TD Cowen Has Lowered Expectations for ChargePoint (NYSE:CHPT) Stock Price

ChargePoint (NYSE:CHPT) had its price target reduced by research analysts at TD Cowen from $30.00 to $11.00 in a note issued to investors on Thursday,Benzinga reports. The brokerage currently has a “hold” rating on the stock. TD Cowen’s price target points to a potential upside of 7.95% from the company’s current price.

Other equities research analysts also recently issued reports about the stock. Royal Bank Of Canada decreased their price objective on shares of ChargePoint from $20.00 to $10.00 and set a “sector perform” rating for the company in a research note on Thursday. Needham & Company LLC reiterated a “hold” rating on shares of ChargePoint in a research report on Thursday. JPMorgan Chase & Co. decreased their price objective on ChargePoint from $9.00 to $8.00 and set an “underweight” rating for the company in a report on Thursday. Finally, Roth Capital set a $11.00 price target on ChargePoint and gave the company a “neutral” rating in a research note on Tuesday. One equities research analyst has rated the stock with a Strong Buy rating, one has given a Buy rating, seven have issued a Hold rating and two have assigned a Sell rating to the company. According to MarketBeat.com, ChargePoint has a consensus rating of “Hold” and a consensus price target of $13.67.

ChargePoint Stock Performance

NYSE CHPT opened at $10.19 on Thursday. The company has a quick ratio of 1.12, a current ratio of 1.82 and a debt-to-equity ratio of 2.60. The stock has a market cap of $233.45 million, a price-to-earnings ratio of -0.87 and a beta of 2.29. The business has a fifty day moving average of $11.82 and a 200-day moving average of $12.87. ChargePoint has a fifty-two week low of $8.55 and a fifty-two week high of $31.40.

ChargePoint (NYSE:CHPT) last announced its quarterly earnings data on Wednesday, June 4th. The company reported ($2.00) earnings per share (EPS) for the quarter, missing the consensus estimate of ($1.00) by ($1.00). The firm had revenue of $97.64 million for the quarter, compared to analysts’ expectations of $100.43 million. ChargePoint had a negative net margin of 66.76% and a negative return on equity of 142.52%. During the same period in the previous year, the company posted ($2.20) EPS. As a group, analysts predict that ChargePoint will post -0.57 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

A number of institutional investors have recently modified their holdings of the company. Hsbc Holdings PLC raised its stake in shares of ChargePoint by 31.2% in the first quarter. Hsbc Holdings PLC now owns 64,567 shares of the company’s stock valued at $38,000 after acquiring an additional 15,366 shares during the last quarter. Trueblood Wealth Management LLC increased its holdings in ChargePoint by 100.0% during the 2nd quarter. Trueblood Wealth Management LLC now owns 40,000 shares of the company’s stock worth $28,000 after purchasing an additional 20,000 shares in the last quarter. MetLife Investment Management LLC raised its holdings in shares of ChargePoint by 9.8% in the fourth quarter. MetLife Investment Management LLC now owns 251,168 shares of the company’s stock valued at $269,000 after purchasing an additional 22,369 shares during the last quarter. Price T Rowe Associates Inc. MD raised its holdings in shares of ChargePoint by 9.4% in the fourth quarter. Price T Rowe Associates Inc. MD now owns 273,140 shares of the company’s stock valued at $293,000 after purchasing an additional 23,370 shares during the last quarter. Finally, Perennial Advisors LLC acquired a new position in shares of ChargePoint during the 4th quarter worth about $26,000. Institutional investors own 37.77% of the company’s stock.

ChargePoint Company Profile

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.