Brokerages Set ChargePoint Holdings, Inc. (NYSE:CHPT) Price Target at $2.47

ChargePoint Holdings, Inc. (NYSE:CHPT) has been given a consensus recommendation of “Hold” by the seventeen analysts that are currently covering the company, MarketBeat reports. Two investment analysts have rated the stock with a sell rating, eleven have assigned a hold rating, three have given a buy rating and one has given a strong buy rating to the company. The average 1-year target price among analysts that have issued ratings on the stock in the last year is $2.47.

A number of brokerages recently weighed in on CHPT. JPMorgan Chase & Co. downgraded shares of ChargePoint from an “overweight” rating to an “underweight” rating in a research report on Thursday, October 3rd. TD Cowen lowered shares of ChargePoint from a “buy” rating to a “hold” rating and decreased their price target for the company from $3.00 to $2.00 in a report on Thursday, September 5th. Benchmark reaffirmed a “buy” rating and set a $3.00 price objective on shares of ChargePoint in a research note on Wednesday, November 20th. Evercore ISI reduced their target price on ChargePoint from $6.00 to $4.00 and set an “outperform” rating on the stock in a report on Thursday, September 5th. Finally, Wolfe Research assumed coverage on ChargePoint in a report on Thursday, September 5th. They issued a “peer perform” rating for the company.

Insider Activity at ChargePoint

In related news, CFO Mansi Khetani sold 23,409 shares of the stock in a transaction that occurred on Monday, September 23rd. The stock was sold at an average price of $1.35, for a total transaction of $31,602.15. Following the completion of the transaction, the chief financial officer now directly owns 849,084 shares of the company’s stock, valued at approximately $1,146,263.40. This represents a 2.68 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, CEO Richard Wilmer sold 27,252 shares of the business’s stock in a transaction that occurred on Monday, September 23rd. The stock was sold at an average price of $1.35, for a total value of $36,790.20. Following the transaction, the chief executive officer now directly owns 2,304,489 shares in the company, valued at $3,111,060.15. This trade represents a 1.17 % decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 100,803 shares of company stock valued at $135,295. 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 modified their holdings of CHPT. CIBC Asset Management Inc lifted its stake in ChargePoint by 50.7% in the 2nd quarter. CIBC Asset Management Inc now owns 17,145 shares of the company’s stock valued at $26,000 after purchasing an additional 5,770 shares during the last quarter. Financial Advocates Investment Management acquired a new stake in shares of ChargePoint in the third quarter valued at approximately $29,000. CreativeOne Wealth LLC bought a new position in shares of ChargePoint during the 1st quarter worth approximately $30,000. Delap Wealth Advisory LLC acquired a new position in shares of ChargePoint during the 2nd quarter worth approximately $31,000. Finally, Perennial Investment Advisors LLC raised its stake in ChargePoint by 74.4% in the 2nd quarter. Perennial Investment Advisors LLC now owns 24,380 shares of the company’s stock valued at $37,000 after acquiring an additional 10,400 shares during the period. Institutional investors own 37.77% of the company’s stock.

ChargePoint Trading Up 1.3 %

Shares of NYSE CHPT opened at $1.17 on Friday. The company’s 50 day simple moving average is $1.28 and its 200 day simple moving average is $1.59. The company has a debt-to-equity ratio of 1.24, a current ratio of 2.03 and a quick ratio of 1.32. ChargePoint has a fifty-two week low of $1.05 and a fifty-two week high of $3.13. The firm has a market capitalization of $502.79 million, a P/E ratio of -1.18 and a beta of 1.70.

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

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.