The Goldman Sachs Group Trims ChargePoint (NYSE:CHPT) Target Price to $1.25

ChargePoint (NYSE:CHPT) had its target price cut by The Goldman Sachs Group from $1.50 to $1.25 in a report released on Friday, Benzinga reports. They currently have a sell rating on the stock.

Several other analysts also recently commented on CHPT. TD Cowen downgraded shares of ChargePoint from a buy rating to a hold rating and decreased their target price for the stock from $3.00 to $2.00 in a research report on Thursday. Benchmark reissued a buy rating and issued a $3.00 target price on shares of ChargePoint in a research report on Thursday. B. Riley raised shares of ChargePoint to a hold rating in a research report on Tuesday, June 25th. Royal Bank of Canada decreased their target price on shares of ChargePoint from $3.00 to $2.50 and set a sector perform rating for the company in a research report on Thursday. Finally, Needham & Company LLC decreased their target price on shares of ChargePoint from $3.00 to $2.00 and set a buy rating for the company in a research report on Thursday. One equities research analyst has rated the stock with a sell rating, thirteen have given a hold rating and five have issued a buy rating to the company. According to MarketBeat, the stock currently has a consensus rating of Hold and a consensus target price of $3.39.

ChargePoint Stock Performance

Shares of CHPT opened at $1.31 on Friday. The company’s 50 day moving average price is $1.86 and its 200 day moving average price is $1.76. ChargePoint has a 52 week low of $1.21 and a 52 week high of $6.33. The company has a market capitalization of $554.60 million, a PE ratio of -1.11 and a beta of 1.70. The company has a debt-to-equity ratio of 1.02, a quick ratio of 1.45 and a current ratio of 2.13.

Insider Transactions at ChargePoint

In other news, CFO Mansi Khetani sold 19,007 shares of the firm’s stock in a transaction on Friday, June 21st. The shares were sold at an average price of $1.40, for a total value of $26,609.80. Following the sale, the chief financial officer now owns 402,493 shares in the company, valued at $563,490.20. The sale was disclosed in a filing with the SEC, which is available at this hyperlink. In other ChargePoint news, CAO Henrik Gerdes sold 43,596 shares of ChargePoint stock in a transaction on Thursday, June 20th. The shares were sold at an average price of $1.50, for a total transaction of $65,394.00. Following the sale, the chief accounting officer now owns 438,004 shares in the company, valued at $657,006. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, CFO Mansi Khetani sold 19,007 shares of ChargePoint stock in a transaction on Friday, June 21st. The stock was sold at an average price of $1.40, for a total transaction of $26,609.80. Following the sale, the chief financial officer now owns 402,493 shares in the company, valued at approximately $563,490.20. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 95,099 shares of company stock worth $137,498. Insiders own 3.50% of the company’s stock.

Institutional Investors Weigh In On ChargePoint

A number of institutional investors have recently bought and sold shares of the business. Vanguard Group Inc. boosted its stake in ChargePoint by 26.3% during the first quarter. Vanguard Group Inc. now owns 36,688,672 shares of the company’s stock worth $69,708,000 after buying an additional 7,645,210 shares in the last quarter. Point72 Asset Management L.P. bought a new position in ChargePoint during the 2nd quarter valued at about $13,007,000. Norges Bank acquired a new position in ChargePoint in the fourth quarter valued at about $9,733,000. Skandinaviska Enskilda Banken AB publ increased its holdings in shares of ChargePoint by 62.0% during the second quarter. Skandinaviska Enskilda Banken AB publ now owns 1,623,836 shares of the company’s stock worth $2,452,000 after buying an additional 621,536 shares in the last quarter. Finally, Bank of New York Mellon Corp raised its stake in shares of ChargePoint by 60.1% in the second quarter. Bank of New York Mellon Corp now owns 1,298,289 shares of the company’s stock valued at $1,960,000 after acquiring an additional 487,262 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.