ChargePoint (NYSE:CHPT) Downgraded by Needham & Company LLC to “Hold”

ChargePoint (NYSE:CHPT) was downgraded by Needham & Company LLC from a “buy” rating to a “hold” rating in a research report issued on Tuesday, Marketbeat.com reports.

Several other research analysts also recently commented on CHPT. The Goldman Sachs Group dropped their price objective on shares of ChargePoint from $1.50 to $1.25 and set a “sell” rating for the company in a report on Friday, September 6th. JPMorgan Chase & Co. lowered ChargePoint from an “overweight” rating to an “underweight” rating in a research note on Thursday, October 3rd. Royal Bank of Canada reduced their price objective on 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 for the company in a research report on Tuesday, October 15th. Finally, Wolfe Research began coverage on shares of ChargePoint in a research report on Thursday, September 5th. They issued a “peer perform” rating on the stock. Two analysts have rated the stock with a sell rating, twelve have assigned a hold rating, three have given a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat.com, the company has a consensus rating of “Hold” and a consensus price target of $2.47.

ChargePoint Price Performance

Shares of CHPT opened at $1.13 on Tuesday. ChargePoint has a 12-month low of $1.08 and a 12-month 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 company has a market capitalization of $485.53 million, a PE ratio of -1.14 and a beta of 1.70. The business’s 50 day moving average is $1.31 and its 200 day moving average is $1.61.

ChargePoint (NYSE:CHPT) last released its quarterly earnings data on Wednesday, September 4th. The company reported ($0.15) earnings per share (EPS) 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 firm had revenue of $108.54 million for the quarter, compared to analysts’ expectations of $114.15 million. Research analysts expect that ChargePoint will post -0.56 earnings per share for the current fiscal year.

Insider Buying and Selling

In other news, CFO Mansi Khetani sold 23,409 shares of the business’s stock in a transaction on Monday, September 23rd. The shares were sold at an average price of $1.35, for a total transaction of $31,602.15. Following the completion of the sale, the chief financial officer now directly owns 849,084 shares of the company’s stock, valued at approximately $1,146,263.40. The trade was a 2.68 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, 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 transaction, the chief accounting officer now directly owns 390,596 shares in the company, valued at $515,586.72. This represents a 6.31 % decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders sold 100,803 shares of company stock valued at $135,295. Company insiders own 3.50% of the company’s stock.

Institutional Investors Weigh In On ChargePoint

Large investors have recently added to or reduced their stakes in the stock. SG Americas Securities LLC raised its stake in shares of ChargePoint by 51.6% during the first quarter. SG Americas Securities LLC now owns 109,240 shares of the company’s stock valued at $208,000 after acquiring an additional 37,180 shares in the last quarter. Swiss National Bank lifted its holdings in shares of 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 buying an additional 139,700 shares during the period. Vanguard Group Inc. lifted its holdings 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 buying an additional 7,645,210 shares during the period. Healthcare of Ontario Pension Plan Trust Fund grew its position in shares of ChargePoint by 32.7% during the 1st quarter. Healthcare of Ontario Pension Plan Trust Fund now owns 443,263 shares of the company’s stock worth $842,000 after buying an additional 109,309 shares in the last quarter. Finally, CreativeOne Wealth LLC purchased a new position in shares of ChargePoint during the first quarter valued at $30,000. 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.