ChargePoint’s (CHPT) Hold Rating Reiterated at Needham & Company LLC

Needham & Company LLC reissued their hold rating on shares of ChargePoint (NYSE:CHPT) in a report published on Thursday,Benzinga reports.

A number of other research firms have also commented on CHPT. TD Cowen reaffirmed a “hold” rating and set a $7.50 price target (up from $7.00) on shares of ChargePoint in a research report on Wednesday, June 17th. Oppenheimer reissued a “market perform” rating on shares of ChargePoint in a report on Thursday. UBS Group reissued a “neutral” rating and set a $8.00 price target (up from $7.00) on shares of ChargePoint in a research report on Tuesday, June 23rd. Royal Bank Of Canada reissued a “sector perform” rating and issued a $6.50 target price on shares of ChargePoint in a report on Thursday, June 4th. Finally, Weiss Ratings reissued a “sell (e+)” rating on shares of ChargePoint in a report on Friday, July 17th. Eight research analysts have rated the stock with a Hold rating and three have issued a Sell rating to the company. According to MarketBeat.com, ChargePoint has a consensus rating of “Reduce” and an average price target of $6.93.

ChargePoint Stock Performance

Shares of NYSE CHPT opened at $9.97 on Thursday. The company has a debt-to-equity ratio of 10.73, a current ratio of 1.15 and a quick ratio of 0.56. The stock’s fifty day moving average price is $5.95 and its two-hundred day moving average price is $6.17. ChargePoint has a one year low of $4.44 and a one year high of $12.61. The firm has a market cap of $243.47 million, a price-to-earnings ratio of -1.39 and a beta of 1.77.

ChargePoint (NYSE:CHPT) last posted its earnings results on Wednesday, September 2nd. The company reported ($1.35) earnings per share for the quarter, topping analysts’ consensus estimates of ($1.57) by $0.22. ChargePoint had a negative return on equity of 723.17% and a negative net margin of 40.59%.The company had revenue of $116.08 million during the quarter, compared to the consensus estimate of $105.21 million. On average, equities analysts forecast that ChargePoint will post -5.48 EPS for the current year.

Insider Buying and Selling at ChargePoint

In related news, General Counsel Eric Batill sold 4,979 shares of the firm’s stock in a transaction that occurred on Tuesday, June 23rd. The shares were sold at an average price of $7.13, for a total value of $35,500.27. Following the completion of the transaction, the general counsel owned 143,631 shares in the company, valued at $1,024,089.03. This trade represents a 3.35% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, insider John Vice sold 4,072 shares of ChargePoint stock in a transaction that occurred on Tuesday, June 23rd. The stock was sold at an average price of $7.13, for a total transaction of $29,033.36. Following the sale, the insider owned 171,507 shares in the company, valued at approximately $1,222,844.91. This represents a 2.32% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Insiders have sold 29,164 shares of company stock worth $208,037 in the last 90 days. Corporate insiders own 4.20% of the company’s stock.

Institutional Trading of ChargePoint

Institutional investors have recently modified their holdings of the business. Bank of New York Mellon Corp acquired a new stake in ChargePoint in the second quarter valued at $344,000. Renaissance Technologies LLC lifted its holdings in ChargePoint by 77.7% during the 1st quarter. Renaissance Technologies LLC now owns 144,059 shares of the company’s stock worth $700,000 after buying an additional 63,000 shares during the period. Hsbc Holdings PLC lifted its holdings in ChargePoint by 40.0% during the 1st quarter. Hsbc Holdings PLC now owns 15,220 shares of the company’s stock worth $75,000 after buying an additional 4,352 shares during the period. R Squared Ltd acquired a new position in ChargePoint during the 1st quarter worth about $59,000. Finally, Invesco Ltd. grew its position 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 buying an additional 165,152 shares during the last quarter. Institutional investors own 37.77% of the company’s stock.

Trending Headlines about ChargePoint

Here are the key news stories impacting ChargePoint this week:

• Positive Sentiment: Better-than-expected earnings: ChargePoint reported quarterly revenue of approximately $116.1 million, up 17.7% year over year and above analysts’ expectations near $105 million. The adjusted loss was also narrower than expected, while the GAAP loss improved substantially from the prior year. ChargePoint Skyrockets 74% as Revenue Beat and Narrower Loss Clear Estimates
• Positive Sentiment: Improving margins and outlook: Management highlighted stronger gross margins, new charging products, improving European momentum and a path toward positive EBITDA. Third-quarter revenue guidance of $105 million to $115 million was broadly better than expected, supporting the view that demand may be stabilizing. CHPT Q2 Deep Dive: New Products and European Momentum Offset North America Uncertainty
• Positive Sentiment: CEO reinforces momentum: CEO Rick Wilmer characterized the recent rally as the beginning of a longer-term momentum phase, adding to bullish sentiment around a potential EV-charging turnaround. Elevated short interest and unusually high call-option activity may have amplified the move. ChargePoint CEO Says Stock Surge Is the Beginning of the Momentum
• Neutral Sentiment: Mixed analyst signals: B. Riley raised its price target from $6 to $8 but maintained a Neutral rating. Needham also reaffirmed its Hold rating, while the broader analyst consensus remains cautious, with an average Reduce recommendation. ChargePoint Receives Average Reduce Recommendation
• Negative Sentiment: Demand concerns remain: RBC Capital Markets warned that ChargePoint needs a recovery in EV-charging demand to meet its longer-term outlook, particularly amid uncertainty in North America. The company remains unprofitable, with significant leverage and a negative earnings outlook, creating substantial execution and financing risks. ChargePoint Outlook Weighed Down by Slowing Charging Demand

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.