Needham & Company LLC Reiterates Hold Rating for ChargePoint (NYSE:CHPT)

ChargePoint (NYSE:CHPT)‘s stock had its “hold” rating reaffirmed by investment analysts at Needham & Company LLC in a research note issued on Wednesday,Benzinga reports.

Other equities research analysts have also issued research reports about the stock. Royal Bank of Canada cut their price target on shares of ChargePoint from $2.50 to $2.00 and set a “sector perform” rating on the stock in a report on Thursday, December 5th. Benchmark reaffirmed a “buy” rating and set a $3.00 price objective on shares of ChargePoint in a research report on Wednesday, November 20th. UBS Group dropped their price objective on shares of ChargePoint from $1.50 to $1.30 and set a “neutral” rating on the stock in a research note on Tuesday, December 10th. Finally, The Goldman Sachs Group lowered their price target on shares of ChargePoint from $1.00 to $0.75 and set a “sell” rating on the stock in a report on Thursday, February 20th. Two analysts have rated the stock with a sell rating, seven have issued a hold rating, two have given a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat.com, the stock currently has an average rating of “Hold” and an average price target of $2.13.

ChargePoint Trading Down 3.0 %

Shares of NYSE:CHPT opened at $0.70 on Wednesday. The company has a 50 day moving average of $0.92 and a 200-day moving average of $1.20. The company has a current ratio of 1.94, a quick ratio of 1.24 and a debt-to-equity ratio of 1.65. The firm has a market cap of $310.52 million, a P/E ratio of -0.95 and a beta of 1.85. ChargePoint has a twelve month low of $0.56 and a twelve month high of $2.44.

ChargePoint (NYSE:CHPT) last posted its quarterly earnings data on Tuesday, March 4th. The company reported ($0.09) earnings per share for the quarter, missing the consensus estimate of ($0.08) by ($0.01). ChargePoint had a negative net margin of 72.62% and a negative return on equity of 106.28%. The business had revenue of $101.89 million for the quarter, compared to the consensus estimate of $100.99 million. As a group, analysts anticipate that ChargePoint will post -0.57 earnings per share for the current fiscal year.

Insider Transactions at ChargePoint

In other news, CFO Mansi Khetani sold 22,038 shares of the company’s stock in a transaction that occurred on Monday, December 23rd. The shares were sold at an average price of $1.14, for a total value of $25,123.32. Following the completion of the transaction, the chief financial officer now owns 1,230,305 shares in the company, valued at $1,402,547.70. This represents a 1.76 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, insider Jagdeep Ca Singh sold 36,574 shares of the company’s stock in a transaction on Monday, December 23rd. The stock was sold at an average price of $1.14, for a total transaction of $41,694.36. Following the completion of the transaction, the insider now directly owns 1,161,430 shares of the company’s stock, valued at approximately $1,324,030.20. The trade was a 3.05 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 87,148 shares of company stock valued at $99,349. Corporate insiders own 3.50% of the company’s stock.

Institutional Trading of ChargePoint

Hedge funds and other institutional investors have recently made changes to their positions in the business. Perennial Advisors LLC acquired a new stake in ChargePoint in the 4th quarter valued at $26,000. Brevan Howard Capital Management LP acquired a new stake in shares of ChargePoint in the fourth quarter valued at about $27,000. Point72 Asia Singapore Pte. Ltd. raised its holdings in ChargePoint by 131.0% during the third quarter. Point72 Asia Singapore Pte. Ltd. now owns 36,628 shares of the company’s stock worth $50,000 after acquiring an additional 20,773 shares in the last quarter. Cibc World Markets Corp acquired a new position in ChargePoint during the fourth quarter valued at approximately $40,000. Finally, Callan Family Office LLC acquired a new position in shares of ChargePoint during the 4th quarter worth approximately $45,000. 37.77% of the stock is currently owned by institutional investors and hedge funds.

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.