ChargePoint (NYSE:CHPT) Releases Earnings Results, Misses Expectations By $0.78 EPS

ChargePoint (NYSE:CHPT) posted its earnings results on Wednesday. The company reported ($1.85) EPS for the quarter, missing analysts’ consensus estimates of ($1.07) by ($0.78), FiscalAI reports. The business had revenue of $109.32 million for the quarter, compared to analyst estimates of $104.85 million. ChargePoint had a negative net margin of 59.54% and a negative return on equity of 209.46%.

ChargePoint Price Performance

Shares of NYSE:CHPT traded up $0.13 during midday trading on Wednesday, hitting $6.60. The company’s stock had a trading volume of 876,167 shares, compared to its average volume of 493,158. The company has a market cap of $156.09 million, a P/E ratio of -0.64 and a beta of 1.40. ChargePoint has a 12-month low of $5.53 and a 12-month high of $17.78. The business’s 50 day simple moving average is $6.51 and its 200 day simple moving average is $8.84. The company has a debt-to-equity ratio of 8.38, a quick ratio of 0.93 and a current ratio of 1.59.

Analyst Ratings Changes

A number of research firms have recently commented on CHPT. The Goldman Sachs Group restated a “sell” rating and issued a $5.00 price objective on shares of ChargePoint in a research report on Thursday, January 15th. Roth Mkm set a $8.50 price target on shares of ChargePoint and gave the company a “neutral” rating in a research note on Friday, December 5th. Royal Bank Of Canada restated a “sector perform” rating and set a $9.00 price objective (down from $10.00) on shares of ChargePoint in a research report on Friday, December 5th. B. Riley Financial decreased their price objective on shares of ChargePoint from $12.50 to $11.00 and set a “neutral” rating on the stock in a report on Wednesday, December 10th. Finally, Weiss Ratings reiterated a “sell (e+)” rating on shares of ChargePoint in a research report on Wednesday, January 21st. One analyst has rated the stock with a Buy rating, eight have assigned a Hold rating and three have given a Sell rating to the company’s stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Reduce” and a consensus price target of $12.15.

Insider Transactions at ChargePoint

In other news, insider Jagdeep Ca Singh sold 4,832 shares of the business’s stock in a transaction that occurred on Tuesday, December 23rd. The stock was sold at an average price of $6.99, for a total transaction of $33,775.68. Following the transaction, the insider directly owned 124,627 shares in the company, valued at $871,142.73. The trade was a 3.73% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, CFO Mansi Khetani sold 3,943 shares of the stock in a transaction that occurred on Tuesday, December 23rd. The shares were sold at an average price of $6.99, for a total value of $27,561.57. Following the completion of the sale, the chief financial officer directly owned 130,363 shares of the company’s stock, valued at approximately $911,237.37. This represents a 2.94% decrease in their position. The SEC filing for this sale provides additional information. In the last quarter, insiders sold 12,670 shares of company stock valued at $88,534. 3.50% of the stock is owned by insiders.

Institutional Investors Weigh In On ChargePoint

Hedge funds have recently modified their holdings of the company. Invesco Ltd. raised its stake in ChargePoint by 94.2% during the fourth quarter. Invesco Ltd. now owns 340,479 shares of the company’s stock worth $2,261,000 after purchasing an additional 165,152 shares during the period. XTX Topco Ltd purchased a new stake in shares of ChargePoint during the 4th quarter valued at approximately $365,000. Millennium Management LLC raised its position in shares of ChargePoint by 25.1% during the 4th quarter. Millennium Management LLC now owns 362,839 shares of the company’s stock valued at $2,409,000 after buying an additional 72,826 shares during the period. Engineers Gate Manager LP lifted its holdings in ChargePoint by 303.5% in the fourth quarter. Engineers Gate Manager LP now owns 63,015 shares of the company’s stock valued at $418,000 after acquiring an additional 47,396 shares during the last quarter. Finally, Bridgeway Capital Management LLC purchased a new position in ChargePoint in the fourth quarter worth approximately $166,000. Hedge funds and other institutional investors own 37.77% of the company’s stock.

ChargePoint Company Profile

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.