ChargePoint (NYSE:CHPT) Rating Lowered to Neutral at Roth Mkm

Roth Mkm lowered shares of ChargePoint (NYSE:CHPT) from a buy rating to a neutral rating in a report issued on Friday, Marketbeat.com reports. The brokerage currently has $2.00 target price on the stock, down from their previous target price of $11.00.

Other equities research analysts have also issued research reports about the stock. JPMorgan Chase & Co. dropped their price objective on shares of ChargePoint from $15.00 to $13.00 and set an overweight rating for the company in a research report on Wednesday, August 30th. The Goldman Sachs Group lowered their price target on shares of ChargePoint from $10.00 to $7.00 and set a neutral rating for the company in a report on Monday, September 18th. Evercore ISI reduced their price objective on shares of ChargePoint from $20.00 to $17.00 and set an outperform rating on the stock in a research note on Friday, September 8th. R. F. Lafferty reduced their price objective on shares of ChargePoint from $19.00 to $17.00 and set a buy rating on the stock in a research note on Thursday, September 7th. Finally, Oppenheimer reduced their price objective on shares of ChargePoint from $14.00 to $13.00 and set an outperform rating on the stock in a research note on Tuesday, October 17th. Eleven equities research analysts have rated the stock with a hold rating and seven have assigned a buy rating to the company’s stock. According to MarketBeat.com, the company presently has an average rating of Hold and an average target price of $10.16.

ChargePoint Stock Performance

Shares of CHPT stock opened at $2.11 on Friday. ChargePoint has a one year low of $1.95 and a one year high of $13.65. The company has a debt-to-equity ratio of 1.07, a quick ratio of 1.61 and a current ratio of 2.03. The company has a 50 day moving average price of $3.77 and a 200 day moving average price of $6.64. The firm has a market capitalization of $759.71 million, a price-to-earnings ratio of -1.99 and a beta of 1.81.

ChargePoint (NYSE:CHPT) last released its quarterly earnings data on Wednesday, September 6th. The company reported ($0.35) earnings per share (EPS) for the quarter, missing the consensus estimate 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 business had revenue of $150.49 million during the quarter, compared to analyst estimates of $153.25 million. During the same period in the previous year, the company earned ($0.27) EPS. ChargePoint’s revenue was up 39.0% on a year-over-year basis. Sell-side analysts anticipate that ChargePoint will post -0.96 EPS for the current year.

Insider Transactions at ChargePoint

In related news, insider Richard Wilmer sold 8,191 shares of the stock in a transaction dated Thursday, September 21st. The shares were sold at an average price of $5.03, for a total value of $41,200.73. Following the sale, the insider now owns 628,840 shares of the company’s stock, valued at approximately $3,163,065.20. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. In related news, CFO Rex S. Jackson sold 556,255 shares of the stock in a transaction dated Friday, September 8th. The shares were sold at an average price of $5.84, for a total value of $3,248,529.20. Following the sale, the chief financial officer now owns 1,990,096 shares of the company’s stock, valued at approximately $11,622,160.64. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, insider Richard Wilmer sold 8,191 shares of the stock in a transaction dated Thursday, September 21st. The stock was sold at an average price of $5.03, for a total transaction of $41,200.73. Following the completion of the sale, the insider now directly owns 628,840 shares in the company, valued at approximately $3,163,065.20. The disclosure for this sale can be found here. In the last three months, insiders have sold 4,316,970 shares of company stock worth $24,767,903. 12.90% of the stock is currently owned by insiders.

Hedge Funds Weigh In On ChargePoint

Several large investors have recently bought and sold shares of CHPT. RHO Capital Partners Inc. acquired a new position in ChargePoint during the 2nd quarter valued at about $35,628,000. Amundi increased its stake in ChargePoint by 3,169.2% during the 4th quarter. Amundi now owns 2,680,629 shares of the company’s stock valued at $25,915,000 after buying an additional 2,598,633 shares during the period. Norges Bank acquired a new position in ChargePoint during the 4th quarter valued at about $24,709,000. BlackRock Inc. increased its stake in ChargePoint by 28.8% during the 3rd quarter. BlackRock Inc. now owns 10,484,565 shares of the company’s stock valued at $154,754,000 after buying an additional 2,345,089 shares during the period. Finally, Vanguard Group Inc. increased its stake in ChargePoint by 6.6% during the 3rd quarter. Vanguard Group Inc. now owns 22,469,637 shares of the company’s stock valued at $331,652,000 after buying an additional 1,396,280 shares during the period. Institutional investors and hedge funds own 45.01% of the company’s stock.

ChargePoint Company Profile

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.