ChargePoint (NYSE:CHPT) Upgraded at Zacks Investment Research

ChargePoint (NYSE:CHPTGet Rating) was upgraded by Zacks Investment Research from a “sell” rating to a “hold” rating in a note issued to investors on Monday, Zacks.com reports.

According to Zacks, “ChargePoint Holdings Inc. provides electric vehicle charging network. The company’s cloud subscription platform and software-defined charging hardware are designed to include options for every charging scenario from home and multifamily to workplace, parking, hospitality, retail and transport fleets of all types. ChargePoint Holdings Inc., formerly known as Switchback Energy Acquisition Corporation, is based in CAMPBELL, Calif. “

Several other equities analysts have also recently weighed in on the company. Needham & Company LLC cut their price objective on ChargePoint from $35.00 to $24.00 and set a “buy” rating on the stock in a report on Tuesday, February 22nd. Jefferies Financial Group reduced their price target on ChargePoint from $34.00 to $28.00 and set a “buy” rating for the company in a research note on Thursday, March 3rd. DA Davidson cut their target price on ChargePoint from $25.00 to $20.00 and set a “buy” rating for the company in a research report on Thursday. Citigroup cut their target price on ChargePoint from $17.00 to $15.50 in a research report on Wednesday, June 1st. Finally, JPMorgan Chase & Co. cut their target price on ChargePoint from $22.00 to $18.00 in a research report on Thursday, May 26th. Six equities research analysts have rated the stock with a hold rating and nine have given a buy rating to the company. Based on data from MarketBeat, ChargePoint currently has an average rating of “Buy” and an average price target of $21.96.

NYSE:CHPT traded up $0.40 during mid-day trading on Monday, reaching $14.97. The stock had a trading volume of 12,723,134 shares, compared to its average volume of 9,838,707. The business’s 50 day moving average is $14.16 and its 200 day moving average is $16.21. ChargePoint has a fifty-two week low of $8.50 and a fifty-two week high of $36.86. The stock has a market cap of $5.03 billion, a P/E ratio of -14.97 and a beta of 2.17.

ChargePoint (NYSE:CHPTGet Rating) last issued its earnings results on Tuesday, May 31st. The company reported ($0.21) EPS for the quarter, topping the consensus estimate of ($0.22) by $0.01. ChargePoint had a negative return on equity of 51.76% and a negative net margin of 107.29%. During the same period in the previous year, the company earned ($0.18) earnings per share. Research analysts predict that ChargePoint will post -0.94 earnings per share for the current fiscal year.

In related news, CMO Colleen Jansen sold 2,473 shares of the stock in a transaction that occurred on Tuesday, March 22nd. The stock was sold at an average price of $17.92, for a total transaction of $44,316.16. The sale 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 the firm’s stock in a transaction on Friday, April 22nd. The stock was sold at an average price of $14.62, for a total value of $3,655,000.00. Following the completion of the sale, the chief executive officer now directly 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 have sold 1,981,130 shares of company stock valued at $30,641,403 over the last ninety days. 23.64% of the stock is currently owned by company insiders.

Hedge funds and other institutional investors have recently made changes to their positions in the company. Wells Fargo & Company MN boosted its stake in ChargePoint by 146.1% during the second quarter. Wells Fargo & Company MN now owns 55,879 shares of the company’s stock valued at $1,941,000 after buying an additional 33,173 shares during the period. Alliancebernstein L.P. boosted its stake in ChargePoint by 106.1% during the third quarter. Alliancebernstein L.P. now owns 108,603 shares of the company’s stock valued at $2,171,000 after buying an additional 55,903 shares during the period. Jump Financial LLC bought a new stake in ChargePoint during the third quarter valued at $264,000. Gabelli Funds LLC boosted its stake in ChargePoint by 550.0% during the third quarter. Gabelli Funds LLC now owns 47,450 shares of the company’s stock valued at $949,000 after buying an additional 40,150 shares during the period. Finally, Jade Capital Advisors LLC bought a new stake in ChargePoint during the third quarter valued at $300,000. Institutional investors 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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