ChargePoint (NYSE:CHPT) Sets New 52-Week Low on Analyst Downgrade

ChargePoint Holdings, Inc. (NYSE:CHPT)’s share price hit a new 52-week low during trading on Thursday after Stifel Nicolaus lowered their price target on the stock from $3.00 to $2.00. Stifel Nicolaus currently has a hold rating on the stock. ChargePoint traded as low as $1.21 and last traded at $1.22, with a volume of 7103997 shares. The stock had previously closed at $1.25.

CHPT has been the subject of a number of other research reports. Royal Bank of Canada lowered their price objective on ChargePoint from $3.00 to $2.50 and set a “sector perform” rating for the company in a research report on Thursday, September 5th. Needham & Company LLC dropped their price target on ChargePoint from $3.00 to $2.00 and set a “buy” rating on the stock in a research note on Thursday, September 5th. TD Cowen lowered shares of ChargePoint from a “buy” rating to a “hold” rating and decreased their price objective for the company from $3.00 to $2.00 in a research report on Thursday, September 5th. JPMorgan Chase & Co. lowered shares of ChargePoint from an “overweight” rating to an “underweight” rating in a research note on Thursday, October 3rd. Finally, Evercore ISI dropped their price objective on shares of ChargePoint from $6.00 to $4.00 and set an “outperform” rating on the stock in a report on Thursday, September 5th. Two research analysts have rated the stock with a sell rating, thirteen have given a hold rating, four have given a buy rating and one has given a strong buy rating to the company. According to MarketBeat, the stock currently has an average rating of “Hold” and an average target price of $2.61.

Insider Buying and Selling at ChargePoint

In other news, CFO Mansi Khetani sold 23,409 shares of the stock in a transaction dated Monday, September 23rd. The shares were sold at an average price of $1.35, for a total transaction of $31,602.15. Following the sale, the chief financial officer now directly owns 849,084 shares of the company’s stock, valued at $1,146,263.40. This represents a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this link. In related news, CEO Richard Wilmer sold 27,252 shares of ChargePoint stock in a transaction dated Monday, September 23rd. The stock was sold at an average price of $1.35, for a total value of $36,790.20. Following the sale, the chief executive officer now directly owns 2,304,489 shares in the company, valued at approximately $3,111,060.15. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, CFO Mansi Khetani sold 23,409 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 $31,602.15. Following the sale, 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 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders sold 100,803 shares of company stock valued at $135,295. Corporate insiders own 3.50% of the company’s stock.

Institutional Trading of ChargePoint

A number of institutional investors have recently made changes to their positions in the company. Point72 Asset Management L.P. acquired a new stake in ChargePoint during the 2nd quarter worth $13,007,000. Vanguard Group Inc. boosted its position in ChargePoint by 26.3% during the first quarter. Vanguard Group Inc. now owns 36,688,672 shares of the company’s stock worth $69,708,000 after acquiring an additional 7,645,210 shares during the last quarter. AQR Capital Management LLC purchased a new stake in ChargePoint during the 2nd quarter valued at about $1,310,000. Skandinaviska Enskilda Banken AB publ raised its holdings in ChargePoint by 62.0% in 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 acquiring an additional 621,536 shares during the last quarter. Finally, Bank of New York Mellon Corp lifted its stake in ChargePoint by 60.1% in 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 purchasing an additional 487,262 shares in the last quarter. 37.77% of the stock is owned by institutional investors and hedge funds.

ChargePoint Trading Down 4.0 %

The company has a fifty day moving average price of $1.43 and a two-hundred day moving average price of $1.62. 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 firm has a market capitalization of $517.90 million, a price-to-earnings ratio of -1.21 and a beta of 1.69.

ChargePoint (NYSE:CHPT) last issued its earnings results on Wednesday, September 4th. The company reported ($0.15) EPS for the quarter, hitting analysts’ consensus estimates of ($0.15). ChargePoint had a negative net margin of 89.12% and a negative return on equity of 112.67%. The company had revenue of $108.54 million for the quarter, compared to the consensus estimate of $114.15 million. As a group, research analysts forecast that ChargePoint Holdings, Inc. will post -0.56 earnings per share for the current fiscal year.

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.