ChargePoint Holdings, Inc. (NYSE:CHPT) Receives Consensus Recommendation of “Reduce” from Brokerages

Shares of ChargePoint Holdings, Inc. (NYSE:CHPT) have been given an average rating of “Reduce” by the ten brokerages that are covering the stock, Marketbeat.com reports. Three equities research analysts have rated the stock with a sell recommendation, six have issued a hold recommendation and one has issued a buy recommendation on the company. The average 12-month price target among brokers that have updated their coverage on the stock in the last year is $8.6250.

A number of research analysts recently issued reports on CHPT shares. JPMorgan Chase & Co. cut their price objective on ChargePoint from $8.00 to $5.00 and set an “underweight” rating for the company in a research note on Thursday, March 5th. Weiss Ratings reiterated a “sell (e+)” rating on shares of ChargePoint in a research note on Wednesday, January 21st. B. Riley Financial cut their price objective on ChargePoint from $11.00 to $6.00 and set a “neutral” rating for the company in a research note on Friday, March 13th. UBS Group cut their price objective on ChargePoint from $9.00 to $7.00 and set a “neutral” rating for the company in a research note on Monday, March 16th. Finally, The Goldman Sachs Group reiterated a “sell” rating and set a $5.00 price objective on shares of ChargePoint in a research note on Thursday, January 15th.

Institutional Inflows and Outflows

A number of hedge funds have recently made changes to their positions in the stock. Goldman Sachs Group Inc. boosted its stake in ChargePoint by 61.8% in the 1st quarter. Goldman Sachs Group Inc. now owns 3,790,823 shares of the company’s stock worth $2,293,000 after purchasing an additional 1,448,114 shares during the period. AQR Capital Management LLC boosted its stake in ChargePoint by 6,429.1% in the 1st quarter. AQR Capital Management LLC now owns 2,679,217 shares of the company’s stock worth $1,553,000 after purchasing an additional 2,638,182 shares during the period. Invesco Ltd. boosted its stake in ChargePoint by 18.4% in the 2nd quarter. Invesco Ltd. now owns 2,483,139 shares of the company’s stock worth $1,746,000 after purchasing an additional 385,258 shares during the period. Soviero Asset Management LP bought a new position in ChargePoint in the 2nd quarter worth approximately $633,000. Finally, Bank of America Corp DE boosted its stake in ChargePoint by 5.3% in the 2nd quarter. Bank of America Corp DE now owns 773,162 shares of the company’s stock worth $544,000 after purchasing an additional 38,667 shares during the period. 37.77% of the stock is currently owned by institutional investors.

ChargePoint Trading Up 2.6%

Shares of NYSE:CHPT opened at $4.93 on Tuesday. The stock has a 50 day moving average of $5.73 and a 200 day moving average of $7.87. The company has a market cap of $116.48 million, a PE ratio of -0.53 and a beta of 1.48. 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 $4.44 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.