B. Riley Financial Has Lowered Expectations for ChargePoint (NYSE:CHPT) Stock Price

ChargePoint (NYSE:CHPT) had its target price reduced by research analysts at B. Riley Financial from $11.00 to $6.00 in a research report issued on Friday,Benzinga reports. The brokerage presently has a “neutral” rating on the stock. B. Riley Financial’s target price suggests a potential upside of 12.68% from the company’s current price.

A number of other research analysts also recently commented on CHPT. UBS Group reaffirmed a “neutral” rating and set a $9.00 price objective (down from $12.00) on shares of ChargePoint in a research note on Monday, December 22nd. JPMorgan Chase & Co. decreased their target price on shares of ChargePoint from $8.00 to $5.00 and set an “underweight” rating on the stock in a research report on Thursday, March 5th. Roth Mkm set a $8.50 target price on shares of ChargePoint and gave the company a “neutral” rating in a report on Friday, December 5th. The Goldman Sachs Group reaffirmed a “sell” rating and set a $5.00 price target on shares of ChargePoint in a research report on Thursday, January 15th. Finally, Royal Bank Of Canada cut their price target on shares of ChargePoint from $9.00 to $6.50 and set a “sector perform” rating on the stock in a research note on Thursday, March 5th. One research analyst has rated the stock with a Buy rating, seven have assigned a Hold rating and three have assigned a Sell rating to the company’s stock. According to MarketBeat, the company currently has a consensus rating of “Reduce” and an average price target of $10.11.

ChargePoint Stock Performance

NYSE CHPT opened at $5.33 on Friday. The business’s 50-day moving average price is $6.31 and its 200 day moving average price is $8.52. 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 twelve month low of $5.23 and a twelve month high of $17.78. The company has a market capitalization of $125.94 million, a PE ratio of -0.57 and a beta of 1.40.

Insider Transactions at ChargePoint

In related news, insider Jagdeep Ca Singh sold 4,832 shares of the stock in a transaction that occurred 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 approximately $871,142.73. This represents a 3.73% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CFO Mansi Khetani sold 3,943 shares of the firm’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 transaction of $27,561.57. Following the completion of the transaction, the chief financial officer owned 130,363 shares in the company, valued at $911,237.37. The trade was a 2.94% decrease in their position. The disclosure for this sale is available in the SEC filing. Over the last 90 days, insiders sold 12,670 shares of company stock worth $88,534. Company insiders own 3.50% of the company’s stock.

Institutional Investors Weigh In On ChargePoint

Institutional investors have recently bought and sold shares of the business. Catalyst Funds Management Pty Ltd purchased a new position in shares of ChargePoint in the 2nd quarter valued at $161,000. XTX Topco Ltd lifted its holdings in shares of ChargePoint by 75.5% during the 2nd quarter. XTX Topco Ltd now owns 856,654 shares of the company’s stock valued at $602,000 after acquiring an additional 368,418 shares in the last quarter. Soviero Asset Management LP purchased a new stake in ChargePoint during the 2nd quarter worth $633,000. Perennial Investment Advisors LLC increased its holdings in ChargePoint by 36.8% in the 2nd quarter. Perennial Investment Advisors LLC now owns 96,650 shares of the company’s stock valued at $68,000 after purchasing an additional 26,000 shares in the last quarter. Finally, Northwestern Mutual Wealth Management Co. increased its holdings in ChargePoint by 12,808.6% in the 4th quarter. Northwestern Mutual Wealth Management Co. now owns 237,906 shares of the company’s stock valued at $1,580,000 after purchasing an additional 236,063 shares in the last quarter. 37.77% of the stock is currently owned by hedge funds and other institutional investors.

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.