ChargePoint (NYSE:CHPT) Price Target Cut to $5.00

ChargePoint (NYSE:CHPT) had its target price cut by stock analysts at JPMorgan Chase & Co. from $8.00 to $5.00 in a note issued to investors on Friday, Benzinga reports. The firm presently has an “overweight” rating on the stock. JPMorgan Chase & Co.‘s target price suggests a potential upside of 145.10% from the company’s current price.

Several other analysts have also issued reports on the stock. Fox Advisors lowered shares of ChargePoint from an “overweight” rating to an “equal weight” rating in a research report on Thursday, September 7th. Evercore ISI decreased their target price on ChargePoint from $20.00 to $17.00 and set an “outperform” rating on the stock in a research report on Friday, September 8th. UBS Group began coverage on ChargePoint in a research report on Wednesday, September 27th. They set a “buy” rating and a $9.00 price target for the company. The Goldman Sachs Group lowered their target price on shares of ChargePoint from $10.00 to $7.00 and set a “neutral” rating on the stock in a research note on Monday, September 18th. Finally, Royal Bank of Canada assumed coverage on shares of ChargePoint in a research report on Friday, September 8th. They issued an “outperform” rating and a $9.00 target price for the company. Eight equities research analysts have rated the stock with a hold rating and nine have issued a buy rating to the company. Based on data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus target price of $11.16.

ChargePoint Stock Performance

ChargePoint stock traded down $1.09 during midday trading on Friday, hitting $2.04. 46,214,122 shares of the company were exchanged, compared to its average volume of 11,471,872. The firm has a market capitalization of $734.50 million, a PE ratio of -1.92 and a beta of 1.81. ChargePoint has a fifty-two week low of $1.95 and a fifty-two week high of $13.65. The business has a fifty day simple moving average of $3.92 and a two-hundred day simple moving average of $6.75. The company has a debt-to-equity ratio of 1.07, a quick ratio of 1.61 and a current ratio of 2.03.

ChargePoint (NYSE:CHPT) last posted its 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). The business had revenue of $150.49 million for the quarter, compared to analyst estimates of $153.25 million. ChargePoint had a negative net margin of 65.71% and a negative return on equity of 106.73%. ChargePoint’s revenue was up 39.0% on a year-over-year basis. During the same quarter last year, the business earned ($0.27) earnings per share. On average, sell-side analysts forecast that ChargePoint will post -0.96 earnings per share for the current year.

Insiders Place Their Bets

In other news, insider Richard Wilmer sold 8,191 shares of the firm’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 transaction, the insider now directly owns 628,840 shares in the company, valued at $3,163,065.20. The transaction was disclosed in a document filed with the SEC, which is available at this link. In related 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 completion of the transaction, the insider now owns 628,840 shares in the company, valued at $3,163,065.20. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, CAO Henrik Gerdes sold 5,328 shares of the business’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 $26,799.84. Following the completion of the transaction, the chief accounting officer now owns 78,210 shares of the company’s stock, valued at approximately $393,396.30. The disclosure for this sale can be found here. Insiders sold a total of 4,316,970 shares of company stock valued at $24,767,903 over the last 90 days. 12.90% of the stock is owned by company insiders.

Institutional Inflows and Outflows

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