Needham & Company LLC Downgrades ChargePoint (NYSE:CHPT) to Hold

ChargePoint (NYSE:CHPT) was downgraded by equities research analysts at Needham & Company LLC from a “buy” rating to a “hold” rating in a report released on Tuesday, MarketBeat Ratings reports.

Other research analysts have also recently issued research reports about the stock. Capital One Financial raised shares of ChargePoint to a “strong-buy” rating in a research report on Tuesday, September 17th. UBS Group decreased their target price on shares of ChargePoint from $1.80 to $1.50 and set a “neutral” rating on the stock in a report on Tuesday, October 15th. Evercore ISI reduced their price target on shares of ChargePoint from $6.00 to $4.00 and set an “outperform” rating on the stock in a research report on Thursday, September 5th. Wolfe Research initiated coverage on ChargePoint in a research report on Thursday, September 5th. They issued a “peer perform” rating on the stock. Finally, Stifel Nicolaus cut their price objective on ChargePoint from $3.00 to $2.00 and set a “hold” rating for the company in a research report on Wednesday, October 30th. Two equities research analysts have rated the stock with a sell rating, eleven have issued a hold rating, three have assigned a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat.com, the company has an average rating of “Hold” and an average target price of $2.47.

ChargePoint Price Performance

NYSE:CHPT opened at $1.10 on Tuesday. The firm’s fifty day moving average is $1.30 and its two-hundred day moving average is $1.60. The firm has a market cap of $472.58 million, a price-to-earnings ratio of -1.11 and a beta of 1.70. The company has a debt-to-equity ratio of 1.24, a quick ratio of 1.32 and a current ratio of 2.03. ChargePoint has a one year low of $1.08 and a one year high of $3.13.

ChargePoint (NYSE:CHPT) last released its quarterly earnings data on Wednesday, September 4th. The company reported ($0.15) earnings per share 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 during the quarter, compared to analysts’ expectations of $114.15 million. Research analysts expect that ChargePoint will post -0.56 EPS for the current year.

Insider Activity

In other ChargePoint news, CFO Mansi Khetani sold 23,409 shares of the stock in a transaction that occurred on Monday, September 23rd. The shares were sold at an average price of $1.35, for a total value of $31,602.15. Following the completion of the sale, the chief financial officer now owns 849,084 shares in the company, valued at $1,146,263.40. This represents a 2.68 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CAO Henrik Gerdes sold 26,288 shares of ChargePoint stock in a transaction that occurred on Friday, October 11th. The shares were sold at an average price of $1.32, for a total transaction of $34,700.16. Following the completion of the sale, the chief accounting officer now owns 390,596 shares of the company’s stock, valued at $515,586.72. This trade represents a 6.31 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders sold 100,803 shares of company stock worth $135,295. Corporate insiders own 3.50% of the company’s stock.

Institutional Trading of ChargePoint

Several large investors have recently modified their holdings of the company. CreativeOne Wealth LLC acquired a new position in ChargePoint during the 1st quarter valued at $30,000. CIBC Asset Management Inc grew its stake in ChargePoint by 50.7% during the second quarter. CIBC Asset Management Inc now owns 17,145 shares of the company’s stock worth $26,000 after buying an additional 5,770 shares during the last quarter. Delap Wealth Advisory LLC bought a new position in shares of ChargePoint in the second quarter valued at approximately $31,000. Financial Advocates Investment Management acquired a new position in shares of ChargePoint in the 3rd quarter worth approximately $29,000. Finally, Perennial Investment Advisors LLC increased its holdings in ChargePoint by 74.4% during the 2nd quarter. Perennial Investment Advisors LLC now owns 24,380 shares of the company’s stock valued at $37,000 after purchasing an additional 10,400 shares in the last quarter. 37.77% of the stock is owned by institutional investors.

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.