Benchmark Reiterates Buy Rating for ChargePoint (NYSE:CHPT)

Benchmark reissued their buy rating on shares of ChargePoint (NYSE:CHPT) in a research note issued to investors on Wednesday morning,Benzinga reports. Benchmark currently has a $3.00 price objective on the stock.

Several other equities analysts have also commented on CHPT. Stifel Nicolaus decreased their price objective 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. The Goldman Sachs Group decreased their price target on shares of ChargePoint from $1.50 to $1.25 and set a “sell” rating for the company in a report on Friday, September 6th. TD Cowen lowered shares of ChargePoint from a “buy” rating to a “hold” rating and dropped their price objective for the company from $3.00 to $2.00 in a report on Thursday, September 5th. Capital One Financial upgraded ChargePoint to a “strong-buy” rating in a research note on Tuesday, September 17th. Finally, Wolfe Research assumed coverage on ChargePoint in a research note on Thursday, September 5th. They set a “peer perform” rating on the stock. Two research analysts have rated the stock with a sell rating, eleven have given a hold rating, three have given a buy rating and one has given a strong buy rating to the company. According to MarketBeat.com, the stock presently has an average rating of “Hold” and a consensus target price of $2.47.

ChargePoint Stock Up 1.8 %

Shares of NYSE CHPT opened at $1.15 on Wednesday. ChargePoint has a 12-month low of $1.05 and a 12-month high of $3.13. The stock’s fifty day simple moving average is $1.29 and its two-hundred day simple moving average is $1.59. The stock has a market capitalization of $496.32 million, a PE ratio of -1.16 and a beta of 1.70. The company has a current ratio of 2.03, a quick ratio of 1.32 and a debt-to-equity ratio of 1.24.

ChargePoint (NYSE:CHPT) last issued its quarterly earnings data on Wednesday, September 4th. The company reported ($0.15) earnings per share (EPS) for the quarter, hitting analysts’ consensus estimates of ($0.15). ChargePoint had a negative net margin of 89.12% and a negative return on equity of 112.67%. The firm had revenue of $108.54 million for the quarter, compared to the consensus estimate of $114.15 million. As a group, analysts expect that ChargePoint will post -0.56 EPS for the current fiscal year.

Insider Activity

In other ChargePoint news, CFO Mansi Khetani sold 23,409 shares of the business’s stock in a transaction 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 completion of the transaction, the chief financial officer now owns 849,084 shares in the company, valued at $1,146,263.40. The trade was a 2.68 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, CEO Richard Wilmer sold 27,252 shares of the stock in a transaction on Monday, September 23rd. The shares were sold at an average price of $1.35, for a total value of $36,790.20. Following the completion of the sale, the chief executive officer now owns 2,304,489 shares in the company, valued at approximately $3,111,060.15. The trade was a 1.17 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 100,803 shares of company stock valued at $135,295. 3.50% of the stock is currently owned by corporate insiders.

Institutional Trading of ChargePoint

A number of large investors have recently made changes to their positions in CHPT. Point72 Asset Management L.P. acquired a new stake in ChargePoint in the second quarter valued at $13,007,000. Vanguard Group Inc. increased its stake in ChargePoint by 26.3% in the first quarter. Vanguard Group Inc. now owns 36,688,672 shares of the company’s stock valued at $69,708,000 after purchasing an additional 7,645,210 shares during the last quarter. Erste Asset Management GmbH purchased a new stake in shares of ChargePoint during the 3rd quarter worth approximately $2,570,000. AQR Capital Management LLC purchased a new position in shares of ChargePoint in the 2nd quarter valued at $1,310,000. Finally, Skandinaviska Enskilda Banken AB publ lifted its position in ChargePoint by 62.0% in the second quarter. Skandinaviska Enskilda Banken AB publ now owns 1,623,836 shares of the company’s stock valued at $2,452,000 after acquiring an additional 621,536 shares during the last quarter. 37.77% of the stock is currently owned by hedge funds and other institutional investors.

ChargePoint Company Profile

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.