ChargePoint Holdings, Inc. (NYSE:CHPT) Given Consensus Recommendation of “Reduce” by Brokerages

Shares of ChargePoint Holdings, Inc. (NYSE:CHPT) have been given an average rating of “Reduce” by the twelve ratings firms that are currently covering the company, MarketBeat Ratings reports. Three 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 twelve-month price target among brokers that have updated their coverage on the stock in the last year is $12.15.

Several brokerages recently weighed in on CHPT. The Goldman Sachs Group restated a “sell” rating and set a $5.00 target price on shares of ChargePoint in a research note on Thursday, January 15th. Royal Bank Of Canada restated a “sector perform” rating and set a $9.00 price target (down previously from $10.00) on shares of ChargePoint in a research note on Friday, December 5th. B. Riley Financial cut their price objective on shares of ChargePoint from $12.50 to $11.00 and set a “neutral” rating on the stock in a report on Wednesday, December 10th. Roth Mkm set a $8.50 target price on shares of ChargePoint and gave the stock a “neutral” rating in a research note on Friday, December 5th. Finally, Weiss Ratings reissued a “sell (e+)” rating on shares of ChargePoint in a research report on Wednesday, January 21st.

Insiders Place Their Bets

In other news, CFO Mansi Khetani sold 3,943 shares of the stock in a transaction dated Tuesday, December 23rd. The stock was 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 of the company’s stock, valued at approximately $911,237.37. This represents a 2.94% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider Jagdeep Ca Singh sold 4,832 shares of the firm’s stock in a transaction dated 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 transaction, the insider owned 124,627 shares of the company’s stock, valued at approximately $871,142.73. The trade was a 3.73% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders have sold 12,670 shares of company stock worth $88,534 over the last three months. Corporate insiders own 3.50% of the company’s stock.

Hedge Funds Weigh In On ChargePoint

Several hedge funds and other institutional investors have recently bought and sold shares of the business. Goldman Sachs Group Inc. boosted its holdings in shares of ChargePoint by 61.8% in the 1st quarter. Goldman Sachs Group Inc. now owns 3,790,823 shares of the company’s stock valued at $2,293,000 after acquiring an additional 1,448,114 shares during the last quarter. AQR Capital Management LLC boosted its holdings 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 purchasing an additional 2,638,182 shares during the last quarter. Invesco Ltd. grew its position in ChargePoint by 18.4% during the 2nd quarter. Invesco Ltd. now owns 2,483,139 shares of the company’s stock worth $1,746,000 after purchasing an additional 385,258 shares during the period. Soviero Asset Management LP acquired a new stake in ChargePoint during the 2nd quarter worth about $633,000. Finally, XTX Topco Ltd raised its stake in shares of 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 buying an additional 368,418 shares during the last quarter. Institutional investors and hedge funds own 37.77% of the company’s stock.

ChargePoint Trading Up 3.0%

NYSE CHPT opened at $5.89 on Monday. ChargePoint has a 52 week low of $5.53 and a 52 week high of $17.78. The company has a 50 day moving average price of $6.97 and a 200 day moving average price of $9.21. The company has a quick ratio of 0.93, a current ratio of 1.59 and a debt-to-equity ratio of 8.38. The firm has a market cap of $139.32 million, a PE ratio of -0.57 and a beta of 1.40.

ChargePoint (NYSE:CHPT) last announced its earnings results on Thursday, December 4th. The company reported ($2.23) earnings per share for the quarter, missing the consensus estimate of ($1.35) by ($0.88). The firm had revenue of $105.67 million during the quarter, compared to analyst estimates of $96.51 million. ChargePoint had a negative net margin of 59.54% and a negative return on equity of 209.46%. During the same quarter last year, the business earned ($1.94) earnings per share. As a group, sell-side analysts forecast that ChargePoint will post -0.57 EPS for the current fiscal year.

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.