ChargePoint (NYSE:CHPT) Given “Buy” Rating at Needham & Company LLC

Needham & Company LLC reaffirmed their buy rating on shares of ChargePoint (NYSE:CHPTFree Report) in a research note issued to investors on Thursday, Benzinga reports. The brokerage currently has a $3.00 price objective on the stock.

Several other brokerages also recently weighed in on CHPT. DA Davidson reiterated a buy rating and issued a $4.00 price objective on shares of ChargePoint in a research report on Wednesday, March 6th. The Goldman Sachs Group reiterated a sell rating and issued a $1.50 price objective (down previously from $2.00) on shares of ChargePoint in a research report on Tuesday, April 9th. Benchmark reiterated a buy rating and issued a $4.25 price objective on shares of ChargePoint in a research report on Wednesday, March 6th. Oppenheimer restated a market perform rating on shares of ChargePoint in a report on Wednesday, March 6th. Finally, Royal Bank of Canada restated a sector perform rating and set a $3.00 target price (down previously from $3.50) on shares of ChargePoint in a report on Wednesday, March 6th. One equities research analyst has rated the stock with a sell rating, twelve have assigned a hold rating and six have issued a buy rating to the company. According to data from MarketBeat, the company presently has an average rating of Hold and an average target price of $4.96.

View Our Latest Stock Report on CHPT

ChargePoint Stock Up 5.5 %

Shares of CHPT opened at $1.83 on Thursday. The firm has a market cap of $772.63 million, a P/E ratio of -1.47 and a beta of 1.74. The stock has a 50 day simple moving average of $1.65 and a two-hundred day simple moving average of $1.92. The company has a debt-to-equity ratio of 0.87, a current ratio of 2.25 and a quick ratio of 1.65. ChargePoint has a 1 year low of $1.21 and a 1 year high of $10.10.

ChargePoint (NYSE:CHPTGet Free Report) last issued its earnings results on Tuesday, March 5th. The company reported ($0.19) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.20) by $0.01. The business had revenue of $115.83 million during the quarter, compared to analyst estimates of $126.48 million. ChargePoint had a negative return on equity of 125.19% and a negative net margin of 90.32%. On average, analysts forecast that ChargePoint will post -0.63 earnings per share for the current fiscal year.

Insider Activity at ChargePoint

In other ChargePoint news, CEO Richard Wilmer sold 25,376 shares of the firm’s stock in a transaction dated Thursday, March 21st. The stock was sold at an average price of $1.87, for a total value of $47,453.12. Following the transaction, the chief executive officer now directly owns 2,359,462 shares of the company’s stock, valued at $4,412,193.94. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. In other news, CEO Richard Wilmer sold 25,376 shares of the firm’s stock in a transaction dated Thursday, March 21st. The stock was sold at an average price of $1.87, for a total value of $47,453.12. Following the transaction, the chief executive officer now owns 2,359,462 shares of the company’s stock, valued at $4,412,193.94. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, CFO Mansi Khetani sold 19,035 shares of ChargePoint stock in a transaction that occurred on Thursday, March 21st. The shares were sold at an average price of $1.87, for a total value of $35,595.45. Following the sale, the chief financial officer now directly owns 421,500 shares in the company, valued at approximately $788,205. The disclosure for this sale can be found here. Insiders have sold 54,846 shares of company stock valued at $102,562 over the last ninety days. 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 modified their holdings of the stock. Mutual Advisors LLC raised its position in shares of ChargePoint by 9.2% in the 3rd quarter. Mutual Advisors LLC now owns 43,910 shares of the company’s stock worth $218,000 after acquiring an additional 3,700 shares in the last quarter. Principal Financial Group Inc. increased its holdings in shares of ChargePoint by 15.2% in the third quarter. Principal Financial Group Inc. now owns 34,480 shares of the company’s stock valued at $171,000 after purchasing an additional 4,537 shares during the period. Treasurer of the State of North Carolina grew its holdings in ChargePoint by 3.7% during the fourth quarter. Treasurer of the State of North Carolina now owns 136,113 shares of the company’s stock worth $319,000 after acquiring an additional 4,910 shares during the period. Independent Advisor Alliance grew its holdings in ChargePoint by 34.2% during the fourth quarter. Independent Advisor Alliance now owns 19,945 shares of the company’s stock worth $47,000 after acquiring an additional 5,085 shares during the period. Finally, State Board of Administration of Florida Retirement System grew its holdings in ChargePoint by 3.0% in the third quarter. State Board of Administration of Florida Retirement System now owns 206,364 shares of the company’s stock valued at $1,026,000 after purchasing an additional 5,940 shares during the period. Hedge funds and other institutional investors own 37.77% of the company’s stock.

ChargePoint Company Profile

(Get Free Report)

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.

Further Reading

Analyst Recommendations for ChargePoint (NYSE:CHPT)

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