DA Davidson Lowers ChargePoint (NYSE:CHPT) Price Target to $20.00

ChargePoint (NYSE:CHPT – Get Rating) had its price objective cut by research analysts at DA Davidson from $25.00 to $20.00 in a research report issued to clients and investors on Thursday, The Fly reports. DA Davidson’s price objective would indicate a potential upside of 60.64% from the company’s previous close.

Other equities research analysts have also issued reports about the stock. Zacks Investment Research lowered shares of ChargePoint from a “hold” rating to a “sell” rating in a report on Thursday, March 10th. Piper Sandler dropped their price target on shares of ChargePoint from $20.00 to $16.00 and set a “neutral” rating on the stock in a research report on Wednesday. JPMorgan Chase & Co. dropped their target price on shares of ChargePoint from $22.00 to $18.00 in a research report on Thursday, May 26th. The Goldman Sachs Group lowered their price objective on shares of ChargePoint from $18.00 to $12.00 and set a “neutral” rating on the stock in a report on Wednesday. Finally, Tudor Pickering began coverage on shares of ChargePoint in a report on Thursday, April 21st. They set a “buy” rating and a $22.00 price objective on the stock. One research analyst has rated the stock with a sell rating, five have issued a hold rating and nine have given a buy rating to the company. According to MarketBeat, ChargePoint presently has a consensus rating of “Buy” and a consensus target price of $21.96.

Shares of CHPT opened at $12.45 on Thursday. The firm has a 50-day moving average of $14.33 and a 200-day moving average of $16.54. The company has a market cap of $4.18 billion, a PE ratio of -12.45 and a beta of 2.17. ChargePoint has a one year low of $8.50 and a one year high of $36.86.

ChargePoint (NYSE:CHPT – Get Rating) last issued its quarterly earnings data on Tuesday, May 31st. The company reported ($0.21) earnings per share for the quarter, topping the consensus estimate of ($0.22) by $0.01. ChargePoint had a negative net margin of 107.29% and a negative return on equity of 51.76%. During the same period in the previous year, the business posted ($0.18) earnings per share. As a group, analysts expect that ChargePoint will post -0.9 earnings per share for the current year.

In other ChargePoint news, General Counsel Rebecca Chavez sold 2,170 shares of the business’s stock in a transaction on Tuesday, March 22nd. The stock was sold at an average price of $17.92, for a total value of $38,886.40. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, insider Eric Sidle sold 30,000 shares of the business’s stock in a transaction on Thursday, March 17th. The shares were sold at an average price of $18.01, for a total transaction of $540,300.00. 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 in the last ninety days. 39.50% of the stock is owned by corporate insiders.

Several institutional investors have recently modified their holdings of the company. Wagner Wealth Management LLC raised its stake in ChargePoint by 236.7% during the fourth quarter. Wagner Wealth Management LLC now owns 1,549 shares of the company’s stock worth $30,000 after acquiring an additional 1,089 shares during the period. AdvisorNet Financial Inc lifted its position in shares of ChargePoint by 491.6% in the 4th quarter. AdvisorNet Financial Inc now owns 1,893 shares of the company’s stock valued at $36,000 after acquiring an additional 1,573 shares in the last quarter. First Manhattan Co. purchased a new stake in ChargePoint in the 3rd quarter worth approximately $37,000. Cranbrook Wealth Management LLC purchased a new stake in ChargePoint in the 3rd quarter worth approximately $40,000. Finally, Future Financial Wealth Managment LLC acquired a new position in shares of ChargePoint during the 4th quarter worth $41,000. Institutional investors and hedge funds own 51.11% of the company’s stock.

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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