ChargePoint (NYSE:CHPT) Receives Sell Rating from The Goldman Sachs Group

The Goldman Sachs Group reissued their sell rating on shares of ChargePoint (NYSE:CHPT) in a report issued on Tuesday, Marketbeat Ratings reports. They currently have a $1.50 price objective on the stock, down from their prior price objective of $2.00.

A number of other research analysts have also recently issued reports on CHPT. R. F. Lafferty cut their price target on ChargePoint from $4.00 to $3.00 and set a hold rating for the company in a report on Wednesday, March 6th. Needham & Company LLC reissued a buy rating and set a $3.00 price objective on shares of ChargePoint in a report on Thursday, April 4th. Benchmark reissued a buy rating and set a $4.25 price objective on shares of ChargePoint in a report on Wednesday, March 6th. DA Davidson reissued a buy rating and set a $4.00 price objective on shares of ChargePoint in a report on Wednesday, March 6th. Finally, Royal Bank of Canada reissued a sector perform rating and set a $3.00 price objective (down from $3.50) on shares of ChargePoint in a report on Wednesday, March 6th. One analyst has rated the stock with a sell rating, thirteen have given a hold rating and six have given a buy rating to the company’s stock. According to data from MarketBeat, ChargePoint currently has a consensus rating of Hold and a consensus target price of $6.14.

ChargePoint Stock Performance

ChargePoint stock opened at $1.77 on Tuesday. The stock has a 50-day simple moving average of $1.93 and a 200 day simple moving average of $2.44. The company has a quick ratio of 1.65, a current ratio of 2.25 and a debt-to-equity ratio of 0.87. ChargePoint has a 12-month low of $1.56 and a 12-month high of $10.10. The stock has a market capitalization of $739.91 million, a price-to-earnings ratio of -1.43 and a beta of 1.62.

ChargePoint (NYSE:CHPT) last released its quarterly earnings results on Tuesday, March 5th. The company reported ($0.19) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.20) by $0.01. ChargePoint had a negative return on equity of 125.19% and a negative net margin of 90.32%. The business had revenue of $115.83 million during the quarter, compared to analysts’ expectations of $126.48 million. On average, research analysts anticipate that ChargePoint will post -0.63 earnings per share for the current fiscal year.

Insider Activity at ChargePoint

In related news, CEO Richard Wilmer sold 25,376 shares of the business’s stock in a transaction that occurred on Thursday, March 21st. The stock was sold at an average price of $1.87, for a total value of $47,453.12. Following the completion of the transaction, the chief executive officer now directly owns 2,359,462 shares in the company, valued at approximately $4,412,193.94. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. In other ChargePoint news, CEO Richard Wilmer sold 25,376 shares of the company’s stock in a transaction that occurred on Thursday, March 21st. The stock was sold at an average price of $1.87, for a total transaction of $47,453.12. Following the completion of the transaction, the chief executive officer now owns 2,359,462 shares of the company’s stock, valued at approximately $4,412,193.94. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, CFO Mansi Khetani sold 19,035 shares of the company’s stock in a transaction that occurred on Thursday, March 21st. The stock was sold at an average price of $1.87, for a total value of $35,595.45. Following the transaction, the chief financial officer now directly owns 421,500 shares of the company’s stock, valued at approximately $788,205. The disclosure for this sale can be found here. In the last three months, insiders sold 154,846 shares of company stock worth $296,562. 12.90% of the stock is owned by company insiders.

Hedge Funds Weigh In On ChargePoint

Large investors have recently bought and sold shares of the company. Vanguard Group Inc. boosted its position in ChargePoint by 12.9% during the 3rd quarter. Vanguard Group Inc. now owns 29,162,249 shares of the company’s stock worth $144,936,000 after acquiring an additional 3,325,694 shares during the last quarter. Wellington Management Group LLP raised its stake in shares of ChargePoint by 418.2% during the 3rd quarter. Wellington Management Group LLP now owns 2,522,247 shares of the company’s stock worth $12,536,000 after purchasing an additional 2,035,496 shares in the last quarter. Kestra Advisory Services LLC raised its stake in shares of ChargePoint by 160.8% during the 3rd quarter. Kestra Advisory Services LLC now owns 111,982 shares of the company’s stock worth $557,000 after purchasing an additional 69,044 shares in the last quarter. Scotia Capital Inc. raised its stake in shares of ChargePoint by 82.2% during the 3rd quarter. Scotia Capital Inc. now owns 36,930 shares of the company’s stock worth $184,000 after purchasing an additional 16,659 shares in the last quarter. Finally, Oak Thistle LLC bought a new stake in shares of ChargePoint during the 4th quarter worth approximately $266,000. Institutional investors and hedge funds own 37.77% 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.