ChargePoint Holdings, Inc. (NYSE:CHPT) Receives $8.31 Average Target Price from Analysts

Shares of ChargePoint Holdings, Inc. (NYSE:CHPT) have received an average rating of “Reduce” from the ten ratings firms that are presently covering the company, MarketBeat reports. Three investment analysts have rated the stock with a sell rating, six have issued a hold rating and one has assigned a buy rating to the company. The average twelve-month price objective among analysts that have issued a report on the stock in the last year is $8.3125.

Several brokerages have recently commented on CHPT. TD Cowen restated a “hold” rating and issued a $7.50 target price (up from $7.00) on shares of ChargePoint in a research report on Wednesday, June 17th. Needham & Company LLC reiterated a “hold” rating on shares of ChargePoint in a research report on Thursday, June 4th. UBS Group reissued a “neutral” rating and issued a $8.00 price objective (up from $7.00) on shares of ChargePoint in a research note on Tuesday, June 23rd. Royal Bank Of Canada restated a “sector perform” rating and set a $6.50 price objective on shares of ChargePoint in a research report on Thursday, June 4th. Finally, Wall Street Zen upgraded ChargePoint from a “sell” rating to a “hold” rating in a research note on Saturday, April 11th.

ChargePoint Stock Up 1.6%

Shares of NYSE CHPT opened at $5.83 on Thursday. The company has a debt-to-equity ratio of 10.73, a quick ratio of 0.56 and a current ratio of 1.15. ChargePoint has a 52 week low of $4.44 and a 52 week high of $13.59. The stock has a market capitalization of $142.42 million, a P/E ratio of -0.67 and a beta of 1.72. The stock’s fifty day moving average is $6.67 and its 200 day moving average is $6.29.

ChargePoint (NYSE:CHPT) last posted its quarterly earnings data on Wednesday, June 3rd. The company reported ($1.75) earnings per share for the quarter, missing the consensus estimate of ($1.11) by ($0.64). The firm had revenue of $101.82 million for the quarter, compared to the consensus estimate of $95.64 million. ChargePoint had a negative return on equity of 504.42% and a negative net margin of 49.66%. Sell-side analysts forecast that ChargePoint will post -5.48 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other ChargePoint news, insider Jagdeep Ca Singh sold 9,719 shares of ChargePoint stock in a transaction dated Tuesday, June 23rd. The stock was sold at an average price of $7.14, for a total value of $69,393.66. Following the transaction, the insider owned 187,846 shares in the company, valued at $1,341,220.44. The trade was a 4.92% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this link. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, CFO Mansi Khetani sold 8,152 shares of the business’s stock in a transaction dated Tuesday, June 23rd. The stock was sold at an average price of $7.13, for a total value of $58,123.76. Following the transaction, the chief financial officer directly owned 179,348 shares of the company’s stock, valued at approximately $1,278,751.24. The trade was a 4.35% decrease in their position. The SEC filing for this sale provides additional information. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Insiders sold a total of 29,164 shares of company stock worth $208,037 over the last 90 days. Corporate insiders own 4.20% of the company’s stock.

Hedge Funds Weigh In On ChargePoint

A number of institutional investors have recently added to or reduced their stakes in CHPT. Renaissance Technologies LLC lifted its stake in ChargePoint by 77.7% in the 1st quarter. Renaissance Technologies LLC now owns 144,059 shares of the company’s stock valued at $700,000 after purchasing an additional 63,000 shares during the last quarter. Hsbc Holdings PLC lifted its stake in shares of ChargePoint by 40.0% in the 1st quarter. Hsbc Holdings PLC now owns 15,220 shares of the company’s stock valued at $75,000 after acquiring an additional 4,352 shares during the last quarter. R Squared Ltd bought a new position in shares of ChargePoint in the 1st quarter valued at $59,000. Invesco Ltd. lifted its stake in shares of ChargePoint by 94.2% in the 4th quarter. Invesco Ltd. now owns 340,479 shares of the company’s stock valued at $2,261,000 after acquiring an additional 165,152 shares during the last quarter. Finally, XTX Topco Ltd acquired a new stake in shares of ChargePoint during the 4th quarter valued at $365,000. 37.77% of the stock is currently owned by institutional investors and hedge funds.

About ChargePoint

ChargePoint (NYSE: CHPT) is a leading provider of electric vehicle (EV) charging solutions that designs, develops and markets charging hardware, software and services. The company’s portfolio includes Level 2 AC charging stations for residential, commercial and fleet applications, as well as DC fast charging systems suited for retail, hospitality and public use. ChargePoint’s integrated platform enables site hosts to manage charging infrastructure through cloud-based monitoring, analytics and billing tools, while EV drivers access and control charging sessions via a mobile app or RFID card.

Since its founding in 2007 and headquarters in Campbell, California, ChargePoint has built one of the largest open EV charging networks in the world.