Royal Bank of Canada Has Lowered Expectations for ChargePoint (NYSE:CHPT) Stock Price

ChargePoint (NYSE:CHPT) had its target price cut by Royal Bank of Canada from $2.50 to $2.00 in a research report sent to investors on Thursday morning,Benzinga reports. They currently have a sector perform rating on the stock.

CHPT has been the topic of several other reports. Capital One Financial upgraded shares of ChargePoint to a “strong-buy” rating in a research note on Tuesday, September 17th. Needham & Company LLC restated a “hold” rating on shares of ChargePoint in a research report on Thursday. Benchmark reaffirmed a “buy” rating and issued a $3.00 price target on shares of ChargePoint in a report on Wednesday, November 20th. JPMorgan Chase & Co. cut shares of ChargePoint from an “overweight” rating to an “underweight” rating in a research report on Thursday, October 3rd. Finally, Wolfe Research began coverage on shares of ChargePoint in a research report on Thursday, September 5th. They set a “peer perform” rating for the company. Two investment analysts have rated the stock with a sell rating, ten have assigned a hold rating, three have issued a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat, ChargePoint has a consensus rating of “Hold” and a consensus target price of $2.47.

ChargePoint Trading Up 10.7 %

Shares of CHPT opened at $1.35 on Thursday. ChargePoint has a fifty-two week low of $1.05 and a fifty-two week high of $3.13. The business has a 50-day moving average of $1.26 and a 200 day moving average of $1.56. The firm has a market cap of $582.63 million, a P/E ratio of -1.82 and a beta of 1.69. The company has a debt-to-equity ratio of 1.24, a quick ratio of 1.32 and a current ratio of 2.03.

ChargePoint (NYSE:CHPT) last released its quarterly earnings data on Wednesday, September 4th. The company reported ($0.15) earnings per share for the quarter, meeting 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 business had revenue of $108.54 million during the quarter, compared to analyst estimates of $114.15 million. As a group, research analysts forecast that ChargePoint will post -0.56 EPS for the current year.

Insider Activity

In related news, CAO Henrik Gerdes sold 26,288 shares of the firm’s stock in a transaction dated Friday, October 11th. The stock was sold at an average price of $1.32, for a total value of $34,700.16. Following the sale, the chief accounting officer now directly owns 390,596 shares of the company’s stock, valued at $515,586.72. This trade represents a 6.31 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, CEO Richard Wilmer sold 27,252 shares of the business’s stock in a transaction dated Monday, September 23rd. The shares were sold at an average price of $1.35, for a total value of $36,790.20. Following the transaction, the chief executive officer now owns 2,304,489 shares in the company, valued at approximately $3,111,060.15. This represents a 1.17 % decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders sold 100,803 shares of company stock valued at $135,295. Insiders own 3.50% of the company’s stock.

Institutional Trading of ChargePoint

Several large investors have recently added to or reduced their stakes in CHPT. Franklin Resources Inc. bought a new stake in ChargePoint during the 3rd quarter valued at approximately $117,000. Geode Capital Management LLC grew its stake in ChargePoint by 4.6% in the third quarter. Geode Capital Management LLC now owns 9,072,168 shares of the company’s stock worth $12,432,000 after purchasing an additional 399,070 shares during the period. XTX Topco Ltd lifted its position in ChargePoint by 1,141.0% during the third quarter. XTX Topco Ltd now owns 308,786 shares of the company’s stock valued at $423,000 after buying an additional 283,904 shares during the period. State Street Corp boosted its holdings in shares of ChargePoint by 1.4% during the 3rd quarter. State Street Corp now owns 10,297,421 shares of the company’s stock valued at $14,107,000 after buying an additional 142,767 shares in the last quarter. Finally, Stifel Financial Corp grew its holdings in ChargePoint by 15.5% in the third quarter. Stifel Financial Corp now owns 2,055,211 shares of the company’s stock worth $2,816,000 after purchasing an additional 275,653 shares during the period. 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.