ChargePoint (NYSE:CHPT) Downgraded by Oppenheimer

Oppenheimer lowered shares of ChargePoint (NYSE:CHPT) from an outperform rating to a market perform rating in a research report sent to investors on Friday, MarketBeat reports.

A number of other equities research analysts also recently issued reports on the company. The Goldman Sachs Group decreased their price objective on ChargePoint from $10.00 to $7.00 and set a neutral rating on the stock in a research report on Monday, September 18th. Evercore ISI reduced their price target on ChargePoint from $20.00 to $17.00 and set an outperform rating on the stock in a report on Friday, September 8th. JPMorgan Chase & Co. reduced their price target on ChargePoint from $15.00 to $13.00 and set an overweight rating on the stock in a report on Wednesday, August 30th. Royal Bank of Canada assumed coverage on ChargePoint in a research note on Friday, September 8th. They issued an outperform rating and a $9.00 price objective on the stock. Finally, Fox Advisors cut ChargePoint from an overweight rating to an equal weight rating in a report on Thursday, September 7th. Eleven research analysts have rated the stock with a hold rating and seven have given a buy rating to the company’s stock. Based on data from MarketBeat.com, ChargePoint currently has an average rating of Hold and a consensus target price of $10.16.

ChargePoint Trading Up 4.5 %

Shares of CHPT stock opened at $2.11 on Friday. ChargePoint has a 1 year low of $1.95 and a 1 year high of $13.65. The company has a debt-to-equity ratio of 1.07, a current ratio of 2.03 and a quick ratio of 1.61. The stock’s 50 day simple moving average is $3.77 and its two-hundred day simple moving average is $6.64. The company has a market cap of $759.71 million, a PE ratio of -1.99 and a beta of 1.81.

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

Insider Buying and Selling

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 value of $25,143.68. Following the completion of the sale, the director now directly owns 41,215 shares in the company, valued at $224,209.60. The transaction was disclosed in a document filed with the SEC, which is available at this link. In other 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 value of $25,143.68. Following the transaction, the director now directly owns 41,215 shares of the company’s stock, valued at $224,209.60. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, major shareholder Q-Grg Vii (Cp) Investment Part acquired 1,850,000 shares of the business’s stock in a transaction dated Wednesday, September 20th. The stock was purchased at an average cost of $5.40 per share, for a total transaction of $9,990,000.00. Following the completion of the acquisition, the insider now directly owns 26,607,128 shares of the company’s stock, valued at approximately $143,678,491.20. The disclosure for this purchase can be found here. Insiders sold 4,316,970 shares of company stock worth $24,767,903 in the last three months. 12.90% of the stock is owned by insiders.

Institutional Inflows and Outflows

Hedge funds have recently modified their holdings of the company. Hollencrest Capital Management increased its holdings in shares of ChargePoint by 162.2% in the first quarter. Hollencrest Capital Management now owns 3,395 shares of the company’s stock valued at $36,000 after purchasing an additional 2,100 shares during the period. Trium Capital LLP acquired a new stake in ChargePoint during the first quarter worth about $37,000. Ameritas Advisory Services LLC acquired a new stake in ChargePoint during the first quarter worth about $38,000. Dark Forest Capital Management LP acquired a new stake in ChargePoint during the first quarter worth about $39,000. Finally, Smithfield Trust Co acquired a new stake in ChargePoint during the second quarter worth about $40,000. 45.01% of the stock is owned by institutional investors and hedge funds.

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.