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

Shares of ChargePoint Holdings, Inc. (NYSE:CHPT) have been assigned a consensus rating of “Reduce” from the ten ratings firms that are covering the stock, MarketBeat Ratings reports. Three analysts have rated the stock with a sell rating, six have assigned a hold rating and one has assigned a buy rating to the company. The average 1 year target price among brokers that have issued a report on the stock in the last year is $8.6250.

Several equities research analysts have commented on CHPT shares. Wall Street Zen upgraded shares of ChargePoint from a “sell” rating to a “hold” rating in a research note on Saturday, April 11th. Royal Bank Of Canada decreased their price objective on shares of ChargePoint from $9.00 to $6.50 and set a “sector perform” rating for the company in a research note on Thursday, March 5th. B. Riley Financial decreased their price objective on shares of ChargePoint from $11.00 to $6.00 and set a “neutral” rating for the company in a research note on Friday, March 13th. UBS Group decreased their price objective on shares of ChargePoint from $9.00 to $7.00 and set a “neutral” rating for the company in a research note on Monday, March 16th. Finally, JPMorgan Chase & Co. decreased their price objective on shares of ChargePoint from $8.00 to $5.00 and set an “underweight” rating for the company in a research note on Thursday, March 5th.

Insider Buying and Selling

In other news, CEO Richard Wilmer acquired 46,847 shares of the firm’s stock in a transaction on Monday, April 13th. The stock was purchased at an average price of $5.34 per share, for a total transaction of $250,162.98. Following the purchase, the chief executive officer owned 511,224 shares in the company, valued at approximately $2,729,936.16. This represents a 10.09% increase in their position. The purchase was disclosed in a document filed with the SEC, which can be accessed through the SEC website. In the last ninety days, insiders have sold 8,685 shares of company stock valued at $46,031. Company insiders own 3.50% of the company’s stock.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently modified their holdings of CHPT. AQR Capital Management LLC grew its position in shares of ChargePoint by 6,429.1% during the 1st quarter. AQR Capital Management LLC now owns 2,679,217 shares of the company’s stock valued at $1,553,000 after acquiring an additional 2,638,182 shares during the period. Goldman Sachs Group Inc. grew its position in shares of ChargePoint by 61.8% during 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 period. Brevan Howard Capital Management LP bought a new position in shares of ChargePoint during the 2nd quarter valued at approximately $517,000. Qube Research & Technologies Ltd bought a new position in shares of ChargePoint during the 2nd quarter valued at approximately $518,000. Finally, Two Sigma Securities LLC grew its position in shares of ChargePoint by 4,060.7% during the 2nd quarter. Two Sigma Securities LLC now owns 679,693 shares of the company’s stock valued at $478,000 after acquiring an additional 663,357 shares during the period. 37.77% of the stock is owned by institutional investors.

ChargePoint Trading Up 4.7%

CHPT opened at $7.35 on Wednesday. The company has a debt-to-equity ratio of 10.73, a current ratio of 1.20 and a quick ratio of 0.64. ChargePoint has a fifty-two week low of $4.44 and a fifty-two week high of $17.78. The firm has a market capitalization of $173.83 million, a PE ratio of -0.79 and a beta of 1.69. The company’s 50-day moving average is $5.95 and its 200 day moving average is $6.73.

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.