ChargePoint (NYSE:CHPT) Price Target Cut to $0.75 by Analysts at The Goldman Sachs Group

ChargePoint (NYSE:CHPT) had its price objective lowered by stock analysts at The Goldman Sachs Group from $1.00 to $0.75 in a report issued on Thursday,Benzinga reports. The firm currently has a “sell” rating on the stock. The Goldman Sachs Group’s target price suggests a potential downside of 3.72% from the company’s current price.

Other equities analysts also recently issued reports about the stock. Stifel Nicolaus dropped their target price on shares of ChargePoint from $3.00 to $2.00 and set a “hold” rating on the stock in a research note on Wednesday, October 30th. Benchmark reissued a “buy” rating and set a $3.00 price target on shares of ChargePoint in a research report on Wednesday, November 20th. Royal Bank of Canada dropped their target price on ChargePoint from $2.50 to $2.00 and set a “sector perform” rating on the stock in a research note on Thursday, December 5th. Needham & Company LLC reaffirmed a “hold” rating on shares of ChargePoint in a report on Thursday, December 5th. Finally, UBS Group decreased their target price on ChargePoint from $1.50 to $1.30 and set a “neutral” rating for the company in a report on Tuesday, December 10th. Two investment analysts have rated the stock with a sell rating, nine have given a hold rating, three have issued a buy rating and one has issued a strong buy rating to the company’s stock. According to data from MarketBeat, the company currently has an average rating of “Hold” and a consensus target price of $2.41.

ChargePoint Trading Down 6.0 %

Shares of ChargePoint stock traded down $0.05 during trading on Thursday, hitting $0.78. The stock had a trading volume of 9,460,457 shares, compared to its average volume of 29,498,596. The company has a debt-to-equity ratio of 1.65, a current ratio of 1.94 and a quick ratio of 1.24. The stock has a market cap of $344.58 million, a PE ratio of -1.05 and a beta of 1.70. ChargePoint has a 12 month low of $0.66 and a 12 month high of $2.44. The firm’s fifty day simple moving average is $1.03 and its 200-day simple moving average is $1.28.

Insider Buying and Selling

In other news, CFO Mansi Khetani sold 22,038 shares of the firm’s stock in a transaction on Monday, December 23rd. The stock was sold at an average price of $1.14, for a total transaction of $25,123.32. Following the completion of the transaction, the chief financial officer now directly owns 1,230,305 shares in the company, valued at $1,402,547.70. This trade represents a 1.76 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, CAO Henrik Gerdes sold 28,536 shares of the business’s stock in a transaction on Monday, December 23rd. The shares were sold at an average price of $1.14, for a total value of $32,531.04. Following the completion of the sale, the chief accounting officer now owns 362,060 shares in the company, valued at $412,748.40. This represents a 7.31 % decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders sold 87,148 shares of company stock worth $99,349. Company insiders own 3.50% of the company’s stock.

Hedge Funds Weigh In On ChargePoint

Institutional investors have recently modified their holdings of the business. Tidal Investments LLC boosted its holdings in ChargePoint by 43.6% in the fourth quarter. Tidal Investments LLC now owns 466,751 shares of the company’s stock valued at $499,000 after purchasing an additional 141,617 shares during the period. Toronto Dominion Bank purchased a new position in shares of ChargePoint in the 4th quarter valued at about $8,746,000. ProShare Advisors LLC grew its position in shares of ChargePoint by 51.9% during the fourth quarter. ProShare Advisors LLC now owns 111,447 shares of the company’s stock worth $119,000 after buying an additional 38,094 shares in the last quarter. Millennium Management LLC grew its position in shares of ChargePoint by 13,605.0% during the fourth quarter. Millennium Management LLC now owns 2,857,349 shares of the company’s stock worth $3,057,000 after buying an additional 2,836,500 shares in the last quarter. Finally, MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. increased its position in shares of ChargePoint by 16.2% in the 4th quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 247,827 shares of the company’s stock valued at $265,000 after purchasing an additional 34,633 shares during the last quarter. Institutional investors and hedge funds 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.