ChargePoint (NYSE:CHPT) PT Lowered to $4.00 at Evercore ISI

ChargePoint (NYSE:CHPT) had its price objective reduced by Evercore ISI from $6.00 to $4.00 in a research report sent to investors on Thursday, Benzinga reports. They currently have an outperform rating on the stock.

Other equities analysts also recently issued research reports about the stock. B. Riley raised shares of ChargePoint to a hold rating in a research note on Tuesday, June 25th. Benchmark reduced their price target on ChargePoint from $4.25 to $3.00 and set a buy rating for the company in a research report on Friday, June 28th. TD Cowen dropped their price objective on ChargePoint from $4.00 to $3.00 and set a buy rating on the stock in a research report on Thursday, June 6th. Finally, Needham & Company LLC reduced their target price on shares of ChargePoint from $3.00 to $2.00 and set a buy rating for the company in a report on Thursday. One analyst has rated the stock with a sell rating, thirteen have issued a hold rating and five have issued a buy rating to the company. According to data from MarketBeat, the company presently has an average rating of Hold and an average target price of $3.90.

ChargePoint Price Performance

CHPT opened at $1.31 on Thursday. The company has a current ratio of 2.13, a quick ratio of 1.45 and a debt-to-equity ratio of 1.02. The business’s fifty day simple moving average is $1.86 and its 200-day simple moving average is $1.76. The company has a market capitalization of $554.60 million, a price-to-earnings ratio of -1.11 and a beta of 1.70. ChargePoint has a 12-month low of $1.21 and a 12-month high of $6.33.

ChargePoint (NYSE:CHPT) last posted its earnings results on Wednesday, June 5th. The company reported ($0.16) EPS for the quarter, beating analysts’ consensus estimates of ($0.19) by $0.03. ChargePoint had a negative net margin of 89.12% and a negative return on equity of 104.05%. The business had revenue of $107.04 million for the quarter, compared to the consensus estimate of $106.09 million. On average, equities research analysts anticipate that ChargePoint will post -0.53 earnings per share for the current fiscal year.

Insider Activity

In related news, CAO Henrik Gerdes sold 43,596 shares of the firm’s 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 completion of the transaction, the chief accounting officer now owns 438,004 shares of the company’s stock, valued at $657,006. The sale was disclosed in a filing with the SEC, which is available at the SEC website. In other news, CEO Richard Wilmer sold 27,722 shares of the firm’s stock in a transaction that occurred on Friday, June 21st. The shares were sold at an average price of $1.40, for a total transaction 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 filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CAO Henrik Gerdes sold 43,596 shares of ChargePoint stock in a transaction that occurred 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 transaction, the chief accounting officer now directly owns 438,004 shares of the company’s stock, valued at $657,006. The disclosure for this sale can be found here. Insiders have sold 95,099 shares of company stock valued at $137,498 in the last ninety days. Insiders own 3.50% of the company’s stock.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently added to or reduced their stakes in the company. Victory Capital Management Inc. grew its position in shares of ChargePoint by 30.9% during the 4th quarter. Victory Capital Management Inc. now owns 38,112 shares of the company’s stock valued at $89,000 after acquiring an additional 8,992 shares during the period. M&T Bank Corp increased its position in shares of ChargePoint by 484.7% in the fourth quarter. M&T Bank Corp now owns 73,396 shares of the company’s stock valued at $172,000 after buying an additional 60,843 shares in the last quarter. Simmons Bank acquired a new position in shares of ChargePoint during the 4th quarter worth approximately $35,000. QRG Capital Management Inc. lifted its position in shares of ChargePoint by 161.8% during the 4th quarter. QRG Capital Management Inc. now owns 30,662 shares of the company’s stock valued at $72,000 after buying an additional 18,951 shares in the last quarter. Finally, Ieq Capital LLC grew its stake in ChargePoint by 136.2% in the 4th quarter. Ieq Capital LLC now owns 54,881 shares of the company’s stock valued at $128,000 after acquiring an additional 31,645 shares during the period. Hedge funds and other 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.