ChargePoint (NYSE:CHPT) Shares Gap Down Following Analyst Downgrade

ChargePoint Holdings, Inc. (NYSE:CHPTGet Free Report) shares gapped down prior to trading on Friday after TD Cowen lowered their price target on the stock from $4.00 to $3.00. The stock had previously closed at $1.83, but opened at $1.75. TD Cowen currently has a buy rating on the stock. ChargePoint shares last traded at $1.81, with a volume of 3,747,548 shares traded.

Several other research analysts also recently weighed in on the stock. The Goldman Sachs Group reissued a “sell” rating and issued a $1.50 target price (down previously from $2.00) on shares of ChargePoint in a research note on Tuesday, April 9th. R. F. Lafferty decreased their price objective on ChargePoint from $4.00 to $3.00 and set a “hold” rating on the stock in a report on Wednesday, March 6th. Needham & Company LLC reaffirmed a “buy” rating and set a $3.00 price target on shares of ChargePoint in a research report on Thursday. Oppenheimer restated a “market perform” rating on shares of ChargePoint in a research note on Wednesday, March 6th. Finally, Benchmark reissued a “buy” rating and issued a $4.25 target price on shares of ChargePoint in a research note on Wednesday, March 6th. One research analyst has rated the stock with a sell rating, twelve have given a hold rating and six have given a buy rating to the company. According to data from MarketBeat, ChargePoint presently has an average rating of “Hold” and an average price target of $4.96.

View Our Latest Stock Report on ChargePoint

Insider Buying and Selling

In other ChargePoint news, CFO Mansi Khetani sold 19,035 shares of the stock in a transaction dated Thursday, March 21st. The shares were sold at an average price of $1.87, for a total transaction of $35,595.45. Following the sale, the chief financial officer now owns 421,500 shares of the company’s stock, valued at approximately $788,205. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. In other news, CEO Richard Wilmer sold 25,376 shares of the company’s 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 $47,453.12. Following the completion of the transaction, the chief executive officer now owns 2,359,462 shares in the company, 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 the stock in a transaction dated Thursday, March 21st. The stock was sold at an average price of $1.87, for a total value of $35,595.45. Following the transaction, the chief financial officer now owns 421,500 shares of the company’s stock, valued at $788,205. The disclosure for this sale can be found here. Insiders have sold a total of 54,846 shares of company stock valued at $102,562 over the last three months. 3.50% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On ChargePoint

Institutional investors and hedge funds have recently made changes to their positions in the stock. Balentine LLC acquired a new stake in ChargePoint in the 4th quarter worth about $26,000. QRG Capital Management Inc. bought a new stake in shares of ChargePoint during the 3rd quarter valued at $58,000. Hollencrest Capital Management acquired a new stake in shares of ChargePoint during the 3rd quarter worth $60,000. RWA Wealth Partners LLC bought a new position in shares of ChargePoint in the fourth quarter worth $31,000. Finally, Sigma Planning Corp acquired a new position in ChargePoint in the fourth quarter valued at about $33,000. Institutional investors own 37.77% of the company’s stock.

ChargePoint Price Performance

The firm has a market cap of $764.16 million, a P/E ratio of -1.53 and a beta of 1.74. The company has a debt-to-equity ratio of 0.87, a current ratio of 2.25 and a quick ratio of 1.65. The company’s 50-day moving average is $1.65 and its two-hundred day moving average is $1.92.

ChargePoint (NYSE:CHPTGet Free Report) last posted its quarterly earnings results on Tuesday, March 5th. The company reported ($0.19) EPS for the quarter, topping analysts’ consensus estimates of ($0.20) by $0.01. The company had revenue of $115.83 million during the quarter, compared to analysts’ expectations of $126.48 million. ChargePoint had a negative return on equity of 122.01% and a negative net margin of 93.05%. Sell-side analysts anticipate that ChargePoint Holdings, Inc. will post -0.61 EPS for the current fiscal year.

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.

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