Royal Bank Of Canada Cuts ChargePoint (NYSE:CHPT) Price Target to $10.00

ChargePoint (NYSE:CHPT) had its price objective trimmed by Royal Bank Of Canada from $20.00 to $10.00 in a research note released on Thursday,Benzinga reports. The firm currently has a sector perform rating on the stock.

Other research analysts also recently issued reports about the company. TD Cowen upgraded ChargePoint to a “hold” rating in a research report on Monday, July 7th. Roth Capital set a $11.00 price target on ChargePoint and gave the company a “neutral” rating in a report on Tuesday. Finally, Needham & Company LLC restated a “hold” rating on shares of ChargePoint in a report on Thursday. One 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 issued a Sell rating to the company’s stock. According to data from MarketBeat, ChargePoint has an average rating of “Hold” and a consensus price target of $13.67.

ChargePoint Stock Performance

CHPT stock opened at $10.19 on Thursday. The company has a debt-to-equity ratio of 2.60, a current ratio of 1.82 and a quick ratio of 1.12. The company has a market capitalization of $233.45 million, a price-to-earnings ratio of -0.87 and a beta of 2.29. ChargePoint has a 1-year low of $8.55 and a 1-year high of $31.40. The business has a 50 day simple moving average of $11.82 and a two-hundred day simple moving average of $12.84.

ChargePoint (NYSE:CHPT) last posted its earnings results on Wednesday, June 4th. The company reported ($2.00) EPS for the quarter, missing analysts’ consensus estimates of ($1.00) by ($1.00). The firm had revenue of $97.64 million for the quarter, compared to the consensus estimate 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 quarter in the prior year, the company posted ($2.20) earnings per share. Research analysts anticipate that ChargePoint will post -0.57 EPS for the current fiscal year.

Hedge Funds Weigh In On ChargePoint

A number of hedge funds and other institutional investors have recently made changes to their positions in the company. Hudson Bay Capital Management LP bought a new position in shares of ChargePoint during the 2nd quarter worth $72,000. Tower Research Capital LLC TRC grew its position in shares of ChargePoint by 201.1% during the 2nd quarter. Tower Research Capital LLC TRC now owns 247,903 shares of the company’s stock worth $174,000 after buying an additional 165,566 shares in the last quarter. Corient Private Wealth LLC grew its position in shares of ChargePoint by 57.1% during the 2nd quarter. Corient Private Wealth LLC now owns 67,345 shares of the company’s stock worth $47,000 after buying an additional 24,470 shares in the last quarter. Two Sigma Securities LLC boosted its position in ChargePoint by 4,060.7% during the second quarter. Two Sigma Securities LLC now owns 679,693 shares of the company’s stock valued at $478,000 after purchasing an additional 663,357 shares in the last quarter. Finally, Brevan Howard Capital Management LP bought a new stake in ChargePoint during the second quarter valued at about $517,000. 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.