ChargePoint (NYSE:CHPT) PT Lowered to $7.00

ChargePoint (NYSE:CHPT) had its price objective cut by The Goldman Sachs Group from $10.00 to $7.00 in a research note released on Monday morning, Benzinga reports. They currently have a neutral rating on the stock.

A number of other research firms have also issued reports on CHPT. Bank of America reduced their target price on ChargePoint from $14.00 to $11.50 in a research note on Friday, September 8th. Needham & Company LLC reduced their target price on ChargePoint from $13.00 to $9.00 and set a buy rating on the stock in a research note on Thursday, September 7th. B. Riley cut their price target on ChargePoint from $12.00 to $11.00 and set a buy rating for the company in a report on Thursday, July 20th. Royal Bank of Canada started coverage on ChargePoint in a report on Friday, September 8th. They issued an outperform rating and a $9.00 price target for the company. Finally, Citigroup cut their price target on ChargePoint from $10.80 to $8.25 and set a neutral rating for the company in a report on Thursday, September 7th. Five investment analysts have rated the stock with a hold rating and eleven have issued a buy rating to the company. Based on data from MarketBeat.com, the company currently has an average rating of Moderate Buy and an average target price of $12.73.

ChargePoint Price Performance

Shares of NYSE:CHPT opened at $5.37 on Monday. ChargePoint has a 12 month low of $4.96 and a 12 month high of $18.25. The company has a debt-to-equity ratio of 1.07, a current ratio of 2.03 and a quick ratio of 1.97. The business’s 50 day simple moving average is $7.50 and its 200-day simple moving average is $8.49. The firm has a market capitalization of $1.90 billion, a price-to-earnings ratio of -5.07 and a beta of 1.62.

ChargePoint (NYSE:CHPT) last posted its earnings results on Wednesday, September 6th. The company reported ($0.35) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.13) by ($0.22). ChargePoint had a negative net margin of 65.71% and a negative return on equity of 106.73%. The company had revenue of $150.49 million during the quarter, compared to analysts’ expectations of $153.25 million. During the same period in the previous year, the company posted ($0.27) EPS. ChargePoint’s quarterly revenue was up 39.0% compared to the same quarter last year. As a group, equities analysts forecast that ChargePoint will post -0.92 earnings per share for the current fiscal year.

Insider Transactions at ChargePoint

In other news, General Counsel Rebecca Chavez sold 4,751 shares of the stock in a transaction dated Wednesday, June 21st. The shares were sold at an average price of $8.03, for a total transaction of $38,150.53. Following the transaction, the general counsel now owns 352,431 shares of the company’s stock, valued at $2,830,020.93. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. In other news, General Counsel Rebecca Chavez sold 4,751 shares of the stock in a transaction dated Wednesday, June 21st. The shares were sold at an average price of $8.03, for a total transaction of $38,150.53. Following the transaction, the general counsel now owns 352,431 shares of the company’s stock, valued at $2,830,020.93. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CEO Pasquale Romano sold 10,000 shares of the stock in a transaction dated Wednesday, June 21st. The stock was sold at an average price of $7.97, for a total transaction of $79,700.00. Following the transaction, the chief executive officer now directly owns 4,148,054 shares in the company, valued at approximately $33,059,990.38. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 4,603,078 shares of company stock valued at $27,261,447. Insiders own 12.90% of the company’s stock.

Institutional Investors Weigh In On ChargePoint

Several institutional investors and hedge funds have recently bought and sold shares of the business. Vanguard Group Inc. raised its stake in ChargePoint by 6.6% during the third quarter. Vanguard Group Inc. now owns 22,469,637 shares of the company’s stock worth $331,652,000 after acquiring an additional 1,396,280 shares during the period. BlackRock Inc. raised its stake in ChargePoint by 14.6% during the second quarter. BlackRock Inc. now owns 15,217,487 shares of the company’s stock worth $133,762,000 after acquiring an additional 1,939,710 shares during the period. State Street Corp raised its stake in ChargePoint by 5.7% during the second quarter. State Street Corp now owns 4,286,364 shares of the company’s stock worth $37,677,000 after acquiring an additional 229,805 shares during the period. RHO Capital Partners Inc. acquired a new stake in ChargePoint during the second quarter worth about $35,628,000. Finally, Geode Capital Management LLC raised its stake in ChargePoint by 8.3% during the second quarter. Geode Capital Management LLC now owns 3,942,418 shares of the company’s stock worth $34,654,000 after acquiring an additional 301,687 shares during the period. Institutional investors and hedge funds own 45.01% of the company’s stock.

About ChargePoint

ChargePoint Holdings, Inc, together with its subsidiaries, provides electric vehicle (EV) charging networks and charging solutions in the United States and internationally. It offers a portfolio of hardware, software, and services for commercial, fleet, and residential customers. ChargePoint Holdings, Inc was founded in 2007 and is headquartered in Campbell, California.