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

ChargePoint Holdings, Inc. (NYSE:CHPT) has been given an average recommendation of “Reduce” by the eleven brokerages that are covering the company, MarketBeat.com reports. Three equities research analysts have rated the stock with a sell rating, seven have issued a hold rating and one has issued a buy rating on the company. The average 1 year price objective among brokerages that have updated their coverage on the stock in the last year is $10.6667.

Several analysts recently commented on the company. B. Riley Financial dropped their target price on ChargePoint from $12.50 to $11.00 and set a “neutral” rating on the stock in a report on Wednesday, December 10th. JPMorgan Chase & Co. lowered their price target on shares of ChargePoint from $8.00 to $5.00 and set an “underweight” rating on the stock in a report on Thursday, March 5th. Weiss Ratings restated a “sell (e+)” rating on shares of ChargePoint in a research report on Wednesday, January 21st. Roth Mkm set a $8.50 price objective on shares of ChargePoint and gave the company a “neutral” rating in a report on Friday, December 5th. Finally, UBS Group restated a “neutral” rating and issued a $9.00 price objective (down from $12.00) on shares of ChargePoint in a research report on Monday, December 22nd.

Insider Activity

In other news, insider Jagdeep Ca Singh sold 4,832 shares of the company’s stock in a transaction on Tuesday, December 23rd. The shares were sold at an average price of $6.99, for a total transaction of $33,775.68. Following the completion of the sale, the insider owned 124,627 shares of the company’s stock, valued at $871,142.73. This represents a 3.73% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CFO Mansi Khetani sold 3,943 shares of the firm’s stock in a transaction dated Tuesday, December 23rd. The stock was sold at an average price of $6.99, for a total transaction of $27,561.57. Following the completion of the transaction, the chief financial officer directly owned 130,363 shares in the company, valued at approximately $911,237.37. This represents a 2.94% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. In the last quarter, insiders sold 12,670 shares of company stock worth $88,534. Company insiders own 3.50% of the company’s stock.

Institutional Inflows and Outflows

Institutional investors have recently modified their holdings of the stock. AQR Capital Management LLC increased its holdings in shares of ChargePoint by 6,429.1% during the 1st quarter. AQR Capital Management LLC now owns 2,679,217 shares of the company’s stock worth $1,553,000 after buying an additional 2,638,182 shares during the last quarter. Integrated Wealth Concepts LLC lifted its position in ChargePoint by 2,885.1% in the first quarter. Integrated Wealth Concepts LLC now owns 461,771 shares of the company’s stock valued at $279,000 after buying an additional 446,302 shares during the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. lifted its position in ChargePoint by 14.6% in the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 283,924 shares of the company’s stock valued at $172,000 after buying an additional 36,097 shares during the last quarter. Goldman Sachs Group Inc. boosted its stake in ChargePoint by 61.8% during the first quarter. Goldman Sachs Group Inc. now owns 3,790,823 shares of the company’s stock worth $2,293,000 after buying an additional 1,448,114 shares during the period. Finally, Focus Partners Wealth purchased a new stake in shares of ChargePoint in the 1st quarter valued at approximately $27,000. Hedge funds and other institutional investors own 37.77% of the company’s stock.

ChargePoint Stock Performance

Shares of NYSE CHPT opened at $5.37 on Friday. The company has a 50 day simple moving average of $6.35 and a two-hundred day simple moving average of $8.59. The stock has a market cap of $126.88 million, a price-to-earnings ratio of -0.58 and a beta of 1.40. The company has a current ratio of 1.59, a quick ratio of 0.93 and a debt-to-equity ratio of 8.38. ChargePoint has a 12 month low of $5.25 and a 12 month high of $17.78.

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.