ChargePoint Holdings, Inc. (NYSE:CHPT) Receives $8.31 Average PT from Analysts

Shares of ChargePoint Holdings, Inc. (NYSE:CHPT) have received a consensus recommendation of “Reduce” from the eleven brokerages that are currently covering the stock, Marketbeat reports. Three analysts have rated the stock with a sell rating and eight have given a hold rating to the company. The average twelve-month target price among brokerages that have issued a report on the stock in the last year is $6.9286.

CHPT has been the topic of several research analyst reports. Oppenheimer reaffirmed a “market perform” rating on shares of ChargePoint in a report on Thursday, September 3rd. B Riley reissued a “neutral” rating on shares of ChargePoint in a research note on Friday. Weiss Ratings reissued a “sell (e+)” rating on shares of ChargePoint in a report on Friday, July 17th. Needham & Company LLC reaffirmed a “hold” rating on shares of ChargePoint in a report on Thursday, September 3rd. Finally, UBS Group reaffirmed a “neutral” rating and set a $8.00 price target (up from $7.00) on shares of ChargePoint in a research note on Tuesday, June 23rd.

ChargePoint Trading Down 4.9%

Shares of ChargePoint stock opened at $9.41 on Friday. The company’s 50-day moving average price is $6.10 and its 200-day moving average price is $6.22. The company has a current ratio of 1.15, a quick ratio of 0.56 and a debt-to-equity ratio of 10.73. ChargePoint has a 12-month low of $4.44 and a 12-month high of $12.61. The company has a market cap of $229.73 million, a price-to-earnings ratio of -1.31 and a beta of 1.77.

ChargePoint (NYSE:CHPT) last posted its earnings results on Wednesday, September 2nd. The company reported ($1.35) earnings per share for the quarter, topping analysts’ consensus estimates of ($1.57) by $0.22. ChargePoint had a negative net margin of 40.59% and a negative return on equity of 723.17%. The business had revenue of $116.08 million for the quarter, compared to analyst estimates of $105.21 million. On average, equities analysts expect that ChargePoint will post -5.48 earnings per share for the current fiscal year.

Insider Buying and Selling

In other news, CFO Mansi Khetani sold 8,152 shares of the company’s stock in a transaction dated Tuesday, June 23rd. The shares were sold at an average price of $7.13, for a total transaction of $58,123.76. Following the completion of the transaction, the chief financial officer directly owned 179,348 shares of the company’s stock, valued at approximately $1,278,751.24. This represents a 4.35% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, General Counsel Eric Batill sold 4,979 shares of the company’s stock in a transaction that occurred on Tuesday, June 23rd. The shares were sold at an average price of $7.13, for a total value of $35,500.27. Following the transaction, the general counsel directly owned 143,631 shares of the company’s stock, valued at $1,024,089.03. The trade was a 3.35% 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 90 days, insiders sold 29,164 shares of company stock worth $208,037. Insiders own 4.20% of the company’s stock.

Hedge Funds Weigh In On ChargePoint

Hedge funds and other institutional investors have recently modified their holdings of the stock. Squarepoint Ops LLC boosted its position in shares of ChargePoint by 70.8% during the second quarter. Squarepoint Ops LLC now owns 25,242 shares of the company’s stock valued at $149,000 after purchasing an additional 10,464 shares in the last quarter. Bank of New York Mellon Corp purchased a new stake in shares of ChargePoint during the 2nd quarter valued at about $344,000. Renaissance Technologies LLC increased its position in ChargePoint by 77.7% during the first quarter. Renaissance Technologies LLC now owns 144,059 shares of the company’s stock valued at $700,000 after acquiring an additional 63,000 shares during the last quarter. Hsbc Holdings PLC lifted its stake in shares of ChargePoint by 40.0% in the 1st quarter. Hsbc Holdings PLC now owns 15,220 shares of the company’s stock worth $75,000 after purchasing an additional 4,352 shares during the period. Finally, R Squared Ltd purchased a new position in shares of ChargePoint during the 1st quarter worth $59,000. Hedge funds and other institutional investors own 37.77% of the company’s stock.

About ChargePoint

ChargePoint (NYSE: CHPT) is a leading provider of electric vehicle (EV) charging solutions that designs, develops and markets charging hardware, software and services. The company’s portfolio includes Level 2 AC charging stations for residential, commercial and fleet applications, as well as DC fast charging systems suited for retail, hospitality and public use. ChargePoint’s integrated platform enables site hosts to manage charging infrastructure through cloud-based monitoring, analytics and billing tools, while EV drivers access and control charging sessions via a mobile app or RFID card.

Since its founding in 2007 and headquarters in Campbell, California, ChargePoint has built one of the largest open EV charging networks in the world.