ChargePoint (NYSE:CHPT) Given New $2.00 Price Target at Stifel Nicolaus

ChargePoint (NYSE:CHPT) had its target price reduced by investment analysts at Stifel Nicolaus from $3.00 to $2.00 in a note issued to investors on Wednesday, Benzinga reports. The firm presently has a “hold” rating on the stock. Stifel Nicolaus’ price objective would suggest a potential upside of 57.46% from the stock’s previous close.

Other equities research analysts also recently issued research reports about the company. Needham & Company LLC cut their price objective on ChargePoint from $3.00 to $2.00 and set a “buy” rating for the company in a research report on Thursday, September 5th. JPMorgan Chase & Co. downgraded ChargePoint from an “overweight” rating to an “underweight” rating in a report on Thursday, October 3rd. Evercore ISI dropped their price target on ChargePoint from $6.00 to $4.00 and set an “outperform” rating on the stock in a research note on Thursday, September 5th. Royal Bank of Canada cut their price objective on ChargePoint from $3.00 to $2.50 and set a “sector perform” rating on the stock in a report on Thursday, September 5th. Finally, UBS Group decreased their target price on shares of ChargePoint from $1.80 to $1.50 and set a “neutral” rating for the company in a report on Tuesday, October 15th. Two investment analysts have rated the stock with a sell rating, thirteen have issued a hold rating, four have assigned a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat, the company currently has an average rating of “Hold” and an average target price of $2.61.

ChargePoint Trading Down 0.8 %

Shares of CHPT stock opened at $1.27 on Wednesday. The stock has a 50-day simple moving average of $1.45 and a 200 day simple moving average of $1.63. The stock has a market capitalization of $548.19 million, a P/E ratio of -1.29 and a beta of 1.69. ChargePoint has a fifty-two week low of $1.21 and a fifty-two week high of $3.54. The company has a quick ratio of 1.32, a current ratio of 2.03 and a debt-to-equity ratio of 1.24.

ChargePoint (NYSE:CHPT) last posted its quarterly earnings data on Wednesday, September 4th. The company reported ($0.15) earnings per share for the quarter, meeting the consensus estimate of ($0.15). ChargePoint had a negative net margin of 89.12% and a negative return on equity of 112.67%. The company had revenue of $108.54 million during the quarter, compared to analyst estimates of $114.15 million. On average, sell-side analysts expect that ChargePoint will post -0.56 earnings per share for the current fiscal year.

Insider Activity

In related news, CAO Henrik Gerdes sold 26,288 shares of the stock in a transaction on Friday, October 11th. The stock was sold at an average price of $1.32, for a total transaction of $34,700.16. Following the completion of the sale, the chief accounting officer now directly owns 390,596 shares in the company, valued at approximately $515,586.72. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. In other news, CAO Henrik Gerdes sold 26,288 shares of the firm’s stock in a transaction dated Friday, October 11th. The stock was sold at an average price of $1.32, for a total transaction of $34,700.16. Following the completion of the sale, the chief accounting officer now directly owns 390,596 shares of the company’s stock, valued at $515,586.72. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, CEO Richard Wilmer sold 27,252 shares of the firm’s stock in a transaction that occurred on Monday, September 23rd. The shares were sold at an average price of $1.35, for a total transaction of $36,790.20. Following the transaction, the chief executive officer now directly owns 2,304,489 shares in the company, valued at approximately $3,111,060.15. The trade was a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 100,803 shares of company stock worth $135,295 in the last ninety days. Corporate insiders own 3.50% of the company’s stock.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently bought and sold shares of CHPT. First Trust Direct Indexing L.P. bought a new stake in ChargePoint during the 1st quarter valued at approximately $92,000. Capstone Investment Advisors LLC bought a new position in ChargePoint during the first quarter worth $238,000. PDS Planning Inc acquired a new position in ChargePoint during the 1st quarter valued at $31,000. SG Americas Securities LLC boosted its holdings in ChargePoint by 51.6% in the 1st quarter. SG Americas Securities LLC now owns 109,240 shares of the company’s stock valued at $208,000 after purchasing an additional 37,180 shares during the period. Finally, Swiss National Bank grew its position in ChargePoint by 23.2% in the 1st quarter. Swiss National Bank now owns 742,900 shares of the company’s stock worth $1,412,000 after purchasing an additional 139,700 shares during the last quarter. 37.77% of the stock is currently owned by institutional investors and hedge funds.

About ChargePoint

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.