Benchmark Lowers ChargePoint (NYSE:CHPT) Price Target to $3.00

ChargePoint (NYSE:CHPT) had its price target cut by stock analysts at Benchmark from $4.25 to $3.00 in a research note issued to investors on Friday, Benzinga reports. The firm currently has a “buy” rating on the stock. Benchmark’s price objective indicates a potential upside of 101.34% from the stock’s current price.

Several other research firms have also recently commented on CHPT. Oppenheimer reissued a “market perform” rating on shares of ChargePoint in a research report on Wednesday, March 6th. TD Cowen lowered their price target on shares of ChargePoint from $4.00 to $3.00 and set a “buy” rating on the stock in a report on Thursday, June 6th. R. F. Lafferty lowered their price target on shares of ChargePoint from $4.00 to $3.00 and set a “hold” rating on the stock in a report on Wednesday, March 6th. B. Riley raised shares of ChargePoint to a “hold” rating in a report on Tuesday. Finally, Royal Bank of Canada reissued a “sector perform” rating and set a $3.00 target price (down previously from $3.50) on shares of ChargePoint in a report on Wednesday, March 6th. One analyst has rated the stock with a sell rating, twelve have assigned a hold rating and six have given a buy rating to the company. Based on data from MarketBeat, the stock has an average rating of “Hold” and an average price target of $4.88.

ChargePoint Stock Down 1.3 %

CHPT stock traded down $0.02 during mid-day trading on Friday, reaching $1.49. 1,048,947 shares of the company traded hands, compared to its average volume of 13,721,948. The stock has a market cap of $630.81 million, a price-to-earnings ratio of -1.26 and a beta of 1.74. The company has a quick ratio of 1.45, a current ratio of 2.13 and a debt-to-equity ratio of 1.02. ChargePoint has a fifty-two week low of $1.21 and a fifty-two week high of $9.23. The firm’s 50 day moving average price is $1.62 and its 200 day moving average price is $1.87.

Insiders Place Their Bets

In related news, CEO Richard Wilmer sold 27,722 shares of ChargePoint stock in a transaction on Friday, June 21st. The shares were sold at an average price of $1.40, for a total transaction of $38,810.80. Following the transaction, the chief executive officer now owns 2,331,740 shares in the company, valued at approximately $3,264,436. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. In other ChargePoint news, CAO Henrik Gerdes sold 43,596 shares of the business’s stock in a transaction on Thursday, June 20th. The shares were sold at an average price of $1.50, for a total value of $65,394.00. Following the sale, the chief accounting officer now owns 438,004 shares in the company, valued at approximately $657,006. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, CEO Richard Wilmer sold 27,722 shares of the business’s stock in a transaction on Friday, June 21st. The stock was sold at an average price of $1.40, for a total transaction of $38,810.80. Following the completion of the sale, the chief executive officer now owns 2,331,740 shares in the company, valued at approximately $3,264,436. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 95,099 shares of company stock worth $137,498. Company insiders own 3.50% of the company’s stock.

Institutional Trading of ChargePoint

A number of large investors have recently made changes to their positions in CHPT. Vanguard Group Inc. grew its holdings in ChargePoint by 12.9% during the 3rd quarter. Vanguard Group Inc. now owns 29,162,249 shares of the company’s stock valued at $144,936,000 after purchasing an additional 3,325,694 shares during the last quarter. Ingalls & Snyder LLC bought a new position in ChargePoint during the 4th quarter valued at about $33,000. Wellington Management Group LLP grew its holdings in ChargePoint by 418.2% during the 3rd quarter. Wellington Management Group LLP now owns 2,522,247 shares of the company’s stock valued at $12,536,000 after purchasing an additional 2,035,496 shares during the last quarter. M&T Bank Corp grew its holdings in ChargePoint by 484.7% during the 4th quarter. M&T Bank Corp now owns 73,396 shares of the company’s stock valued at $172,000 after purchasing an additional 60,843 shares during the last quarter. Finally, Oak Thistle LLC bought a new position in ChargePoint during the 4th quarter valued at about $266,000. 37.77% of the stock is currently owned by institutional investors.

About ChargePoint

ChargePoint Holdings, Inc, together with its subsidiaries, provides electric vehicle (EV) charging networks and charging solutions in the North America and Europe. The company serves commercial, such as retail, workplace, hospitality, parking, recreation, municipal, education, and highway fast charge; fleet, which include delivery, take home, logistics, motor pool, transit, and shared mobility; and residential including single family homes and multi-family apartments and condominiums customers.