Bank of America Lowers ChargePoint (NYSE:CHPT) Price Target to $11.50

ChargePoint (NYSE:CHPT) had its target price lowered by analysts at Bank of America from $14.00 to $11.50 in a research report issued on Friday, FlyOnTheWall reports. Bank of America‘s price target suggests a potential upside of 101.05% from the company’s previous close.

Other equities analysts have also recently issued research reports about the stock. JPMorgan Chase & Co. decreased their price objective on shares of ChargePoint from $15.00 to $13.00 and set an “overweight” rating on the stock in a research report on Wednesday, August 30th. Royal Bank of Canada began coverage on shares of ChargePoint in a research report on Friday. They issued an “outperform” rating and a $9.00 price objective on the stock. DA Davidson decreased their price objective on shares of ChargePoint from $18.00 to $15.00 in a research report on Monday, June 5th. Citigroup reduced their target price on ChargePoint from $10.80 to $8.25 and set a “neutral” rating on the stock in a research note on Thursday. Finally, Fox Advisors cut ChargePoint from an “overweight” rating to an “equal weight” rating in a research note on Thursday. Five research analysts have rated the stock with a hold rating and eleven have given a buy rating to the stock. According to MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average price target of $12.92.

ChargePoint Price Performance

Shares of NYSE:CHPT opened at $5.72 on Friday. The stock has a market cap of $2.02 billion, a PE ratio of -5.40 and a beta of 1.62. The company’s fifty day moving average is $7.87 and its 200 day moving average is $8.74. ChargePoint has a 52 week low of $4.96 and a 52 week high of $19.92. The company has a quick ratio of 1.97, a current ratio of 2.37 and a debt-to-equity ratio of 0.90.

ChargePoint (NYSE:CHPT) last issued its 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). The business had revenue of $150.49 million during the quarter, compared to analysts’ expectations of $153.25 million. ChargePoint had a negative return on equity of 101.63% and a negative net margin of 65.71%. ChargePoint’s revenue for the quarter was up 39.0% compared to the same quarter last year. During the same quarter in the previous year, the business earned ($0.27) EPS. Research analysts anticipate that ChargePoint will post -0.76 earnings per share for the current year.

Insider Activity

In other news, insider Richard Wilmer sold 20,987 shares of the 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 sale, the insider now owns 637,031 shares in the company, valued at $5,115,358.93. The transaction was disclosed in a filing with the SEC, which is available at this link. In related news, CEO Pasquale Romano sold 10,000 shares of the stock in a transaction on Friday, August 18th. The stock was sold at an average price of $7.15, for a total transaction of $71,500.00. Following the sale, the chief executive officer now directly owns 4,148,054 shares of the company’s stock, valued at $29,658,586.10. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Also, insider Richard Wilmer sold 20,987 shares of the stock in a transaction on Wednesday, June 21st. The shares were sold at an average price of $8.03, for a total value of $168,525.61. Following the sale, the insider now directly owns 637,031 shares in the company, valued at $5,115,358.93. The disclosure for this sale can be found here. Insiders have sold a total of 758,111 shares of company stock worth $6,603,697 over the last 90 days. 12.90% of the stock is currently owned by insiders.

Institutional Investors Weigh In On ChargePoint

Several institutional investors and hedge funds have recently added to or reduced their stakes in CHPT. American International Group Inc. boosted its position in ChargePoint by 30.0% in the second quarter. American International Group Inc. now owns 3,101 shares of the company’s stock worth $42,000 after purchasing an additional 716 shares during the last quarter. Biltmore Wealth Management LLC bought a new stake in ChargePoint during the fourth quarter valued at approximately $230,588,000. Blair William & Co. IL grew its position in ChargePoint by 7.9% during the fourth quarter. Blair William & Co. IL now owns 12,338 shares of the company’s stock valued at $118,000 after buying an additional 900 shares during the period. Amalgamated Bank increased its holdings in ChargePoint by 1.6% during the fourth quarter. Amalgamated Bank now owns 57,786 shares of the company’s stock valued at $551,000 after buying an additional 914 shares during the last quarter. Finally, First Manhattan Co. boosted its stake in shares of ChargePoint by 65.4% during the 1st quarter. First Manhattan Co. now owns 3,085 shares of the company’s stock worth $61,000 after acquiring an additional 1,220 shares during the last quarter. Hedge funds and other institutional investors own 45.01% 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 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.