ChargePoint (NYSE:CHPT) Downgraded by Janney Montgomery Scott

ChargePoint (NYSE:CHPT) was downgraded by equities researchers at Janney Montgomery Scott from a “buy” rating to a “neutral” rating in a report issued on Friday, Briefing.com reports.

Several other analysts also recently weighed in on the stock. TD Cowen decreased their price target on shares of ChargePoint from $14.00 to $11.00 and set an “outperform” rating for the company in a research note on Thursday, September 7th. Oppenheimer decreased their target price on ChargePoint from $14.00 to $13.00 and set an “outperform” rating for the company in a research report on Tuesday, October 17th. UBS Group assumed coverage on ChargePoint in a report on Wednesday, September 27th. They issued a “buy” rating and a $9.00 target price for the company. Roth Mkm decreased their price objective on ChargePoint from $14.00 to $11.00 and set a “buy” rating for the company in a report on Thursday, September 7th. Finally, B. Riley dropped their target price on shares of ChargePoint from $12.00 to $11.00 and set a “buy” rating on the stock in a report on Thursday, July 20th. Eight equities research analysts have rated the stock with a hold rating and nine have issued a buy rating to the company. According to data from MarketBeat, ChargePoint currently has an average rating of “Moderate Buy” and an average price target of $11.63.

ChargePoint Stock Performance

Shares of ChargePoint stock opened at $3.13 on Friday. The company has a quick ratio of 1.61, a current ratio of 2.03 and a debt-to-equity ratio of 1.07. The stock’s fifty day moving average is $3.92 and its two-hundred day moving average is $6.75. ChargePoint has a 52 week low of $2.38 and a 52 week high of $13.65. The company has a market capitalization of $1.13 billion, a PE ratio of -2.95 and a beta of 1.81.

ChargePoint (NYSE:CHPT) last posted its quarterly earnings results on Wednesday, September 6th. The company reported ($0.35) EPS for the quarter, missing analysts’ consensus estimates of ($0.13) by ($0.22). ChargePoint had a negative return on equity of 106.73% and a negative net margin of 65.71%. The company had revenue of $150.49 million during the quarter, compared to the consensus estimate of $153.25 million. During the same quarter in the previous year, the company posted ($0.27) earnings per share. The company’s revenue for the quarter was up 39.0% on a year-over-year basis. As a group, analysts expect that ChargePoint will post -0.96 earnings per share for the current year.

Insider Buying and Selling at ChargePoint

In other ChargePoint news, Director Ekta Singh-Bushell sold 4,622 shares of the stock in a transaction dated Wednesday, September 20th. The stock was sold at an average price of $5.44, for a total transaction of $25,143.68. Following the sale, the director now directly owns 41,215 shares of the company’s stock, valued at approximately $224,209.60. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. In other news, insider Richard Wilmer sold 8,191 shares of ChargePoint stock in a transaction that occurred on Thursday, September 21st. The shares were sold at an average price of $5.03, for a total transaction of $41,200.73. Following the completion of the transaction, the insider now directly owns 628,840 shares of the company’s stock, valued at approximately $3,163,065.20. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, Director Ekta Singh-Bushell sold 4,622 shares of the stock in a transaction on Wednesday, September 20th. The stock was sold at an average price of $5.44, for a total transaction of $25,143.68. Following the sale, the director now directly owns 41,215 shares in the company, valued at $224,209.60. The disclosure for this sale can be found here. In the last ninety days, insiders sold 4,316,970 shares of company stock worth $24,767,903. Company insiders own 12.90% of the company’s stock.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently added to or reduced their stakes in the company. Bank of New York Mellon Corp grew its position in shares of ChargePoint by 8.1% during the 1st quarter. Bank of New York Mellon Corp now owns 652,385 shares of the company’s stock valued at $12,969,000 after acquiring an additional 48,903 shares during the period. HighTower Advisors LLC grew its holdings in ChargePoint by 46.4% in the first quarter. HighTower Advisors LLC now owns 30,579 shares of the company’s stock valued at $610,000 after purchasing an additional 9,689 shares during the period. Private Advisor Group LLC grew its holdings in ChargePoint by 152.8% in the first quarter. Private Advisor Group LLC now owns 35,608 shares of the company’s stock valued at $708,000 after purchasing an additional 21,524 shares during the period. D.A. Davidson & CO. purchased a new stake in shares of ChargePoint in the first quarter valued at approximately $213,000. Finally, MetLife Investment Management LLC acquired a new position in shares of ChargePoint during the 1st quarter worth approximately $91,000. Hedge funds and other institutional investors own 45.01% of the company’s stock.

About ChargePoint

ChargePoint Holdings, Inc, together with its subsidiaries, 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. ChargePoint Holdings, Inc was founded in 2007 and is headquartered in Campbell, California.