ChargePoint (NYSE:CHPT) Hits New 52-Week Low Following Analyst Downgrade

ChargePoint Holdings, Inc. (NYSE:CHPT) shares hit a new 52-week low during trading on Thursday after Stifel Nicolaus lowered their price target on the stock from $3.00 to $2.00. Stifel Nicolaus currently has a hold rating on the stock. ChargePoint traded as low as $1.21 and last traded at $1.22, with a volume of 7103997 shares traded. The stock had previously closed at $1.25.

Several other research firms have also recently weighed in on CHPT. Capital One Financial upgraded shares of ChargePoint to a “strong-buy” rating in a research note on Tuesday, September 17th. Needham & Company LLC lowered their target price on shares of ChargePoint from $3.00 to $2.00 and set a “buy” rating on the stock in a report on Thursday, September 5th. Wolfe Research assumed coverage on ChargePoint in a report on Thursday, September 5th. They set a “peer perform” rating for the company. Royal Bank of Canada dropped their target price on shares of ChargePoint from $3.00 to $2.50 and set a “sector perform” rating for the company in a research note on Thursday, September 5th. Finally, Benchmark reaffirmed a “buy” rating and set a $3.00 price target on shares of ChargePoint in a research note on Thursday, September 5th. Two investment analysts have rated the stock with a sell rating, thirteen have assigned a hold rating, four have issued a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat, the stock currently has an average rating of “Hold” and an average target price of $2.61.

Insider Transactions at ChargePoint

In related news, CEO Richard Wilmer sold 27,252 shares of the business’s stock in a transaction that occurred on Monday, September 23rd. The stock was sold at an average price of $1.35, for a total value of $36,790.20. Following the completion of the transaction, the chief executive officer now directly owns 2,304,489 shares in the company, valued at approximately $3,111,060.15. The trade was a 0.00 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. In related news, CEO Richard Wilmer sold 27,252 shares of the business’s stock in a transaction on Monday, September 23rd. The shares were sold at an average price of $1.35, for a total value of $36,790.20. Following the sale, the chief executive officer now directly owns 2,304,489 shares of the company’s stock, valued at approximately $3,111,060.15. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, CAO Henrik Gerdes sold 26,288 shares of the stock in a transaction dated Friday, October 11th. The stock was sold at an average price of $1.32, for a total value of $34,700.16. Following the transaction, the chief accounting officer now owns 390,596 shares of the company’s stock, valued at approximately $515,586.72. This trade represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 100,803 shares of company stock valued at $135,295 over the last 90 days. 3.50% of the stock is owned by company insiders.

Hedge Funds Weigh In On ChargePoint

Several hedge funds have recently made changes to their positions in the business. CIBC Asset Management Inc lifted its position in shares of ChargePoint by 50.7% in the second quarter. CIBC Asset Management Inc now owns 17,145 shares of the company’s stock worth $26,000 after purchasing an additional 5,770 shares in the last quarter. Hsbc Holdings PLC boosted its stake in shares of ChargePoint by 41.4% during the 2nd quarter. Hsbc Holdings PLC now owns 26,397 shares of the company’s stock worth $39,000 after buying an additional 7,723 shares during the last quarter. Public Employees Retirement System of Ohio boosted its stake in shares of ChargePoint by 6.1% during the 1st quarter. Public Employees Retirement System of Ohio now owns 136,355 shares of the company’s stock worth $259,000 after buying an additional 7,838 shares during the last quarter. Capital Square LLC increased its position in shares of ChargePoint by 47.4% in the first quarter. Capital Square LLC now owns 24,880 shares of the company’s stock valued at $47,000 after acquiring an additional 8,000 shares during the last quarter. Finally, PFG Investments LLC raised its holdings in ChargePoint by 32.2% during the second quarter. PFG Investments LLC now owns 34,102 shares of the company’s stock worth $51,000 after acquiring an additional 8,297 shares in the last quarter. 37.77% of the stock is owned by institutional investors.

ChargePoint Stock Up 2.5 %

The company has a debt-to-equity ratio of 1.24, a current ratio of 2.03 and a quick ratio of 1.32. The firm has a 50-day moving average of $1.41 and a 200 day moving average of $1.62. The stock has a market capitalization of $530.84 million, a price-to-earnings ratio of -1.24 and a beta of 1.69.

ChargePoint (NYSE:CHPT) last issued its earnings results on Wednesday, September 4th. The company reported ($0.15) earnings per share (EPS) for the quarter, meeting analysts’ consensus estimates of ($0.15). ChargePoint had a negative net margin of 89.12% and a negative return on equity of 112.67%. The company had revenue of $108.54 million for the quarter, compared to analysts’ expectations of $114.15 million. As a group, sell-side analysts forecast that ChargePoint Holdings, Inc. will post -0.56 earnings per share for the current fiscal year.

About ChargePoint

ChargePoint Holdings, Inc, together with its subsidiaries, provides electric vehicle (EV) charging networks and charging solutions in the North America and Europe. The company serves commercial, such as retail, workplace, hospitality, parking, recreation, municipal, education, and highway fast charge; fleet, which include delivery, take home, logistics, motor pool, transit, and shared mobility; and residential including single family homes and multi-family apartments and condominiums customers.