after purchasing an additional 1,220 shares in the last quarter. Metropolitan Life Insurance Co NY purchased a new position in shares of ChargePoint during the 4th quarter worth approximately $85,000. MetLife Investment Management LLC purchased a new position in shares of ChargePoint during the 1st quarter worth approximately $91,000. Deutsche Bank AG increased its stake in shares of ChargePoint by 411.6% during the 4th quarter. Deutsche Bank AG now owns 7,357 shares of the company’s stock worth $140,000 after purchasing an additional 5,919 shares in the last quarter. Finally, Quantbot Technologies LP purchased a new stake in ChargePoint in the 1st quarter worth approximately $207,000. 51.11% of the stock is owned by institutional investors and hedge funds.

A number of equities research analysts have weighed in on the stock. Needham & Company LLC dropped their price target on shares of ChargePoint from $35.00 to $24.00 and set a “buy” rating for the company in a research report on Tuesday, February 22nd. Citigroup lowered their price objective on shares of ChargePoint from $17.00 to $15.50 in a research note on Wednesday. DA Davidson lowered their price objective on shares of ChargePoint from $30.00 to $25.00 in a research note on Monday, March 7th. Jefferies Financial Group lowered their price objective on shares of ChargePoint from $34.00 to $28.00 and set a “buy” rating for the company in a research note on Thursday, March 3rd. Finally, Tudor, Pickering, Holt & Co. initiated coverage on shares of ChargePoint in a research note on Thursday, April 21st. They issued a “buy” rating and a $22.00 price objective for the company. One 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’s stock. According to data from MarketBeat, the company presently has an average rating of “Buy” and an average target price of $23.68.

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.

See Also

Earnings History for ChargePoint (NYSE:CHPT)

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