Benchmark Trims ChargePoint (NYSE:CHPT) Target Price to $3.00

ChargePoint (NYSE:CHPT) had its price target decreased by Benchmark from $4.25 to $3.00 in a research note released on Friday morning, Benzinga reports. Benchmark currently has a buy rating on the stock.

A number of other equities research analysts have also recently issued reports on CHPT. Oppenheimer reiterated a market perform rating on shares of ChargePoint in a research note on Wednesday, March 6th. DA Davidson restated a buy rating and issued a $4.00 target price on shares of ChargePoint in a research report on Wednesday, March 6th. Royal Bank of Canada reiterated a sector perform rating and set a $3.00 price objective (down from $3.50) on shares of ChargePoint in a research report on Wednesday, March 6th. TD Cowen decreased their price objective on ChargePoint from $4.00 to $3.00 and set a buy rating for the company in a report on Thursday, June 6th. Finally, Needham & Company LLC reaffirmed a buy rating and set a $3.00 target price on shares of ChargePoint in a research note on Thursday, June 6th. One research analyst has rated the stock with a sell rating, twelve have assigned a hold rating and six have given a buy rating to the company. According to data from MarketBeat, ChargePoint presently has a consensus rating of Hold and an average target price of $4.88.

ChargePoint Price Performance

Shares of NYSE:CHPT opened at $1.51 on Friday. The company has a quick ratio of 1.45, a current ratio of 2.13 and a debt-to-equity ratio of 1.02. The firm has a 50-day simple moving average of $1.62 and a 200 day simple moving average of $1.86. ChargePoint has a fifty-two week low of $1.21 and a fifty-two week high of $9.23. The company has a market cap of $639.27 million, a PE ratio of -1.28 and a beta of 1.74.

ChargePoint (NYSE:CHPT) last posted its earnings results on Wednesday, June 5th. The company reported ($0.16) EPS for the quarter, beating the consensus estimate of ($0.19) by $0.03. The company had revenue of $107.04 million during the quarter, compared to analyst estimates of $106.09 million. ChargePoint had a negative return on equity of 127.18% and a negative net margin of 93.05%. On average, sell-side analysts anticipate that ChargePoint will post -0.56 EPS for the current year.

Insider Activity at ChargePoint

In other news, CAO Henrik Gerdes sold 43,596 shares of the business’s stock in a transaction on Thursday, June 20th. The shares were sold at an average price of $1.50, for a total value of $65,394.00. Following the completion of the sale, the chief accounting officer now directly owns 438,004 shares in the company, valued at $657,006. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. In related news, CEO Richard Wilmer sold 27,722 shares of the business’s stock in a transaction on Friday, June 21st. The stock was sold at an average price of $1.40, for a total value of $38,810.80. Following the sale, the chief executive officer now owns 2,331,740 shares of the company’s stock, valued at approximately $3,264,436. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, CAO Henrik Gerdes sold 43,596 shares of the stock in a transaction on Thursday, June 20th. The stock was sold at an average price of $1.50, for a total value of $65,394.00. Following the transaction, the chief accounting officer now owns 438,004 shares of the company’s stock, valued at $657,006. The disclosure for this sale can be found here. In the last quarter, insiders sold 95,099 shares of company stock valued at $137,498. 3.50% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On ChargePoint

Several large investors have recently made changes to their positions in the company. Cetera Advisors LLC boosted its stake in ChargePoint by 752.7% in the first quarter. Cetera Advisors LLC now owns 389,584 shares of the company’s stock worth $740,000 after purchasing an additional 343,898 shares in the last quarter. Virtu Financial LLC bought a new position in shares of ChargePoint in the first quarter valued at about $399,000. Tidal Investments LLC lifted its position in ChargePoint by 58.8% during the 1st quarter. Tidal Investments LLC now owns 333,866 shares of the company’s stock worth $634,000 after buying an additional 123,597 shares in the last quarter. California State Teachers Retirement System grew its holdings in ChargePoint by 15.7% during the 1st quarter. California State Teachers Retirement System now owns 374,395 shares of the company’s stock worth $711,000 after acquiring an additional 50,857 shares during the last quarter. Finally, Public Employees Retirement System of Ohio increased its position in ChargePoint by 6.1% in the 1st quarter. Public Employees Retirement System of Ohio now owns 136,355 shares of the company’s stock valued at $259,000 after acquiring an additional 7,838 shares in the last quarter. Institutional investors own 37.77% of the company’s stock.

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.