ChargePoint Holdings, Inc. (NYSE:CHPT) Given Consensus Recommendation of “Reduce” by Analysts

ChargePoint Holdings, Inc. (NYSE:CHPT) has been assigned an average recommendation of “Reduce” from the twelve ratings firms that are currently covering the firm, MarketBeat Ratings reports. Three equities research analysts have rated the stock with a sell rating, eight have given a hold rating and one has issued a buy rating on the company. The average 12 month price target among analysts that have covered the stock in the last year is $12.65.

CHPT has been the subject of a number of recent analyst reports. UBS Group restated a “neutral” rating and set a $9.00 price target (down previously from $12.00) on shares of ChargePoint in a report on Monday, December 22nd. TD Cowen cut their target price on shares of ChargePoint from $30.00 to $11.00 and set a “hold” rating on the stock in a research note on Thursday, September 4th. Royal Bank Of Canada reissued a “sector perform” rating and issued a $9.00 price target (down from $10.00) on shares of ChargePoint in a research note on Friday, December 5th. JPMorgan Chase & Co. lowered their price objective on shares of ChargePoint from $9.00 to $8.00 and set an “underweight” rating for the company in a report on Thursday, September 4th. Finally, Needham & Company LLC reaffirmed a “hold” rating on shares of ChargePoint in a research report on Thursday, September 4th.

Insider Buying and Selling

In related news, insider Jagdeep Ca Singh sold 4,832 shares of the business’s stock in a transaction that occurred on Tuesday, December 23rd. The shares were sold at an average price of $6.99, for a total value of $33,775.68. Following the completion of the transaction, the insider directly owned 124,627 shares in the company, valued at $871,142.73. The trade was a 3.73% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CFO Mansi Khetani sold 3,943 shares of the stock in a transaction on Tuesday, December 23rd. The shares were sold at an average price of $6.99, for a total value of $27,561.57. Following the sale, the chief financial officer directly owned 130,363 shares in the company, valued at $911,237.37. This trade represents a 2.94% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Over the last three months, insiders sold 12,670 shares of company stock worth $88,534. Insiders own 3.50% of the company’s stock.

Institutional Trading of ChargePoint

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Catalyst Funds Management Pty Ltd purchased a new stake in shares of ChargePoint during the 2nd quarter worth approximately $161,000. XTX Topco Ltd grew its holdings in shares of ChargePoint by 75.5% in the second quarter. XTX Topco Ltd now owns 856,654 shares of the company’s stock valued at $602,000 after purchasing an additional 368,418 shares in the last quarter. Soviero Asset Management LP bought a new stake in ChargePoint in the second quarter worth $633,000. International Assets Investment Management LLC purchased a new stake in ChargePoint during the second quarter valued at $27,000. Finally, IQ EQ FUND MANAGEMENT IRELAND Ltd purchased a new stake in ChargePoint during the second quarter valued at $98,000. 37.77% of the stock is owned by hedge funds and other institutional investors.

ChargePoint Trading Down 0.8%

CHPT opened at $7.10 on Friday. The company has a fifty day moving average price of $8.95 and a two-hundred day moving average price of $10.97. ChargePoint has a 1-year low of $6.90 and a 1-year high of $26.00. The company has a current ratio of 1.59, a quick ratio of 0.93 and a debt-to-equity ratio of 8.38. The company has a market cap of $167.96 million, a P/E ratio of -0.69 and a beta of 1.43.

ChargePoint (NYSE:CHPT) last announced its earnings results on Thursday, December 4th. The company reported ($2.23) EPS for the quarter, missing the consensus estimate of ($1.35) by ($0.88). The firm had revenue of $105.67 million during the quarter, compared to analysts’ expectations of $96.51 million. ChargePoint had a negative net margin of 59.54% and a negative return on equity of 209.46%. During the same quarter in the prior year, the company earned ($1.94) EPS. Analysts predict that ChargePoint will post -0.57 EPS for the current fiscal year.

ChargePoint Company Profile

ChargePoint (NYSE: CHPT) is a leading provider of electric vehicle (EV) charging solutions that designs, develops and markets charging hardware, software and services. The company’s portfolio includes Level 2 AC charging stations for residential, commercial and fleet applications, as well as DC fast charging systems suited for retail, hospitality and public use. ChargePoint’s integrated platform enables site hosts to manage charging infrastructure through cloud-based monitoring, analytics and billing tools, while EV drivers access and control charging sessions via a mobile app or RFID card.

Since its founding in 2007 and headquarters in Campbell, California, ChargePoint has built one of the largest open EV charging networks in the world.