ChargePoint (NYSE:CHPT) Earns Buy Rating from Benchmark

ChargePoint (NYSE:CHPT)‘s stock had its “buy” rating reissued by Benchmark in a report released on Wednesday,Benzinga reports. They presently have a $3.00 price target on the stock. Benchmark’s price objective would suggest a potential upside of 165.49% from the stock’s current price.

Several other research analysts have also issued reports on the company. Capital One Financial raised ChargePoint to a “strong-buy” rating in a research report on Tuesday, September 17th. Evercore ISI decreased their price target on ChargePoint from $6.00 to $4.00 and set an “outperform” rating for the company in a report on Thursday, September 5th. UBS Group dropped their price objective on ChargePoint from $1.80 to $1.50 and set a “neutral” rating on the stock in a research note on Tuesday, October 15th. The Goldman Sachs Group decreased their target price on ChargePoint from $1.50 to $1.25 and set a “sell” rating for the company in a research note on Friday, September 6th. Finally, Wolfe Research initiated coverage on ChargePoint in a research note on Thursday, September 5th. They issued a “peer perform” rating on the stock. Two analysts have rated the stock with a sell rating, eleven have given a hold rating, three have given a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat, the stock has a consensus rating of “Hold” and an average target price of $2.47.

ChargePoint Trading Up 3.7 %

Shares of CHPT opened at $1.13 on Wednesday. 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 52-week low of $1.05 and a 52-week high of $3.13. The firm has a market cap of $487.69 million, a price-to-earnings ratio of -1.14 and a beta of 1.70. The business’s fifty day moving average is $1.30 and its 200-day moving average is $1.60.

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

Insider Activity

In related news, CAO Henrik Gerdes sold 26,288 shares of ChargePoint stock in a transaction on Friday, October 11th. The stock was 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 approximately $515,586.72. This trade represents a 6.31 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CFO Mansi Khetani sold 23,409 shares of the company’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 $31,602.15. Following the completion of the transaction, 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 ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 100,803 shares of company stock worth $135,295 over the last ninety days. Company insiders own 3.50% of the company’s stock.

Hedge Funds Weigh In On ChargePoint

Institutional investors have recently made changes to their positions in the stock. Point72 Asset Management L.P. bought a new position in ChargePoint in the second quarter valued at $13,007,000. Vanguard Group Inc. increased its position in shares of ChargePoint by 26.3% during the 1st quarter. Vanguard Group Inc. now owns 36,688,672 shares of the company’s stock valued at $69,708,000 after purchasing an additional 7,645,210 shares during the last quarter. Erste Asset Management GmbH purchased a new position in shares of ChargePoint during the 3rd quarter valued at about $2,570,000. AQR Capital Management LLC bought a new stake in ChargePoint in the 2nd quarter worth approximately $1,310,000. Finally, Skandinaviska Enskilda Banken AB publ boosted its stake in ChargePoint by 62.0% in the second quarter. Skandinaviska Enskilda Banken AB publ now owns 1,623,836 shares of the company’s stock worth $2,452,000 after buying an additional 621,536 shares in the last quarter. Institutional investors own 37.77% of the company’s stock.

About ChargePoint

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.