ChargePoint Holdings, Inc. (NYSE:CHPT) Receives Consensus Rating of “Reduce” from Brokerages

Shares of ChargePoint Holdings, Inc. (NYSE:CHPT) have been assigned a consensus rating of “Reduce” from the twelve ratings firms that are covering the firm, MarketBeat.com reports. Three equities research analysts have rated the stock with a sell rating, eight have assigned a hold rating and one has issued a buy rating on the company. The average 12 month target price among brokerages that have issued a report on the stock in the last year is $12.65.

CHPT has been the subject of a number of analyst reports. Weiss Ratings restated a “sell (e+)” rating on shares of ChargePoint in a research note on Wednesday, October 8th. The Goldman Sachs Group reissued a “sell” rating and set a $10.00 price target (up from $9.00) on shares of ChargePoint in a research report on Monday, December 8th. TD Cowen cut their price objective on shares of ChargePoint from $30.00 to $11.00 and set a “hold” rating on the stock in a research report on Thursday, September 4th. Roth Capital set a $8.50 price objective on shares of ChargePoint and gave the stock a “neutral” rating in a research note on Friday, December 5th. Finally, UBS Group restated a “neutral” rating and issued a $9.00 target price (down from $12.00) on shares of ChargePoint in a research note on Monday, December 22nd.

Insiders Place Their Bets

In other news, insider Jagdeep Ca Singh sold 4,832 shares of the firm’s stock in a transaction on Tuesday, December 23rd. The stock was sold at an average price of $6.99, for a total value of $33,775.68. Following the completion of the sale, the insider owned 124,627 shares of the company’s stock, valued at $871,142.73. This trade represents a 3.73% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, CFO Mansi Khetani sold 3,943 shares of the company’s stock in a transaction dated Tuesday, December 23rd. The shares were sold at an average price of $6.99, for a total value of $27,561.57. Following the transaction, the chief financial officer directly owned 130,363 shares in the company, valued at $911,237.37. This represents a 2.94% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders sold a total of 12,670 shares of company stock valued at $88,534 in the last three months. Insiders own 3.50% of the company’s stock.

Hedge Funds Weigh In On ChargePoint

Hedge funds have recently modified their holdings of the stock. Catalyst Funds Management Pty Ltd acquired a new stake in ChargePoint in the 2nd quarter worth approximately $161,000. XTX Topco Ltd increased its stake in ChargePoint by 75.5% during the 2nd quarter. XTX Topco Ltd now owns 856,654 shares of the company’s stock valued at $602,000 after purchasing an additional 368,418 shares in the last quarter. Soviero Asset Management LP purchased a new position in shares of ChargePoint in the second quarter worth $633,000. International Assets Investment Management LLC acquired a new stake in shares of ChargePoint during the second quarter worth $27,000. Finally, IQ EQ FUND MANAGEMENT IRELAND Ltd acquired a new stake in shares of ChargePoint during the second quarter worth $98,000. Institutional investors and hedge funds own 37.77% of the company’s stock.

ChargePoint Price Performance

NYSE CHPT opened at $7.10 on Friday. The company has a market cap of $167.96 million, a PE ratio of -0.69 and a beta of 1.43. The firm’s 50 day moving average price is $8.95 and its 200-day moving average price is $10.97. The company has a debt-to-equity ratio of 8.38, a quick ratio of 0.93 and a current ratio of 1.59. ChargePoint has a 52-week low of $6.90 and a 52-week high of $26.00.

ChargePoint (NYSE:CHPT) last posted its earnings results on Thursday, December 4th. The company reported ($2.23) earnings per share for the quarter, missing analysts’ consensus estimates of ($1.35) by ($0.88). The company had revenue of $105.67 million for the quarter, compared to analysts’ expectations of $96.51 million. ChargePoint had a negative return on equity of 209.46% and a negative net margin of 59.54%.During the same quarter in the prior year, the company earned ($1.94) EPS. Sell-side analysts forecast that ChargePoint will post -0.57 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.