ChargePoint (NYSE:CHPT) Lowered to Hold at R. F. Lafferty

ChargePoint (NYSE:CHPT) was downgraded by investment analysts at R. F. Lafferty from a “buy” rating to a “hold” rating in a report released on Friday, Briefing.com reports. They presently have a $4.00 price objective on the stock, down from their prior price objective of $17.00. R. F. Lafferty’s target price suggests a potential upside of 93.24% from the company’s current price.

CHPT has been the topic of several other reports. TD Cowen reduced their price objective on ChargePoint from $14.00 to $11.00 and set an “outperform” rating on the stock in a research report on Thursday, September 7th. Citigroup decreased their price objective on ChargePoint from $10.80 to $8.25 and set a “neutral” rating on the stock in a report on Thursday, September 7th. Bank of America decreased their price target on ChargePoint from $14.00 to $11.50 in a research note on Friday, September 8th. The Goldman Sachs Group cut their price objective on shares of ChargePoint from $10.00 to $7.00 and set a “neutral” rating on the stock in a report on Monday, September 18th. Finally, B. Riley cut their price target on shares of ChargePoint from $12.00 to $11.00 and set a “buy” rating on the stock in a research note on Thursday, July 20th. Nine analysts have rated the stock with a hold rating and eight have assigned a buy rating to the company. According to MarketBeat.com, the stock currently has a consensus rating of “Hold” and an average target price of $10.40.

ChargePoint Price Performance

NYSE CHPT traded down $1.06 during trading hours on Friday, reaching $2.07. The company’s stock had a trading volume of 52,897,519 shares, compared to its average volume of 11,494,502. 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’s 50-day moving average is $3.92 and its two-hundred day moving average is $6.75. ChargePoint has a fifty-two week low of $1.95 and a fifty-two week high of $13.65. The stock has a market cap of $745.30 million, a PE ratio of -1.93 and a beta of 1.81.

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

Insider Activity

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 value of $41,200.73. Following the transaction, the insider now owns 628,840 shares of the company’s stock, valued at approximately $3,163,065.20. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. In other news, insider Richard Wilmer sold 8,191 shares of the company’s stock in a transaction on 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 of the company’s stock, valued at $3,163,065.20. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Also, Director Michael Linse sold 1,005,328 shares of ChargePoint stock in a transaction dated Friday, September 8th. The stock was sold at an average price of $5.78, for a total value of $5,810,795.84. Following the completion of the transaction, the director now directly owns 468,142 shares in the company, valued at approximately $2,705,860.76. The disclosure for this sale can be found here. In the last three months, insiders sold 4,316,970 shares of company stock valued at $24,767,903. Company insiders own 12.90% of the company’s stock.

Institutional Investors Weigh In On ChargePoint

Several hedge funds have recently made changes to their positions in the company. American International Group Inc. raised its stake in ChargePoint by 30.0% during the 2nd quarter. American International Group Inc. now owns 3,101 shares of the company’s stock valued at $42,000 after purchasing an additional 716 shares during the period. First Manhattan Co. boosted its position in ChargePoint by 65.4% during the 1st quarter. First Manhattan Co. now owns 3,085 shares of the company’s stock worth $61,000 after acquiring an additional 1,220 shares during the period. Magnus Financial Group LLC grew its stake in ChargePoint by 6.7% during the 2nd quarter. Magnus Financial Group LLC now owns 19,551 shares of the company’s stock valued at $172,000 after acquiring an additional 1,226 shares in the last quarter. IFP Advisors Inc increased its holdings in shares of ChargePoint by 9.5% in the 2nd quarter. IFP Advisors Inc now owns 14,463 shares of the company’s stock valued at $435,000 after purchasing an additional 1,260 shares during the period. Finally, Avantax Advisory Services Inc. lifted its position in shares of ChargePoint by 1.6% in the first quarter. Avantax Advisory Services Inc. now owns 82,699 shares of the company’s stock worth $866,000 after purchasing an additional 1,288 shares in the last quarter. 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.