ChargePoint (NYSE:CHPT) Cut to “Hold” at Needham & Company LLC

Needham & Company LLC downgraded shares of ChargePoint (NYSE:CHPT) from a buy rating to a hold rating in a report issued on Tuesday morning, MarketBeat reports.

Several other equities research analysts have also issued reports on CHPT. Royal Bank of Canada lowered their price target on shares of ChargePoint from $3.00 to $2.50 and set a “sector perform” rating on the stock in a research note on Thursday, September 5th. UBS Group lowered their target price on ChargePoint from $1.80 to $1.50 and set a “neutral” rating on the stock in a research report on Tuesday, October 15th. JPMorgan Chase & Co. cut ChargePoint from an “overweight” rating to an “underweight” rating in a research report on Thursday, October 3rd. Capital One Financial upgraded ChargePoint to a “strong-buy” rating in a research note on Tuesday, September 17th. Finally, Wolfe Research initiated coverage on shares of ChargePoint in a research note on Thursday, September 5th. They issued a “peer perform” rating for the company. Two equities research analysts have rated the stock with a sell rating, eleven have issued a hold rating, three have issued a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat, ChargePoint has a consensus rating of “Hold” and a consensus price target of $2.47.

ChargePoint Stock Performance

Shares of NYSE CHPT opened at $1.13 on Tuesday. ChargePoint has a one year low of $1.05 and a one year high of $3.13. The company has a current ratio of 2.03, a quick ratio of 1.32 and a debt-to-equity ratio of 1.24. The business has a fifty day simple moving average of $1.30 and a 200 day simple moving average of $1.60. The firm has a market capitalization of $487.69 million, a price-to-earnings ratio of -1.14 and a beta of 1.70.

ChargePoint (NYSE:CHPT) last issued its quarterly earnings results on Wednesday, September 4th. The company reported ($0.15) earnings per share (EPS) for the quarter, hitting 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 business had revenue of $108.54 million for the quarter, compared to the consensus estimate of $114.15 million. Sell-side analysts expect that ChargePoint will post -0.56 EPS for the current year.

Insider Transactions at ChargePoint

In related news, CEO Richard Wilmer sold 27,252 shares of ChargePoint 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 $36,790.20. Following the sale, the chief executive officer now directly owns 2,304,489 shares in the company, valued at $3,111,060.15. The trade was a 1.17 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, CFO Mansi Khetani sold 23,409 shares of the stock in a transaction on Monday, September 23rd. The stock was sold at an average price of $1.35, for a total value of $31,602.15. Following the completion of the transaction, the chief financial officer now owns 849,084 shares of the company’s stock, valued at approximately $1,146,263.40. This trade represents a 2.68 % decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders have sold 100,803 shares of company stock worth $135,295. 3.50% of the stock is currently owned by insiders.

Institutional Trading of ChargePoint

A number of hedge funds and other institutional investors have recently modified their holdings of the business. Point72 Asset Management L.P. bought a new stake in ChargePoint during the second quarter worth about $13,007,000. Vanguard Group Inc. boosted its position in shares of ChargePoint by 26.3% in the 1st quarter. Vanguard Group Inc. now owns 36,688,672 shares of the company’s stock worth $69,708,000 after purchasing an additional 7,645,210 shares in the last quarter. Erste Asset Management GmbH bought a new stake in shares of ChargePoint in the 3rd quarter worth approximately $2,570,000. AQR Capital Management LLC purchased a new stake in shares of ChargePoint in the 2nd quarter worth approximately $1,310,000. Finally, Skandinaviska Enskilda Banken AB publ increased its position in ChargePoint by 62.0% during the 2nd quarter. Skandinaviska Enskilda Banken AB publ now owns 1,623,836 shares of the company’s stock valued at $2,452,000 after buying an additional 621,536 shares in the last quarter. 37.77% of the stock is owned by hedge funds and other institutional investors.

ChargePoint Company Profile

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.