ChargePoint Holdings, Inc. (NYSE:CHPT) Stock Has Average Target Price of $7.07 According to Brokerages

Shares of ChargePoint Holdings, Inc. (NYSE:CHPT) have been given an average rating of “Reduce” by the ten ratings firms that are covering the company, MarketBeat.com reports. Three research analysts have rated the stock with a sell rating and seven have given a hold rating to the company. The average twelve-month price target among brokerages that have updated their coverage on the stock in the last year is $7.07.

CHPT has been the subject of several recent analyst reports. Oppenheimer reaffirmed a “market perform” rating on shares of ChargePoint in a research note on Thursday, September 3rd. Needham & Company LLC restated a “hold” rating on shares of ChargePoint in a research report on Thursday, September 3rd. UBS Group restated a “neutral” rating and issued a $9.00 target price (up from $8.00) on shares of ChargePoint in a research note on Tuesday, September 22nd. Weiss Ratings reaffirmed a “sell (e+)” rating on shares of ChargePoint in a report on Friday, July 17th. Finally, B. Riley Financial reiterated a “neutral” rating on shares of ChargePoint in a research report on Friday, September 4th.

Insider Activity

In other news, insider Jagdeep Singh sold 5,965 shares of the firm’s stock in a transaction on Tuesday, September 22nd. The shares were sold at an average price of $9.86, for a total transaction of $58,814.90. Following the sale, the insider owned 182,381 shares in the company, valued at approximately $1,798,276.66. This trade represents a 3.17% decrease in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, CFO Mansi Khetani sold 4,931 shares of ChargePoint stock in a transaction dated Tuesday, September 22nd. The stock was sold at an average price of $9.86, for a total value of $48,619.66. Following the sale, the chief financial officer directly owned 174,417 shares of the company’s stock, valued at approximately $1,719,751.62. This trade represents a 2.75% decrease in their position. The disclosure for this sale is available in the SEC filing. The sale was made to cover tax withholding obligations related to the vesting of equity awards. In the last quarter, insiders have sold 16,682 shares of company stock worth $164,485. 4.20% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

Several large investors have recently made changes to their positions in CHPT. Squarepoint Ops LLC grew its stake in ChargePoint by 70.8% during the 2nd quarter. Squarepoint Ops LLC now owns 25,242 shares of the company’s stock worth $149,000 after buying an additional 10,464 shares during the last quarter. Bank of New York Mellon Corp acquired a new position in ChargePoint during the second quarter worth approximately $344,000. Renaissance Technologies LLC lifted its stake in ChargePoint by 77.7% in the first quarter. Renaissance Technologies LLC now owns 144,059 shares of the company’s stock valued at $700,000 after buying an additional 63,000 shares during the last quarter. Hsbc Holdings PLC raised its position in ChargePoint by 40.0% in the 1st quarter. Hsbc Holdings PLC now owns 15,220 shares of the company’s stock valued at $75,000 after purchasing an additional 4,352 shares during the last quarter. Finally, R Squared Ltd acquired a new stake in ChargePoint during the 1st quarter worth $59,000. 37.77% of the stock is owned by hedge funds and other institutional investors.

ChargePoint Stock Down 9.0%

CHPT opened at $9.29 on Tuesday. The company has a 50 day moving average of $7.37 and a 200 day moving average of $6.64. The company has a market cap of $249.30 million, a PE ratio of -1.29 and a beta of 1.70. ChargePoint has a 12 month low of $4.44 and a 12 month high of $12.61. The company has a current ratio of 1.07, a quick ratio of 0.57 and a debt-to-equity ratio of 10.73.

ChargePoint (NYSE:CHPT) last issued its earnings results on Wednesday, September 2nd. The company reported ($1.35) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($1.57) by $0.22. The business had revenue of $116.08 million for the quarter, compared to analysts’ expectations of $105.21 million. ChargePoint had a negative net margin of 40.59% and a negative return on equity of 3,366.29%. On average, sell-side analysts expect that ChargePoint will post -3.75 EPS for the current year.

ChargePoint Company Profile

ChargePoint Holdings, Inc operates an electric vehicle (EV) charging network and provides charging hardware, software and related services. Its platform is designed to support drivers, businesses, fleet operators, property owners and other organizations managing EV charging infrastructure.

The company offers Level 2 and DC fast-charging stations, cloud-based software for monitoring and managing charging activity, payment and access tools, and services such as installation, maintenance and customer support.