Evercore ISI Trims ChargePoint (NYSE:CHPT) Target Price to $24.00

ChargePoint (NYSE:CHPTGet Rating) had its target price cut by stock analysts at Evercore ISI from $28.00 to $24.00 in a research report issued to clients and investors on Wednesday, The Fly reports. Evercore ISI’s price target would indicate a potential upside of 89.72% from the stock’s previous close.

A number of other research firms also recently weighed in on CHPT. Citigroup decreased their target price on shares of ChargePoint from $17.00 to $15.50 in a research report on Wednesday. Tudor Pickering 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 for the company. Tudor, Pickering, Holt & Co. 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 for the company. Needham & Company LLC cut their price target on shares of ChargePoint from $35.00 to $24.00 and set a “buy” rating for the company in a research note on Tuesday, February 22nd. Finally, DA Davidson cut their target price on shares of ChargePoint from $30.00 to $25.00 in a research note on Monday, March 7th. One equities research analyst has rated the stock with a sell rating, five have assigned a hold rating and nine have given a buy rating to the company. According to MarketBeat.com, ChargePoint currently has a consensus rating of “Buy” and a consensus price target of $22.32.

Shares of CHPT stock traded down $0.14 during trading hours on Wednesday, hitting $12.65. 357,880 shares of the company were exchanged, compared to its average volume of 9,950,309. The business has a 50 day moving average of $14.46 and a two-hundred day moving average of $16.57. ChargePoint has a 52 week low of $8.50 and a 52 week high of $36.86. The company has a market capitalization of $4.25 billion, a PE ratio of -8.06 and a beta of 2.17.

ChargePoint (NYSE:CHPTGet Rating) last issued its quarterly earnings data on Tuesday, May 31st. The company reported ($0.21) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.22) by $0.01. ChargePoint had a negative net margin of 54.71% and a positive return on equity of 5.72%. During the same quarter in the prior year, the business earned ($0.18) earnings per share. As a group, sell-side analysts forecast that ChargePoint will post -0.9 earnings per share for the current fiscal year.

In related news, 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 directly owns 2,766,428 shares of the company’s stock, valued at approximately $40,445,177.36. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CMO Colleen Jansen sold 3,500 shares of ChargePoint stock in a transaction that occurred on Friday, March 25th. The shares were sold at an average price of $19.00, for a total transaction of $66,500.00. The disclosure for this sale can be found here. Over the last three months, insiders sold 1,981,130 shares of company stock worth $30,641,403. Insiders own 39.50% of the company’s stock.

Several institutional investors have recently made changes to their positions in the stock. Linse Capital LLC bought a new stake in shares of ChargePoint during the 4th quarter valued at approximately $973,490,000. Vanguard Group Inc. boosted its position in ChargePoint by 2.1% during the 1st quarter. Vanguard Group Inc. now owns 19,535,016 shares of the company’s stock worth $388,355,000 after buying an additional 407,505 shares during the period. BlackRock Inc. boosted its position in ChargePoint by 65.1% during the 4th quarter. BlackRock Inc. now owns 7,988,543 shares of the company’s stock worth $152,183,000 after buying an additional 3,150,557 shares during the period. State Street Corp boosted its position in ChargePoint by 9.8% during the 1st quarter. State Street Corp now owns 3,347,564 shares of the company’s stock worth $66,550,000 after buying an additional 298,070 shares during the period. Finally, First Trust Advisors LP boosted its position in ChargePoint by 21.2% during the 4th quarter. First Trust Advisors LP now owns 2,948,607 shares of the company’s stock worth $56,171,000 after buying an additional 516,124 shares during the period. 51.11% of the stock is currently owned by institutional investors.

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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