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

ChargePoint (NYSE:CHPT) had its price target decreased by equities researchers at Benchmark from $40.00 to $20.00 in a note issued to investors on Friday,Benzinga reports. The firm presently has a “buy” rating on the stock. Benchmark’s target price points to a potential upside of 96.27% from the company’s previous close.

Several other analysts have also recently weighed in on CHPT. Roth Capital set a $11.00 price target on ChargePoint and gave the stock a “neutral” rating in a report on Tuesday. JPMorgan Chase & Co. lowered their price objective on ChargePoint from $9.00 to $8.00 and set an “underweight” rating on the stock in a research note on Thursday. Royal Bank Of Canada lowered their price objective on ChargePoint from $20.00 to $10.00 and set a “sector perform” rating on the stock in a research note on Thursday. Needham & Company LLC restated a “hold” rating on shares of ChargePoint in a research note on Thursday. Finally, TD Cowen lowered their price objective on ChargePoint from $30.00 to $11.00 and set a “hold” rating on the stock in a research note on Thursday. One equities research analyst has rated the stock with a Strong Buy rating, one has given a Buy rating, seven have given a Hold rating and two have assigned a Sell rating to the company. Based on data from MarketBeat.com, the company has a consensus rating of “Hold” and a consensus price target of $13.67.

ChargePoint Stock Performance

NYSE:CHPT opened at $10.19 on Friday. The stock has a market cap of $233.45 million, a P/E ratio of -0.87 and a beta of 2.29. The stock has a 50 day simple moving average of $11.82 and a 200 day simple moving average of $12.84. The company has a current ratio of 1.82, a quick ratio of 1.12 and a debt-to-equity ratio of 2.60. ChargePoint has a 1-year low of $8.55 and a 1-year high of $31.40.

ChargePoint (NYSE:CHPT) last released its quarterly earnings results on Wednesday, June 4th. The company reported ($2.00) earnings per share 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 analyst estimates of $100.43 million. ChargePoint had a negative return on equity of 142.52% and a negative net margin of 66.76%.During the same period in the previous year, the business posted ($2.20) earnings per share. Research analysts anticipate that ChargePoint will post -0.57 earnings per share for the current year.

Hedge Funds Weigh In On ChargePoint

Hedge funds and other institutional investors have recently modified their holdings of the business. Perennial Advisors LLC bought a new position in shares of ChargePoint in the 4th quarter valued at $26,000. 111 Capital bought a new position in shares of ChargePoint in the 4th quarter valued at $26,000. Brevan Howard Capital Management LP bought a new position in shares of ChargePoint in the 4th quarter valued at $27,000. International Assets Investment Management LLC bought a new position in shares of ChargePoint in the 2nd quarter valued at $27,000. Finally, Trueblood Wealth Management LLC increased its stake in shares of ChargePoint by 100.0% in the 2nd quarter. Trueblood Wealth Management LLC now owns 40,000 shares of the company’s stock valued at $28,000 after purchasing an additional 20,000 shares during the last quarter. Institutional investors own 37.77% 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 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.