ChargePoint (NYSE:CHPT) Price Target Cut to $1.30 by Analysts at UBS Group

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

A number of other analysts also recently issued reports on the company. TD Cowen downgraded ChargePoint from a “buy” rating to a “hold” rating and dropped their price target for the company from $3.00 to $2.00 in a research report on Thursday, September 5th. Evercore ISI cut their price target on shares of ChargePoint from $6.00 to $4.00 and set an “outperform” rating for the company in a research note on Thursday, September 5th. Benchmark reissued a “buy” rating and issued a $3.00 price target on shares of ChargePoint in a report on Wednesday, November 20th. Wolfe Research initiated coverage on shares of ChargePoint in a report on Thursday, September 5th. They set a “peer perform” rating for the company. Finally, Stifel Nicolaus lowered their price target on ChargePoint from $3.00 to $2.00 and set a “hold” rating on the stock in a research report on Wednesday, October 30th. Two research analysts have rated the stock with a sell rating, nine have assigned a hold rating, three have issued a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat.com, the company has a consensus rating of “Hold” and a consensus price target of $2.46.

ChargePoint Trading Down 8.2 %

Shares of CHPT stock opened at $1.29 on Tuesday. The company has a market capitalization of $554.58 million, a PE ratio of -1.74 and a beta of 1.69. ChargePoint has a 52-week low of $1.05 and a 52-week high of $3.13. The business’s fifty day moving average is $1.26 and its 200 day moving average is $1.55. The company has a debt-to-equity ratio of 1.24, a quick ratio of 1.32 and a current ratio of 2.03.

Insiders Place Their Bets

In other ChargePoint news, CEO Richard Wilmer sold 27,252 shares of the company’s stock in a transaction that occurred on Monday, September 23rd. The stock was sold at an average price of $1.35, for a total transaction of $36,790.20. Following the completion of the transaction, the chief executive officer now owns 2,304,489 shares of the company’s stock, valued at $3,111,060.15. This represents a 1.17 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Also, CFO Mansi Khetani sold 23,409 shares of ChargePoint stock in a transaction that occurred on Monday, September 23rd. The stock was sold at an average price of $1.35, for a total value of $31,602.15. Following the completion of the sale, the chief financial officer now owns 849,084 shares in the company, valued at approximately $1,146,263.40. This represents a 2.68 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 100,803 shares of company stock valued at $135,295 in the last ninety days. Company insiders own 3.50% of the company’s stock.

Institutional Trading of ChargePoint

A number of institutional investors and hedge funds have recently added to or reduced their stakes in CHPT. CIBC Asset Management Inc raised its holdings in ChargePoint by 50.7% in the 2nd quarter. CIBC Asset Management Inc now owns 17,145 shares of the company’s stock worth $26,000 after purchasing an additional 5,770 shares in the last quarter. Financial Advocates Investment Management purchased a new stake in ChargePoint in the third quarter worth about $29,000. Delap Wealth Advisory LLC bought a new stake in ChargePoint during the 2nd quarter valued at approximately $31,000. Perennial Investment Advisors LLC grew its holdings in shares of ChargePoint by 74.4% during the 2nd quarter. Perennial Investment Advisors LLC now owns 24,380 shares of the company’s stock worth $37,000 after acquiring an additional 10,400 shares during the period. Finally, Vanguard Personalized Indexing Management LLC raised its position in shares of ChargePoint by 152.0% in the 2nd quarter. Vanguard Personalized Indexing Management LLC now owns 25,462 shares of the company’s stock worth $38,000 after acquiring an additional 15,358 shares in the last quarter. 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.