The Goldman Sachs Group Has Lowered Expectations for ChargePoint (NYSE:CHPT) Stock Price

ChargePoint (NYSE:CHPT) had its target price lowered by stock analysts at The Goldman Sachs Group from $0.75 to $0.50 in a research report issued to clients and investors on Thursday,Benzinga reports. The firm currently has a “sell” rating on the stock. The Goldman Sachs Group’s target price would suggest a potential downside of 16.25% from the stock’s current price.

A number of other analysts have also commented on CHPT. Evercore ISI lowered ChargePoint from an “outperform” rating to an “in-line” rating and reduced their target price for the stock from $4.00 to $1.00 in a report on Monday, March 31st. Stifel Nicolaus decreased their target price on ChargePoint from $2.00 to $1.00 and set a “hold” rating for the company in a research report on Monday, March 10th. UBS Group set a $1.50 price target on shares of ChargePoint in a report on Wednesday, March 5th. Finally, Needham & Company LLC reissued a “hold” rating on shares of ChargePoint in a report on Wednesday, March 5th. Two investment analysts have rated the stock with a sell rating, eight have assigned a hold rating, one has given a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and a consensus price target of $1.63.

ChargePoint Trading Up 1.9 %

NYSE CHPT opened at $0.60 on Thursday. ChargePoint has a 12 month low of $0.51 and a 12 month high of $2.44. The company has a current ratio of 1.94, a quick ratio of 1.24 and a debt-to-equity ratio of 1.65. The stock’s fifty day moving average price is $0.68 and its 200-day moving average price is $1.01. The stock has a market cap of $273.55 million, a P/E ratio of -0.81 and a beta of 2.05.

ChargePoint (NYSE:CHPT) last announced its quarterly earnings data on Tuesday, March 4th. The company reported ($0.09) EPS for the quarter, missing the consensus estimate of ($0.08) by ($0.01). The firm had revenue of $101.89 million for the quarter, compared to analysts’ expectations of $100.99 million. ChargePoint had a negative net margin of 72.62% and a negative return on equity of 106.28%. As a group, equities analysts forecast that ChargePoint will post -0.57 EPS for the current fiscal year.

Hedge Funds Weigh In On ChargePoint

Several institutional investors and hedge funds have recently bought and sold shares of CHPT. Toronto Dominion Bank bought a new position in shares of ChargePoint in the fourth quarter worth about $8,746,000. Millennium Management LLC raised its stake in ChargePoint by 13,605.0% during the 4th quarter. Millennium Management LLC now owns 2,857,349 shares of the company’s stock worth $3,057,000 after acquiring an additional 2,836,500 shares during the period. Invesco Ltd. lifted its holdings in ChargePoint by 13.1% during the fourth quarter. Invesco Ltd. now owns 5,029,849 shares of the company’s stock valued at $5,382,000 after purchasing an additional 583,761 shares in the last quarter. Geode Capital Management LLC boosted its position in shares of ChargePoint by 4.6% in the third quarter. Geode Capital Management LLC now owns 9,072,168 shares of the company’s stock worth $12,432,000 after purchasing an additional 399,070 shares during the period. Finally, XTX Topco Ltd increased its stake in shares of ChargePoint by 124.0% in the fourth quarter. XTX Topco Ltd now owns 691,636 shares of the company’s stock worth $740,000 after purchasing an additional 382,850 shares in the last quarter. 37.77% of the stock is currently owned by hedge funds and other institutional investors.

About ChargePoint

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.