ChargePoint’s (CHPT) Hold Rating Reiterated at Needham & Company LLC

Needham & Company LLC reissued their hold rating on shares of ChargePoint (NYSE:CHPT) in a research report released on Thursday morning,Benzinga reports.

CHPT has been the subject of several other reports. Royal Bank of Canada dropped their price objective on ChargePoint from $3.00 to $2.50 and set a “sector perform” rating for the company in a report on Thursday, September 5th. TD Cowen cut shares of ChargePoint from a “buy” rating to a “hold” rating and cut their price objective for the stock from $3.00 to $2.00 in a research report on Thursday, September 5th. The Goldman Sachs Group decreased their target price on shares of ChargePoint from $1.50 to $1.25 and set a “sell” rating on the stock in a report on Friday, September 6th. Wolfe Research started coverage on shares of ChargePoint in a report on Thursday, September 5th. They set a “peer perform” rating for the company. Finally, Benchmark reissued a “buy” rating and issued a $3.00 price objective on shares of ChargePoint in a research note on Wednesday, November 20th. Two equities research analysts have rated the stock with a sell rating, ten have assigned a hold rating, three have issued a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat, the company currently has an average rating of “Hold” and an average price target of $2.47.

ChargePoint Trading Down 3.0 %

CHPT stock opened at $1.31 on Thursday. ChargePoint has a 52 week low of $1.05 and a 52 week high of $3.13. The company has a debt-to-equity ratio of 1.24, a quick ratio of 1.32 and a current ratio of 2.03. The company’s 50-day simple moving average is $1.26 and its 200 day simple moving average is $1.56. The company has a market capitalization of $565.37 million, a PE ratio of -1.77 and a beta of 1.69.

ChargePoint (NYSE:CHPT) last announced its earnings results on Wednesday, September 4th. The company reported ($0.15) EPS for the quarter, hitting the consensus estimate of ($0.15). The company had revenue of $108.54 million for the quarter, compared to analysts’ expectations of $114.15 million. ChargePoint had a negative net margin of 72.62% and a negative return on equity of 96.95%. As a group, sell-side analysts anticipate that ChargePoint will post -0.56 earnings per share for the current year.

Insider Buying and Selling

In other news, CFO Mansi Khetani sold 23,409 shares of the 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 in the company, valued at $1,146,263.40. This represents a 2.68 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Also, CAO Henrik Gerdes sold 26,288 shares of the stock in a transaction dated Friday, October 11th. The stock was sold at an average price of $1.32, for a total value of $34,700.16. Following the sale, the chief accounting officer now owns 390,596 shares of the company’s stock, valued at approximately $515,586.72. The trade was a 6.31 % decrease in their ownership of the stock. 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. Company insiders own 3.50% of the company’s stock.

Institutional Investors Weigh In On ChargePoint

Several large investors have recently added to or reduced their stakes in the business. Price T Rowe Associates Inc. MD boosted its holdings in shares of ChargePoint by 53.4% during the 1st quarter. Price T Rowe Associates Inc. MD now owns 183,436 shares of the company’s stock worth $349,000 after buying an additional 63,851 shares in the last quarter. California State Teachers Retirement System increased its stake in ChargePoint by 15.7% in the first quarter. California State Teachers Retirement System now owns 374,395 shares of the company’s stock valued at $711,000 after purchasing an additional 50,857 shares in the last quarter. Cetera Advisors LLC raised its holdings in shares of ChargePoint by 752.7% during the first quarter. Cetera Advisors LLC now owns 389,584 shares of the company’s stock valued at $740,000 after purchasing an additional 343,898 shares during the period. SG Americas Securities LLC boosted its position in shares of ChargePoint by 19.2% during the 2nd quarter. SG Americas Securities LLC now owns 130,247 shares of the company’s stock worth $197,000 after purchasing an additional 21,007 shares in the last quarter. Finally, Wedmont Private Capital acquired a new stake in shares of ChargePoint in the 2nd quarter valued at about $86,000. Institutional investors and hedge funds own 37.77% of the company’s stock.

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.