ChargePoint (NYSE:CHPT) Stock Rating Lowered by Needham & Company LLC

Needham & Company LLC lowered shares of ChargePoint (NYSE:CHPT) from a buy rating to a hold rating in a research note issued to investors on Tuesday morning, MarketBeat reports.

A number of other analysts also recently issued reports on the stock. Royal Bank of Canada cut their price objective on shares of ChargePoint from $3.00 to $2.50 and set a “sector perform” rating for the company in a report on Thursday, September 5th. Evercore ISI lowered their target price on ChargePoint from $6.00 to $4.00 and set an “outperform” rating for the company in a report on Thursday, September 5th. UBS Group cut their target price on shares of ChargePoint from $1.80 to $1.50 and set a “neutral” rating on the stock in a research report on Tuesday, October 15th. Stifel Nicolaus decreased their price target on shares of ChargePoint from $3.00 to $2.00 and set a “hold” rating for the company in a research report on Wednesday, October 30th. Finally, Benchmark reaffirmed a “buy” rating and set a $3.00 target price on shares of ChargePoint in a report on Thursday, September 5th. Two investment analysts have rated the stock with a sell rating, twelve have given a hold rating, three have issued a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat, the stock currently has an average rating of “Hold” and an average price target of $2.47.

ChargePoint Price Performance

NYSE:CHPT opened at $1.13 on Tuesday. The company has a market cap of $485.53 million, a PE ratio of -1.14 and a beta of 1.70. ChargePoint has a 52-week low of $1.08 and a 52-week high of $3.13. The stock has a 50-day simple moving average of $1.30 and a 200 day simple moving average of $1.61. The company has a debt-to-equity ratio of 1.24, a quick ratio of 1.32 and a current ratio of 2.03.

ChargePoint (NYSE:CHPT) last released its earnings results on Wednesday, September 4th. The company reported ($0.15) earnings per share for the quarter, meeting the consensus estimate of ($0.15). The business had revenue of $108.54 million during the quarter, compared to analysts’ expectations of $114.15 million. ChargePoint had a negative net margin of 89.12% and a negative return on equity of 112.67%. On average, sell-side analysts expect that ChargePoint will post -0.56 EPS for the current fiscal year.

Insider Buying and Selling

In other ChargePoint news, CFO Mansi Khetani sold 23,409 shares of the stock in a transaction that occurred on Monday, September 23rd. The shares were sold at an average price of $1.35, for a total value of $31,602.15. Following the sale, the chief financial officer now directly owns 849,084 shares in the company, valued at $1,146,263.40. This represents a 2.68 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, CAO Henrik Gerdes sold 26,288 shares of ChargePoint stock in a transaction dated Friday, October 11th. The shares were sold at an average price of $1.32, for a total value of $34,700.16. Following the sale, the chief accounting officer now owns 390,596 shares of the company’s stock, valued at approximately $515,586.72. This trade represents a 6.31 % decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 100,803 shares of company stock worth $135,295. 3.50% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On ChargePoint

A number of hedge funds and other institutional investors have recently modified their holdings of the stock. Point72 Asset Management L.P. purchased a new stake in ChargePoint in the second quarter worth $13,007,000. Vanguard Group Inc. boosted its holdings in shares of ChargePoint by 26.3% during the 1st quarter. Vanguard Group Inc. now owns 36,688,672 shares of the company’s stock valued at $69,708,000 after buying an additional 7,645,210 shares in the last quarter. Erste Asset Management GmbH purchased a new stake in shares of ChargePoint in the 3rd quarter worth about $2,570,000. AQR Capital Management LLC purchased a new position in ChargePoint during the 2nd quarter valued at about $1,310,000. Finally, Skandinaviska Enskilda Banken AB publ boosted its position in shares of ChargePoint by 62.0% in the 2nd quarter. Skandinaviska Enskilda Banken AB publ now owns 1,623,836 shares of the company’s stock worth $2,452,000 after purchasing an additional 621,536 shares in the last quarter. Institutional investors own 37.77% of the company’s stock.

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.