ChargePoint Holdings, Inc. (NYSE:CHPT) Receives Average Recommendation of “Reduce” from Brokerages

ChargePoint Holdings, Inc. (NYSE:CHPT) has received a consensus rating of “Reduce” from the ten analysts that are presently covering the stock, MarketBeat.com reports. Three investment analysts have rated the stock with a sell rating, six have given a hold rating and one has assigned a buy rating to the company. The average 1 year price objective among brokers that have issued ratings on the stock in the last year is $8.3125.

A number of equities analysts have recently issued reports on the company. Weiss Ratings reissued a “sell (e+)” rating on shares of ChargePoint in a research report on Friday. Needham & Company LLC restated a “hold” rating on shares of ChargePoint in a report on Thursday, June 4th. UBS Group reaffirmed a “neutral” rating and issued a $8.00 price objective (up from $7.00) on shares of ChargePoint in a research note on Tuesday, June 23rd. Royal Bank Of Canada reiterated a “sector perform” rating and set a $6.50 target price on shares of ChargePoint in a report on Thursday, June 4th. Finally, Wall Street Zen upgraded shares of ChargePoint from a “sell” rating to a “hold” rating in a report on Saturday, April 11th.

Insider Activity

In other ChargePoint news, insider John David Vice sold 4,072 shares of the firm’s stock in a transaction on Tuesday, June 23rd. The shares were sold at an average price of $7.13, for a total value of $29,033.36. Following the completion of the transaction, the insider owned 171,507 shares of the company’s stock, valued at approximately $1,222,844.91. This trade represents a 2.32% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. 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 ChargePoint stock in a transaction on Tuesday, June 23rd. The stock was sold at an average price of $7.13, for a total transaction of $35,500.27. Following the sale, the general counsel owned 143,631 shares of the company’s stock, valued at $1,024,089.03. The trade was a 3.35% decrease in their ownership of the stock. 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. Insiders have sold a total of 29,164 shares of company stock valued at $208,037 over the last 90 days. 4.20% of the stock is currently owned by corporate insiders.

Institutional Trading of ChargePoint

Several large investors have recently added to or reduced their stakes in CHPT. Renaissance Technologies LLC raised its stake in shares of ChargePoint by 77.7% in the first quarter. Renaissance Technologies LLC now owns 144,059 shares of the company’s stock worth $700,000 after purchasing an additional 63,000 shares during the last quarter. Hsbc Holdings PLC boosted its position in ChargePoint by 40.0% in the first quarter. Hsbc Holdings PLC now owns 15,220 shares of the company’s stock valued at $75,000 after buying an additional 4,352 shares during the last quarter. R Squared Ltd purchased a new stake in ChargePoint in the first quarter valued at approximately $59,000. Invesco Ltd. boosted its position in ChargePoint by 94.2% in the fourth quarter. Invesco Ltd. now owns 340,479 shares of the company’s stock valued at $2,261,000 after buying an additional 165,152 shares during the last quarter. Finally, XTX Topco Ltd acquired a new position in ChargePoint in the 4th quarter worth approximately $365,000. Hedge funds and other institutional investors own 37.77% of the company’s stock.

ChargePoint Price Performance

Shares of CHPT stock opened at $5.54 on Thursday. The company has a market capitalization of $135.16 million, a P/E ratio of -0.64 and a beta of 1.72. The company’s 50-day simple moving average is $6.69 and its two-hundred day simple moving average is $6.30. ChargePoint has a one year low of $4.44 and a one year high of $13.59. The company has a debt-to-equity ratio of 10.73, a current ratio of 1.15 and a quick ratio of 0.56.

ChargePoint (NYSE:CHPT) last posted its quarterly earnings results on Wednesday, June 3rd. The company reported ($1.75) earnings per share for the quarter, missing the consensus estimate of ($1.11) by ($0.64). ChargePoint had a negative net margin of 49.66% and a negative return on equity of 504.42%. The company had revenue of $101.82 million for the quarter, compared to the consensus estimate of $95.64 million. As a group, equities analysts anticipate that ChargePoint will post -5.48 EPS for the current year.

ChargePoint Company Profile

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.