ChargePoint (NYSE:CHPT) Price Target Cut to $0.75 by Analysts at The Goldman Sachs Group

ChargePoint (NYSE:CHPT) had its target price decreased by equities researchers at The Goldman Sachs Group from $1.00 to $0.75 in a research note issued to investors on Thursday,Benzinga reports. The brokerage presently has a “sell” rating on the stock. The Goldman Sachs Group’s price objective points to a potential downside of 3.72% from the company’s current price.

A number of other equities analysts also recently commented on CHPT. Benchmark restated a “buy” rating and set a $3.00 target price on shares of ChargePoint in a report on Wednesday, November 20th. Stifel Nicolaus decreased their price objective on shares of ChargePoint from $3.00 to $2.00 and set a “hold” rating for the company in a report on Wednesday, October 30th. UBS Group cut their target price on shares of ChargePoint from $1.50 to $1.30 and set a “neutral” rating on the stock in a research note on Tuesday, December 10th. Needham & Company LLC restated a “hold” rating on shares of ChargePoint in a research report on Thursday, December 5th. Finally, Royal Bank of Canada decreased their price objective on ChargePoint from $2.50 to $2.00 and set a “sector perform” rating for the company in a report on Thursday, December 5th. Two research analysts have rated the stock with a sell rating, nine have assigned a hold rating, three have given a buy rating and one has given a strong buy rating to the stock. According to MarketBeat.com, the stock has a consensus rating of “Hold” and an average price target of $2.41.

ChargePoint Trading Down 6.0 %

Shares of NYSE CHPT traded down $0.05 during trading hours on Thursday, hitting $0.78. The company’s stock had a trading volume of 9,460,457 shares, compared to its average volume of 29,498,596. ChargePoint has a 12 month low of $0.66 and a 12 month high of $2.44. The stock has a market cap of $344.58 million, a price-to-earnings ratio of -1.05 and a beta of 1.70. The company has a debt-to-equity ratio of 1.65, a quick ratio of 1.24 and a current ratio of 1.94. The business has a 50-day simple moving average of $1.03 and a 200-day simple moving average of $1.28.

Insiders Place Their Bets

In other news, CAO Henrik Gerdes sold 28,536 shares of the firm’s stock in a transaction on Monday, December 23rd. The stock was sold at an average price of $1.14, for a total value of $32,531.04. Following the transaction, the chief accounting officer now directly owns 362,060 shares in the company, valued at $412,748.40. This trade represents a 7.31 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at this link. Also, CFO Mansi Khetani sold 22,038 shares of the stock in a transaction dated Monday, December 23rd. The shares were sold at an average price of $1.14, for a total value of $25,123.32. Following the completion of the transaction, the chief financial officer now directly owns 1,230,305 shares in the company, valued at approximately $1,402,547.70. This represents a 1.76 % decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders sold 87,148 shares of company stock valued at $99,349. Corporate insiders own 3.50% of the company’s stock.

Hedge Funds Weigh In On ChargePoint

A number of institutional investors and hedge funds have recently made changes to their positions in CHPT. Financial Advocates Investment Management bought a new position in ChargePoint in the 3rd quarter worth $29,000. Brevan Howard Capital Management LP purchased a new position in shares of ChargePoint during the 4th quarter valued at about $27,000. Point72 Asia Singapore Pte. Ltd. grew its stake in shares of ChargePoint by 131.0% during the 3rd quarter. Point72 Asia Singapore Pte. Ltd. now owns 36,628 shares of the company’s stock valued at $50,000 after acquiring an additional 20,773 shares during the period. Cibc World Markets Corp purchased a new stake in ChargePoint in the 4th quarter worth approximately $40,000. Finally, Callan Family Office LLC bought a new position in shares of ChargePoint in the fourth quarter worth approximately $45,000. Hedge funds and other institutional investors own 37.77% 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 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.