ChargePoint (NYSE:CHPT) Price Target Cut to $13.00

ChargePoint (NYSE:CHPT – Get Rating) had its target price decreased by stock analysts at Citigroup from $14.00 to $13.00 in a report issued on Monday, Benzinga reports. The brokerage currently has a “neutral” rating on the stock. Citigroup’s target price indicates a potential upside of 26.58% from the stock’s previous close.

Several other research analysts have also commented on the company. Cowen reduced their price target on ChargePoint to $20.00 in a research report on Monday, November 28th. Oppenheimer decreased their price target on shares of ChargePoint from $40.00 to $26.00 in a research report on Friday, December 2nd. Needham & Company LLC restated a “buy” rating and issued a $14.00 price target on shares of ChargePoint in a report on Friday, March 3rd. R. F. Lafferty reduced their price objective on shares of ChargePoint from $34.00 to $28.00 and set a “buy” rating for the company in a research note on Monday, December 5th. Finally, DA Davidson lowered their target price on shares of ChargePoint from $20.00 to $18.00 in a research note on Monday, December 5th. Three research analysts have rated the stock with a hold rating and ten have issued a buy rating to the stock. Based on data from MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus price target of $19.28.

ChargePoint Stock Performance

Shares of CHPT stock opened at $10.27 on Monday. The firm has a market cap of $3.51 billion, a price-to-earnings ratio of -9.97 and a beta of 1.72. ChargePoint has a 52-week low of $8.07 and a 52-week high of $20.99. The company has a quick ratio of 2.43, a current ratio of 2.69 and a debt-to-equity ratio of 0.87. The company’s 50 day moving average is $11.19 and its 200 day moving average is $12.65.

Insider Activity at ChargePoint

In other ChargePoint news, insider William J. Loewenthal sold 3,115 shares of ChargePoint stock in a transaction that occurred on Monday, December 12th. The shares were sold at an average price of $10.94, for a total transaction of $34,078.10. Following the completion of the sale, the insider now directly owns 435,943 shares in the company, valued at approximately $4,769,216.42. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. In related news, Director Michael Linse sold 508,101 shares of the firm’s stock in a transaction dated Monday, January 9th. The stock was sold at an average price of $10.08, for a total transaction of $5,121,658.08. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, insider William J. Loewenthal sold 3,115 shares of ChargePoint stock in a transaction that occurred on Monday, December 12th. The shares were sold at an average price of $10.94, for a total value of $34,078.10. Following the transaction, the insider now owns 435,943 shares of the company’s stock, valued at $4,769,216.42. The disclosure for this sale can be found here. Insiders have sold a total of 733,506 shares of company stock worth $7,318,633 over the last quarter. Insiders own 23.64% of the company’s stock.

Hedge Funds Weigh In On ChargePoint

Several large investors have recently made changes to their positions in the company. American International Group Inc. raised its stake in shares of ChargePoint by 30.0% during the 2nd quarter. American International Group Inc. now owns 3,101 shares of the company’s stock worth $42,000 after buying an additional 716 shares during the period. Biltmore Wealth Management LLC acquired a new position in ChargePoint during the fourth quarter worth $230,588,000. B & T Capital Management DBA Alpha Capital Management grew its position in shares of ChargePoint by 8.1% in the third quarter. B & T Capital Management DBA Alpha Capital Management now owns 11,927 shares of the company’s stock valued at $176,000 after purchasing an additional 889 shares during the period. Jacobi Capital Management LLC increased its stake in shares of ChargePoint by 8.2% during the third quarter. Jacobi Capital Management LLC now owns 11,819 shares of the company’s stock worth $174,000 after purchasing an additional 900 shares in the last quarter. Finally, Blair William & Co. IL raised its position in shares of ChargePoint by 7.9% during the 4th quarter. Blair William & Co. IL now owns 12,338 shares of the company’s stock worth $118,000 after purchasing an additional 900 shares during the last quarter. 44.87% of the stock is currently owned by institutional investors and hedge funds.

About ChargePoint

(Get Rating)

ChargePoint Holdings, Inc 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. The company was founded in 2007 and is headquartered in Campbell, California.