ChargePoint (NYSE:CHPT) Price Target Lowered to $1.25 at The Goldman Sachs Group

ChargePoint (NYSE:CHPT) had its target price trimmed by The Goldman Sachs Group from $1.50 to $1.25 in a report issued on Friday morning, Benzinga reports. The brokerage currently has a sell rating on the stock.

Other equities research analysts have also issued reports about the stock. B. Riley raised shares of ChargePoint to a hold rating in a report on Tuesday, June 25th. Needham & Company LLC lowered their target price on ChargePoint from $3.00 to $2.00 and set a buy rating on the stock in a research note on Thursday. Royal Bank of Canada reduced their price target on ChargePoint from $3.00 to $2.50 and set a sector perform rating for the company in a research report on Thursday. Wolfe Research initiated coverage on shares of ChargePoint in a report on Thursday. They set a peer perform rating for the company. Finally, Evercore ISI lowered their price target on shares of ChargePoint from $6.00 to $4.00 and set an outperform rating on the stock in a report on Thursday. One research analyst has rated the stock with a sell rating, fourteen have issued a hold rating and five have issued a buy rating to the company. Based on data from MarketBeat, ChargePoint has an average rating of Hold and an average price target of $3.90.

ChargePoint Stock Performance

Shares of NYSE:CHPT opened at $1.31 on Friday. The company has a quick ratio of 1.45, a current ratio of 2.13 and a debt-to-equity ratio of 1.02. The company has a market capitalization of $554.60 million, a price-to-earnings ratio of -1.11 and a beta of 1.70. The firm has a 50 day moving average of $1.86 and a 200 day moving average of $1.76. ChargePoint has a 52 week low of $1.21 and a 52 week high of $6.33.

ChargePoint (NYSE:CHPT) last released its earnings results on Wednesday, June 5th. The company reported ($0.16) EPS for the quarter, topping analysts’ consensus estimates of ($0.19) by $0.03. The company had revenue of $107.04 million during the quarter, compared to analysts’ expectations of $106.09 million. ChargePoint had a negative net margin of 93.05% and a negative return on equity of 127.18%. On average, sell-side analysts predict that ChargePoint will post -0.53 earnings per share for the current fiscal year.

Insider Buying and Selling

In other news, CAO Henrik Gerdes sold 43,596 shares of the firm’s stock in a transaction that occurred on Thursday, June 20th. The shares were sold at an average price of $1.50, for a total transaction of $65,394.00. Following the completion of the sale, the chief accounting officer now owns 438,004 shares in the company, valued at approximately $657,006. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. In other ChargePoint news, CFO Mansi Khetani sold 19,007 shares of the business’s stock in a transaction on Friday, June 21st. The shares were sold at an average price of $1.40, for a total value of $26,609.80. Following the completion of the transaction, the chief financial officer now owns 402,493 shares in the company, valued at $563,490.20. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, CAO Henrik Gerdes sold 43,596 shares of ChargePoint stock in a transaction on Thursday, June 20th. The shares were sold at an average price of $1.50, for a total value of $65,394.00. Following the completion of the transaction, the chief accounting officer now owns 438,004 shares of the company’s stock, valued at $657,006. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 95,099 shares of company stock worth $137,498. 3.50% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On ChargePoint

Hedge funds have recently bought and sold shares of the stock. Vanguard Group Inc. boosted 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 valued at $69,708,000 after buying an additional 7,645,210 shares in the last quarter. Point72 Asset Management L.P. purchased a new stake in shares of ChargePoint in the 2nd quarter valued at about $13,007,000. Norges Bank purchased a new stake in shares of ChargePoint in the 4th quarter valued at about $9,733,000. Skandinaviska Enskilda Banken AB publ grew its stake 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 worth $2,452,000 after buying an additional 621,536 shares during the last quarter. Finally, Bank of New York Mellon Corp grew its stake in ChargePoint by 60.1% during the 2nd quarter. Bank of New York Mellon Corp now owns 1,298,289 shares of the company’s stock worth $1,960,000 after buying an additional 487,262 shares during the last quarter. Institutional investors and hedge funds own 37.77% of the company’s stock.

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.