Stifel Nicolaus Cuts ChargePoint (NYSE:CHPT) Price Target to $2.00

ChargePoint (NYSE:CHPT) had its target price lowered by Stifel Nicolaus from $3.00 to $2.00 in a report published on Wednesday morning, Benzinga reports. Stifel Nicolaus currently has a hold rating on the stock.

A number of other equities analysts have also recently issued reports on CHPT. Royal Bank of Canada cut their price objective on shares of ChargePoint from $3.00 to $2.50 and set a “sector perform” rating on the stock in a research report on Thursday, September 5th. Needham & Company LLC cut their price objective on shares of ChargePoint from $3.00 to $2.00 and set a “buy” rating on the stock in a research report on Thursday, September 5th. Wolfe Research initiated coverage on shares of ChargePoint in a research report on Thursday, September 5th. They set a “peer perform” rating on the stock. Benchmark reissued a “buy” rating and set a $3.00 price objective on shares of ChargePoint in a research report on Thursday, September 5th. Finally, The Goldman Sachs Group cut their price objective on shares of ChargePoint from $1.50 to $1.25 and set a “sell” rating on the stock in a research report on Friday, September 6th. Two investment analysts have rated the stock with a sell rating, thirteen have issued a hold rating, four have assigned a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat.com, ChargePoint currently has an average rating of “Hold” and a consensus target price of $2.61.

ChargePoint Stock Performance

Shares of ChargePoint stock opened at $1.24 on Wednesday. The company has a current ratio of 2.03, a quick ratio of 1.32 and a debt-to-equity ratio of 1.24. The business has a 50-day moving average price of $1.41 and a two-hundred day moving average price of $1.62. ChargePoint has a 1-year low of $1.20 and a 1-year high of $3.54. The company has a market cap of $535.16 million, a P/E ratio of -1.25 and a beta of 1.70.

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

Insider Activity

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

Institutional Inflows and Outflows

Large investors have recently added to or reduced their stakes in the stock. Point72 Asset Management L.P. bought a new position in ChargePoint in the 2nd quarter worth about $13,007,000. Sanctuary Advisors LLC bought a new position in ChargePoint in the 2nd quarter worth about $138,000. AQR Capital Management LLC bought a new position in ChargePoint in the 2nd quarter worth about $1,310,000. Susquehanna Fundamental Investments LLC bought a new position in ChargePoint in the 1st quarter worth about $258,000. Finally, Vanguard Group Inc. boosted its stake in ChargePoint by 26.3% in the 1st quarter. Vanguard Group Inc. now owns 36,688,672 shares of the company’s stock worth $69,708,000 after purchasing an additional 7,645,210 shares during the period. Institutional investors own 37.77% of the company’s stock.

ChargePoint Company Profile

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.