Royal Bank of Canada Cuts ChargePoint (NYSE:CHPT) Price Target to $2.00

ChargePoint (NYSE:CHPT) had its target price lowered by Royal Bank of Canada from $2.50 to $2.00 in a report published on Thursday morning,Benzinga reports. The brokerage currently has a sector perform rating on the stock.

Several other brokerages have also recently weighed in on CHPT. Evercore ISI dropped their price target on shares of ChargePoint from $6.00 to $4.00 and set an “outperform” rating on the stock in a research note on Thursday, September 5th. Stifel Nicolaus lowered their target price on ChargePoint from $3.00 to $2.00 and set a “hold” rating on the stock in a research report on Wednesday, October 30th. Needham & Company LLC restated a “hold” rating on shares of ChargePoint in a research report on Thursday. Capital One Financial raised ChargePoint to a “strong-buy” rating in a research report on Tuesday, September 17th. Finally, Benchmark reissued a “buy” rating and issued a $3.00 target price on shares of ChargePoint in a report on Wednesday, November 20th. Two investment analysts have rated the stock with a sell rating, ten have given a hold rating, three have given a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat, the stock currently has an average rating of “Hold” and a consensus price target of $2.47.

ChargePoint Stock Down 3.0 %

ChargePoint stock opened at $1.31 on Thursday. The stock has a market cap of $565.37 million, a PE ratio of -1.77 and a beta of 1.69. The company has a debt-to-equity ratio of 1.24, a quick ratio of 1.32 and a current ratio of 2.03. The stock has a fifty day moving average of $1.26 and a 200 day moving average of $1.56. ChargePoint has a one year low of $1.05 and a one year high of $3.13.

ChargePoint (NYSE:CHPT) last posted its quarterly earnings data on Wednesday, September 4th. The company reported ($0.15) earnings per share (EPS) for the quarter, hitting analysts’ consensus estimates of ($0.15). ChargePoint had a negative net margin of 72.62% and a negative return on equity of 96.95%. The company had revenue of $108.54 million for the quarter, compared to the consensus estimate of $114.15 million. As a group, sell-side analysts predict that ChargePoint will post -0.56 EPS for the current year.

Insider Buying and Selling at ChargePoint

In other ChargePoint news, CAO Henrik Gerdes sold 26,288 shares of the stock in a transaction 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 transaction, the chief accounting officer now owns 390,596 shares in the company, valued at $515,586.72. This trade represents a 6.31 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, CEO Richard Wilmer sold 27,252 shares of the business’s stock in a transaction dated Monday, September 23rd. The stock was sold at an average price of $1.35, for a total transaction of $36,790.20. Following the completion of the sale, the chief executive officer now owns 2,304,489 shares in the company, valued at approximately $3,111,060.15. This trade represents a 1.17 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 100,803 shares of company stock worth $135,295 in the last quarter. 3.50% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On ChargePoint

A number of institutional investors and hedge funds have recently modified their holdings of the stock. CIBC Asset Management Inc boosted its stake in shares of ChargePoint by 50.7% during the 2nd quarter. CIBC Asset Management Inc now owns 17,145 shares of the company’s stock worth $26,000 after purchasing an additional 5,770 shares during the period. Financial Advocates Investment Management purchased a new position in shares of ChargePoint during the third quarter valued at approximately $29,000. Delap Wealth Advisory LLC bought a new position in shares of ChargePoint during the second quarter valued at approximately $31,000. Perennial Investment Advisors LLC raised its holdings in shares of ChargePoint by 74.4% in the second quarter. Perennial Investment Advisors LLC now owns 24,380 shares of the company’s stock worth $37,000 after buying an additional 10,400 shares during the period. Finally, Vanguard Personalized Indexing Management LLC lifted its stake in shares of ChargePoint by 152.0% during the 2nd quarter. Vanguard Personalized Indexing Management LLC now owns 25,462 shares of the company’s stock worth $38,000 after acquiring an additional 15,358 shares during the last quarter. Hedge funds and other 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.