UBS Group Has Lowered Expectations for ChargePoint (NYSE:CHPT) Stock Price

ChargePoint (NYSE:CHPT) had its price objective decreased by UBS Group from $1.50 to $1.30 in a report released on Tuesday,Benzinga reports. UBS Group currently has a neutral rating on the stock.

Other equities research analysts have also issued reports about the stock. Benchmark restated a “buy” rating and set a $3.00 price objective on shares of ChargePoint in a report on Wednesday, November 20th. Evercore ISI decreased their target price on shares of ChargePoint from $6.00 to $4.00 and set an “outperform” rating for the company in a research report on Thursday, September 5th. JPMorgan Chase & Co. downgraded shares of ChargePoint from an “overweight” rating to an “underweight” rating in a research report on Thursday, October 3rd. The Goldman Sachs Group decreased their target price on shares of ChargePoint from $1.50 to $1.25 and set a “sell” rating for the company in a research report on Friday, September 6th. Finally, Royal Bank of Canada decreased their target price on shares of ChargePoint from $2.50 to $2.00 and set a “sector perform” rating for the company in a research report on Thursday, December 5th. Two analysts have rated the stock with a sell rating, nine have given a hold rating, three have assigned a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat, the stock presently has a consensus rating of “Hold” and a consensus target price of $2.46.

ChargePoint Trading Down 8.1 %

Shares of NYSE:CHPT opened at $1.19 on Tuesday. ChargePoint has a 12 month low of $1.05 and a 12 month high of $3.13. The company has a quick ratio of 1.32, a current ratio of 2.03 and a debt-to-equity ratio of 1.24. The company’s fifty day simple moving average is $1.25 and its 200 day simple moving average is $1.54. The firm has a market cap of $511.42 million, a price-to-earnings ratio of -1.60 and a beta of 1.69.

Insider Buying and Selling at ChargePoint

In other news, CAO Henrik Gerdes sold 26,288 shares of the 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 transaction, the chief accounting officer now directly owns 390,596 shares of the company’s stock, valued at $515,586.72. This represents a 6.31 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, CFO Mansi Khetani sold 23,409 shares of the stock in a transaction dated Monday, September 23rd. The shares were sold at an average price of $1.35, for a total transaction of $31,602.15. Following the completion of the transaction, the chief financial officer now directly 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 disclosure for this sale can be found here. Insiders sold a total of 100,803 shares of company stock worth $135,295 over the last quarter. 3.50% of the stock is currently owned by insiders.

Hedge Funds Weigh In On ChargePoint

A number of hedge funds have recently bought and sold shares of CHPT. Point72 Asset Management L.P. bought a new position in ChargePoint during the second quarter worth about $13,007,000. Erste Asset Management GmbH bought a new position in ChargePoint during the third quarter worth about $2,570,000. AQR Capital Management LLC bought a new position in ChargePoint during the second quarter worth about $1,310,000. Skandinaviska Enskilda Banken AB publ increased its position in 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 acquiring an additional 621,536 shares during the period. Finally, Bank of New York Mellon Corp increased its position in ChargePoint by 60.1% during the second quarter. Bank of New York Mellon Corp now owns 1,298,289 shares of the company’s stock worth $1,960,000 after acquiring an additional 487,262 shares during the period. 37.77% of the stock is owned by institutional investors.

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.