ChargePoint Holdings, Inc. (NYSE:CHPT) Receives Average Rating of “Reduce” from Brokerages

Shares of ChargePoint Holdings, Inc. (NYSE:CHPT) have earned an average recommendation of “Reduce” from the eleven brokerages that are currently covering the company, Marketbeat Ratings reports. Three equities research analysts have rated the stock with a sell recommendation and eight have issued a hold recommendation on the company. The average 12-month price target among analysts that have issued a report on the stock in the last year is $6.9286.

A number of research firms have recently commented on CHPT. Royal Bank Of Canada reissued a “sector perform” rating and issued a $6.50 price target on shares of ChargePoint in a research report on Thursday, June 4th. Oppenheimer reaffirmed a “market perform” rating on shares of ChargePoint in a report on Thursday, September 3rd. B Riley reiterated a “neutral” rating on shares of ChargePoint in a research note on Friday, September 4th. TD Cowen reiterated a “hold” rating on shares of ChargePoint in a research note on Thursday, September 3rd. Finally, Weiss Ratings reiterated a “sell (e+)” rating on shares of ChargePoint in a report on Friday, July 17th.

Insiders Place Their Bets

In other news, insider John Vice sold 4,072 shares of the firm’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 $29,033.36. Following the sale, the insider directly owned 171,507 shares of the company’s stock, valued at approximately $1,222,844.91. This trade represents a 2.32% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, insider Jagdeep 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 completion of 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. 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. In the last ninety days, insiders sold 29,164 shares of company stock valued at $208,037. 4.20% of the stock is owned by company insiders.

Institutional Inflows and Outflows

A number of large investors have recently modified their holdings of the business. Northwestern Mutual Wealth Management Co. grew its position in ChargePoint by 12,808.6% in the 4th quarter. Northwestern Mutual Wealth Management Co. now owns 237,906 shares of the company’s stock worth $1,580,000 after purchasing an additional 236,063 shares during the last quarter. Hsbc Holdings PLC bought a new position in shares of ChargePoint during the 4th quarter worth about $73,000. EFG International AG acquired a new position in shares of ChargePoint during the fourth quarter valued at about $72,000. Hudson Bay Capital Management LP acquired a new position in shares of ChargePoint during the second quarter valued at about $72,000. Finally, Corient Private Wealth LLC lifted its stake in shares of ChargePoint by 57.1% in the second quarter. Corient Private Wealth LLC now owns 67,345 shares of the company’s stock valued at $47,000 after buying an additional 24,470 shares during the period. 37.77% of the stock is currently owned by institutional investors and hedge funds.

ChargePoint Price Performance

Shares of NYSE:CHPT opened at $8.92 on Friday. The stock has a market capitalization of $217.88 million, a P/E ratio of -1.24 and a beta of 1.77. The business has a 50-day moving average of $6.22 and a two-hundred day moving average of $6.26. ChargePoint has a fifty-two week low of $4.44 and a fifty-two week high of $12.61. The company has a debt-to-equity ratio of 10.73, a current ratio of 1.07 and a quick ratio of 0.56.

ChargePoint (NYSE:CHPT) last issued its quarterly earnings data on Wednesday, September 2nd. The company reported ($1.35) EPS for the quarter, beating analysts’ consensus estimates of ($1.57) by $0.22. ChargePoint had a negative return on equity of 3,366.29% and a negative net margin of 40.59%.The business had revenue of $116.08 million for the quarter, compared to analyst estimates of $105.21 million. On average, equities research analysts predict that ChargePoint will post -4.82 EPS for the current fiscal year.

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.