ChargePoint Holdings, Inc. (NYSE:CHPT) Receives Average Rating of “Hold” from Analysts

ChargePoint Holdings, Inc. (NYSE:CHPT) has received a consensus recommendation of “Hold” from the nineteen analysts that are currently covering the firm, MarketBeat reports. One investment analyst has rated the stock with a sell recommendation, twelve have issued a hold recommendation and six have assigned a buy recommendation to the company. The average 1 year price target among brokerages that have issued a report on the stock in the last year is $4.88.

CHPT has been the topic of several analyst reports. Royal Bank of Canada reissued a “sector perform” rating and issued a $3.00 price target (down previously from $3.50) on shares of ChargePoint in a report on Wednesday, March 6th. The Goldman Sachs Group restated a “sell” rating and set a $1.50 price target (down previously from $2.00) on shares of ChargePoint in a research note on Tuesday, April 9th. Needham & Company LLC reiterated a “buy” rating and issued a $3.00 price objective on shares of ChargePoint in a research note on Thursday, June 6th. Benchmark cut their target price on ChargePoint from $4.25 to $3.00 and set a “buy” rating for the company in a research report on Friday. Finally, TD Cowen lowered their price target on ChargePoint from $4.00 to $3.00 and set a “buy” rating on the stock in a research report on Thursday, June 6th.

Insiders Place Their Bets

In other news, CFO Mansi Khetani sold 19,007 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 $26,609.80. Following the completion of the sale, the chief financial officer now owns 402,493 shares in the company, valued at $563,490.20. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. In related news, CAO Henrik Gerdes sold 43,596 shares of ChargePoint stock in a transaction on Thursday, June 20th. The stock was sold at an average price of $1.50, for a total transaction of $65,394.00. Following the completion of the sale, the chief accounting officer now directly owns 438,004 shares of the company’s stock, valued at $657,006. The sale was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, CFO Mansi Khetani sold 19,007 shares of the stock in a transaction dated Friday, June 21st. The shares were sold at an average price of $1.40, for a total value of $26,609.80. Following the completion of the transaction, the chief financial officer now directly owns 402,493 shares in the company, valued at approximately $563,490.20. The disclosure for this sale can be found here. In the last quarter, insiders have sold 95,099 shares of company stock valued at $137,498. 3.50% of the stock is currently owned by corporate insiders.

Institutional Trading of ChargePoint

Hedge funds have recently modified their holdings of the company. Vanguard Group Inc. increased its stake in ChargePoint by 26.3% in the first quarter. Vanguard Group Inc. now owns 36,688,672 shares of the company’s stock valued at $69,708,000 after purchasing an additional 7,645,210 shares in the last quarter. Norges Bank bought a new stake in shares of ChargePoint in the 4th quarter valued at $9,733,000. Wellington Management Group LLP raised its stake in 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 buying an additional 2,035,496 shares during the period. Cadian Capital Management LP bought a new position in ChargePoint during the third quarter worth about $4,970,000. Finally, Quadrature Capital Ltd acquired a new position in ChargePoint in the fourth quarter valued at about $1,257,000. 37.77% of the stock is currently owned by institutional investors and hedge funds.

ChargePoint Price Performance

Shares of CHPT opened at $1.51 on Wednesday. The company has a debt-to-equity ratio of 1.02, a quick ratio of 1.45 and a current ratio of 2.13. The company has a 50-day simple moving average of $1.62 and a 200-day simple moving average of $1.86. ChargePoint has a 52 week low of $1.21 and a 52 week high of $9.23. The firm has a market capitalization of $639.27 million, a P/E ratio of -1.28 and a beta of 1.74.

ChargePoint (NYSE:CHPT) last posted its quarterly earnings results on Wednesday, June 5th. The company reported ($0.16) EPS for the quarter, beating the consensus estimate of ($0.19) by $0.03. The firm had revenue of $107.04 million during the quarter, compared to analysts’ expectations of $106.09 million. ChargePoint had a negative return on equity of 127.18% and a negative net margin of 93.05%. On average, equities research analysts expect that ChargePoint will post -0.56 earnings per share for the current year.

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.