R. F. Lafferty Downgrades ChargePoint (NYSE:CHPT) to Hold

ChargePoint (NYSE:CHPT) was downgraded by stock analysts at R. F. Lafferty from a “buy” rating to a “hold” rating in a note issued to investors on Friday, MarketBeat.com reports. They presently have a $4.00 target price on the stock, down from their previous target price of $17.00. R. F. Lafferty’s target price indicates a potential upside of 98.02% from the stock’s current price.

Other analysts have also issued reports about the stock. Needham & Company LLC lowered their price objective on shares of ChargePoint from $8.00 to $4.00 and set a “buy” rating for the company in a research note on Friday. Oppenheimer lowered shares of ChargePoint from an “outperform” rating to a “market perform” rating in a research note on Friday. The Goldman Sachs Group lowered their price objective on shares of ChargePoint from $10.00 to $7.00 and set a “neutral” rating for the company in a research note on Monday, September 18th. TD Cowen lowered their price objective on shares of ChargePoint from $14.00 to $11.00 and set an “outperform” rating for the company in a research note on Thursday, September 7th. Finally, Bank of America reduced their target price on shares of ChargePoint from $14.00 to $11.50 in a report on Friday, September 8th. Nine analysts have rated the stock with a hold rating and eight have given a buy rating to the company. Based on data from MarketBeat, ChargePoint currently has a consensus rating of “Hold” and an average target price of $10.16.

ChargePoint Stock Down 35.5 %

Shares of CHPT opened at $2.02 on Friday. The firm has a market capitalization of $727.30 million, a P/E ratio of -1.91 and a beta of 1.81. ChargePoint has a 12-month low of $1.95 and a 12-month high of $13.65. The company has a current ratio of 2.03, a quick ratio of 1.61 and a debt-to-equity ratio of 1.07. The firm has a fifty day moving average price of $3.84 and a 200-day moving average price of $6.70.

ChargePoint (NYSE:CHPT) last released its quarterly earnings data on Wednesday, September 6th. The company reported ($0.35) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.13) by ($0.22). ChargePoint had a negative return on equity of 106.73% and a negative net margin of 65.71%. The business had revenue of $150.49 million during the quarter, compared to analysts’ expectations of $153.25 million. During the same period last year, the company earned ($0.27) earnings per share. The firm’s revenue was up 39.0% compared to the same quarter last year. Equities research analysts expect that ChargePoint will post -0.96 earnings per share for the current year.

Insider Activity

In related news, major shareholder Q-Grg Vii (Cp) Investment Part acquired 1,850,000 shares of the business’s stock in a transaction dated Wednesday, September 20th. The shares were purchased at an average price of $5.40 per share, for a total transaction of $9,990,000.00. Following the completion of the acquisition, the insider now directly owns 26,607,128 shares in the company, valued at approximately $143,678,491.20. The transaction was disclosed in a document filed with the SEC, which is available through this link. In other news, major shareholder Q-Grg Vii (Cp) Investment Part bought 1,850,000 shares of the company’s stock in a transaction that occurred on Wednesday, September 20th. The shares were purchased at an average price of $5.40 per share, for a total transaction of $9,990,000.00. Following the completion of the transaction, the insider now directly owns 26,607,128 shares in the company, valued at $143,678,491.20. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, Director Ekta Singh-Bushell sold 4,622 shares of the company’s stock in a transaction that occurred on Wednesday, September 20th. The shares were sold at an average price of $5.44, for a total value of $25,143.68. Following the completion of the sale, the director now owns 41,215 shares in the company, valued at approximately $224,209.60. The disclosure for this sale can be found here. Insiders have sold a total of 4,316,970 shares of company stock worth $24,767,903 over the last 90 days. 12.90% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On ChargePoint

Large investors have recently bought and sold shares of the company. Almanack Investment Partners LLC. purchased a new stake in ChargePoint in the third quarter valued at approximately $43,000. First Manhattan Co. boosted its position in ChargePoint by 65.4% in the 1st quarter. First Manhattan Co. now owns 3,085 shares of the company’s stock worth $61,000 after purchasing an additional 1,220 shares in the last quarter. American International Group Inc. boosted its position in ChargePoint by 30.0% in the 2nd quarter. American International Group Inc. now owns 3,101 shares of the company’s stock worth $42,000 after purchasing an additional 716 shares in the last quarter. Hollencrest Capital Management boosted its position in ChargePoint by 162.2% in the 1st quarter. Hollencrest Capital Management now owns 3,395 shares of the company’s stock worth $36,000 after purchasing an additional 2,100 shares in the last quarter. Finally, Trium Capital LLP purchased a new stake in ChargePoint in the 1st quarter worth approximately $37,000. 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.