ChargePoint (NYSE:CHPT) Price Target Cut to $14.00

ChargePoint (NYSE:CHPT) had its price target reduced by Oppenheimer from $27.00 to $14.00 in a research note issued on Thursday, MarketBeat.com reports. The brokerage currently has an “outperform” rating on the stock. Oppenheimer’s price target would suggest a potential upside of 144.76% from the stock’s current price.

CHPT has been the subject of a number of other reports. JPMorgan Chase & Co. dropped their price target on shares of ChargePoint from $15.00 to $13.00 and set an “overweight” rating for the company in a research note on Wednesday, August 30th. Fox Advisors cut shares of ChargePoint from an “overweight” rating to an “equal weight” rating in a research report on Thursday. DA Davidson lowered their price objective on shares of ChargePoint from $18.00 to $15.00 in a research report on Monday, June 5th. B. Riley lowered their price objective on shares of ChargePoint from $12.00 to $11.00 and set a “buy” rating for the company in a research report on Thursday, July 20th. Finally, TD Cowen lowered their price objective on shares of ChargePoint from $20.00 to $14.00 and set an “outperform” rating for the company in a research report on Tuesday, August 15th. Five research analysts have rated the stock with a hold rating and eleven have issued a buy rating to the stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $12.92.

ChargePoint Price Performance

CHPT stock opened at $5.72 on Thursday. ChargePoint has a 12 month low of $4.96 and a 12 month high of $19.92. The company has a current ratio of 2.37, a quick ratio of 1.97 and a debt-to-equity ratio of 0.90. The company has a 50-day moving average price of $7.93 and a 200 day moving average price of $8.80. The stock has a market cap of $2.02 billion, a PE ratio of -5.40 and a beta of 1.62.

ChargePoint (NYSE:CHPT) last released its quarterly 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). ChargePoint had a negative return on equity of 101.63% and a negative net margin of 65.71%. The firm had revenue of $150.49 million for the quarter, compared to analysts’ expectations of $153.25 million. During the same period in the prior year, the firm posted ($0.27) earnings per share. ChargePoint’s revenue for the quarter was up 39.0% on a year-over-year basis. Equities research analysts anticipate that ChargePoint will post -0.76 earnings per share for the current year.

Insider Activity

In related news, insider Richard Wilmer sold 20,987 shares of the business’s stock in a transaction that occurred on Wednesday, June 21st. The shares were sold at an average price of $8.03, for a total transaction of $168,525.61. Following the completion of the transaction, the insider now owns 637,031 shares in the company, valued at approximately $5,115,358.93. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. In related news, insider Richard Wilmer sold 20,987 shares of the business’s stock in a transaction that occurred on Wednesday, June 21st. The shares were sold at an average price of $8.03, for a total transaction of $168,525.61. Following the completion of the transaction, the insider now owns 637,031 shares in the company, valued at approximately $5,115,358.93. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, CEO Pasquale Romano sold 10,000 shares of the business’s stock in a transaction that occurred on Monday, June 12th. The stock was sold at an average price of $8.15, for a total transaction of $81,500.00. Following the transaction, the chief executive officer now owns 4,148,054 shares of the company’s stock, valued at approximately $33,806,640.10. The disclosure for this sale can be found here. In the last quarter, insiders sold 758,111 shares of company stock worth $6,603,697. 12.90% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On ChargePoint

Several institutional investors and hedge funds have recently made changes to their positions in CHPT. Bank of New York Mellon Corp increased its holdings in shares of 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 during the period. HighTower Advisors LLC increased its holdings in shares of 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 purchasing an additional 9,689 shares during the period. Private Advisor Group LLC increased its holdings in shares of ChargePoint by 152.8% in the first quarter. Private Advisor Group LLC now owns 35,608 shares of the company’s stock valued at $708,000 after purchasing an additional 21,524 shares during the period. D.A. Davidson & CO. acquired a new position in shares of ChargePoint in the first quarter valued at about $213,000. Finally, MetLife Investment Management LLC acquired a new position in shares of ChargePoint in the first quarter valued at about $91,000. 45.01% of the stock is currently owned by institutional investors and hedge funds.

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.