ChargePoint (NYSE:CHPT) Price Target Lowered to $7.00 at UBS Group

ChargePoint (NYSE:CHPT) had its target price cut by UBS Group from $9.00 to $7.00 in a research report report published on Monday morning,Benzinga reports. They currently have a neutral rating on the stock.

Several other brokerages have also recently commented on CHPT. Roth Mkm set a $8.50 target price on shares of ChargePoint and gave the stock a “neutral” rating in a report on Friday, December 5th. Royal Bank Of Canada lowered 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. JPMorgan Chase & Co. cut their price target 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. The Goldman Sachs Group restated a “sell” rating and set a $5.00 price objective on shares of ChargePoint in a research note on Thursday, January 15th. Finally, B. Riley Financial decreased their price objective on ChargePoint from $11.00 to $6.00 and set a “neutral” rating for the company in a report on Friday. One equities research analyst has rated the stock with a Buy rating, seven have given a Hold rating and three have issued a Sell rating to the company. According to data from MarketBeat, the company currently has an average rating of “Reduce” and an average target price of $9.89.

ChargePoint Price Performance

Shares of CHPT opened at $5.42 on Monday. The stock has a market capitalization of $128.16 million, a P/E ratio of -0.58 and a beta of 1.40. ChargePoint has a twelve month low of $5.23 and a twelve month high of $17.78. The company has a 50 day moving average of $6.28 and a 200-day moving average of $8.46. The company has a quick ratio of 0.93, a current ratio of 1.59 and a debt-to-equity ratio of 8.38.

Insiders Place Their Bets

In related news, insider Jagdeep Ca Singh sold 4,832 shares of the business’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 transaction, the insider directly owned 124,627 shares in the company, valued at approximately $871,142.73. The trade was a 3.73% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. 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 transaction of $27,561.57. Following the completion of the sale, the chief financial officer owned 130,363 shares of the company’s stock, valued at approximately $911,237.37. This represents a 2.94% decrease in their position. The SEC filing for this sale provides additional information. Over the last 90 days, insiders have sold 12,670 shares of company stock worth $88,534. 3.50% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On ChargePoint

Several hedge funds have recently bought and sold shares of CHPT. Goldman Sachs Group Inc. grew its holdings 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 purchasing an additional 1,448,114 shares during the period. AQR Capital Management LLC raised its stake in ChargePoint by 6,429.1% in the first quarter. AQR Capital Management LLC now owns 2,679,217 shares of the company’s stock valued at $1,553,000 after buying an additional 2,638,182 shares during the period. Invesco Ltd. raised its stake in ChargePoint by 18.4% in the second quarter. Invesco Ltd. now owns 2,483,139 shares of the company’s stock valued at $1,746,000 after buying an additional 385,258 shares during the period. Soviero Asset Management LP acquired a new stake in shares of ChargePoint in the second quarter valued at approximately $633,000. Finally, XTX Topco Ltd lifted its position 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 buying an additional 368,418 shares during the last quarter. 37.77% of the stock is currently owned by institutional investors and hedge funds.

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.