ChargePoint (NYSE:CHPT) Announces Quarterly Earnings Results, Misses Expectations By $0.88 EPS

ChargePoint (NYSE:CHPT) announced its earnings results on Thursday. The company reported ($2.23) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($1.35) by ($0.88), FiscalAI reports. ChargePoint had a negative net margin of 66.76% and a negative return on equity of 163.56%. The company had revenue of $105.67 million during the quarter, compared to the consensus estimate of $96.51 million. During the same quarter in the prior year, the company earned ($1.94) EPS.

ChargePoint Stock Up 2.1%

CHPT stock opened at $8.53 on Friday. ChargePoint has a twelve month low of $7.30 and a twelve month high of $30.00. The company has a quick ratio of 1.00, a current ratio of 1.67 and a debt-to-equity ratio of 4.38. The company has a market cap of $199.06 million, a PE ratio of -0.73 and a beta of 1.43. The business’s 50-day simple moving average is $10.05 and its 200 day simple moving average is $11.67.

Insider Activity at ChargePoint

In other news, insider John David Vice sold 2,363 shares of ChargePoint stock in a transaction that occurred on Tuesday, September 23rd. The stock was sold at an average price of $11.27, for a total transaction of $26,631.01. Following the sale, the insider owned 123,615 shares of the company’s stock, valued at approximately $1,393,141.05. This trade represents a 1.88% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. In the last ninety days, insiders sold 7,426 shares of company stock valued at $83,691. 3.50% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On ChargePoint

Several institutional investors and hedge funds have recently bought and sold shares of the business. BNP Paribas Financial Markets lifted its holdings in shares of ChargePoint by 26.8% during the 3rd quarter. BNP Paribas Financial Markets now owns 43,534 shares of the company’s stock worth $475,000 after acquiring an additional 9,208 shares during the period. Corient Private Wealth LLC increased its holdings in ChargePoint by 57.1% during the 2nd quarter. Corient Private Wealth LLC now owns 67,345 shares of the company’s stock valued at $47,000 after purchasing an additional 24,470 shares in the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. raised its position in ChargePoint by 14.6% in the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 283,924 shares of the company’s stock valued at $172,000 after purchasing an additional 36,097 shares during the last quarter. Bank of America Corp DE boosted its stake in ChargePoint by 5.3% in the second quarter. Bank of America Corp DE now owns 773,162 shares of the company’s stock worth $544,000 after purchasing an additional 38,667 shares in the last quarter. Finally, Focus Partners Wealth acquired a new stake in shares of ChargePoint in the first quarter valued at $27,000. Institutional investors own 37.77% of the company’s stock.

Wall Street Analysts Forecast Growth

Several brokerages recently commented on CHPT. UBS Group set a $12.00 target price on ChargePoint and gave the stock a “neutral” rating in a report on Friday, September 19th. JPMorgan Chase & Co. cut their price objective on ChargePoint from $9.00 to $8.00 and set an “underweight” rating for the company in a report on Thursday, September 4th. TD Cowen decreased their target price on ChargePoint from $30.00 to $11.00 and set a “hold” rating for the company in a research note on Thursday, September 4th. Benchmark dropped their price target on shares of ChargePoint from $40.00 to $20.00 and set a “buy” rating on the stock in a research report on Friday, September 5th. Finally, Roth Capital set a $11.00 price objective on shares of ChargePoint and gave the company a “neutral” rating in a research report on Tuesday, September 2nd. One investment analyst has rated the stock with a Buy rating, seven have given a Hold rating and three have assigned a Sell rating to the company’s stock. According to MarketBeat, the stock currently has an average rating of “Reduce” and a consensus target price of $13.56.

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.