Brokerages Set ChargePoint Holdings, Inc. (NYSE:CHPT) Target Price at $8.31

Shares of ChargePoint Holdings, Inc. (NYSE:CHPT) have earned a consensus rating of “Reduce” from the ten ratings firms that are currently covering the company, MarketBeat Ratings reports. Three analysts have rated the stock with a sell rating, six have assigned a hold rating and one has issued a buy rating on the company. The average 1 year target price among brokers that have issued ratings on the stock in the last year is $8.3125.

Several analysts have issued reports on CHPT shares. Weiss Ratings restated a “sell (e+)” rating on shares of ChargePoint in a report on Monday, April 20th. Needham & Company LLC reiterated a “hold” rating on shares of ChargePoint in a report on Thursday, June 4th. Royal Bank Of Canada reissued a “sector perform” rating and issued a $6.50 target price on shares of ChargePoint in a research report on Thursday, June 4th. TD Cowen restated a “hold” rating and set a $7.50 price target (up from $7.00) on shares of ChargePoint in a report on Wednesday, June 17th. Finally, UBS Group restated a “neutral” rating and issued a $8.00 price target (up from $7.00) on shares of ChargePoint in a research report on Tuesday, June 23rd.

Insider Activity

In other ChargePoint news, insider Jagdeep Ca Singh sold 9,719 shares of the business’s stock in a transaction on Tuesday, June 23rd. The shares were sold at an average price of $7.14, for a total transaction of $69,393.66. Following the sale, the insider directly owned 187,846 shares of the company’s stock, valued at $1,341,220.44. The trade was a 4.92% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, insider John David Vice sold 4,072 shares of the stock in a transaction on Tuesday, June 23rd. The shares were sold at an average price of $7.13, for a total value of $29,033.36. Following the completion of the sale, the insider owned 171,507 shares of the company’s stock, valued at $1,222,844.91. The trade was a 2.32% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. The sale was made to cover tax withholding obligations related to the vesting of equity awards. In the last quarter, insiders have sold 29,164 shares of company stock valued at $208,037. 4.20% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On ChargePoint

A number of institutional investors have recently bought and sold shares of CHPT. AQR Capital Management LLC grew its position in ChargePoint by 6,429.1% during the first quarter. AQR Capital Management LLC now owns 2,679,217 shares of the company’s stock valued at $1,553,000 after purchasing an additional 2,638,182 shares in the last quarter. Goldman Sachs Group Inc. lifted its position 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 buying an additional 1,448,114 shares in the last quarter. Brevan Howard Capital Management LP purchased a new stake in ChargePoint in the 2nd quarter worth approximately $517,000. Qube Research & Technologies Ltd acquired a new stake in shares of ChargePoint during the 2nd quarter valued at $518,000. Finally, Two Sigma Securities LLC boosted its stake in shares of ChargePoint by 4,060.7% during the 2nd quarter. Two Sigma Securities LLC now owns 679,693 shares of the company’s stock valued at $478,000 after buying an additional 663,357 shares during the period. 37.77% of the stock is currently owned by institutional investors and hedge funds.

ChargePoint Stock Performance

CHPT opened at $5.64 on Thursday. The company has a quick ratio of 0.56, a current ratio of 1.15 and a debt-to-equity ratio of 10.73. The firm has a market cap of $137.85 million, a PE ratio of -0.65 and a beta of 1.72. The business has a fifty day simple moving average of $6.70 and a 200-day simple moving average of $6.31. ChargePoint has a fifty-two week low of $4.44 and a fifty-two week high of $13.59.

ChargePoint (NYSE:CHPT) last announced its earnings results on Wednesday, June 3rd. The company reported ($1.75) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($1.11) by ($0.64). ChargePoint had a negative return on equity of 504.42% and a negative net margin of 49.66%.The company had revenue of $101.82 million for the quarter, compared to analyst estimates of $95.64 million. As a group, equities analysts predict that ChargePoint will post -5.48 EPS for the current fiscal year.

About ChargePoint

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.