Benchmark Reiterates Buy Rating for ChargePoint (NYSE:CHPT)

Benchmark restated their buy rating on shares of ChargePoint (NYSE:CHPT) in a research report released on Wednesday morning,Benzinga reports. They currently have a $3.00 target price on the stock.

Several other equities research analysts have also recently weighed in on the company. Stifel Nicolaus decreased their price target on ChargePoint from $3.00 to $2.00 and set a “hold” rating on the stock in a research report on Wednesday, October 30th. Evercore ISI decreased their price objective on shares of ChargePoint from $6.00 to $4.00 and set an “outperform” rating on the stock in a research report on Thursday, September 5th. TD Cowen cut shares of ChargePoint from a “buy” rating to a “hold” rating and decreased their price objective for the stock from $3.00 to $2.00 in a research report on Thursday, September 5th. Royal Bank of Canada decreased their price objective on shares of ChargePoint from $3.00 to $2.50 and set a “sector perform” rating on the stock in a research report on Thursday, September 5th. 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 research analysts have rated the stock with a sell rating, eleven have assigned a hold rating, three have assigned a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat.com, ChargePoint currently has an average rating of “Hold” and an average target price of $2.47.

ChargePoint Price Performance

Shares of NYSE:CHPT opened at $1.15 on Wednesday. The company’s 50-day moving average is $1.29 and its 200 day moving average is $1.59. 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 has a market capitalization of $496.32 million, a P/E ratio of -1.16 and a beta of 1.70. ChargePoint has a fifty-two week low of $1.05 and a fifty-two week high of $3.13.

ChargePoint (NYSE:CHPT) last announced its quarterly earnings data on Wednesday, September 4th. The company reported ($0.15) earnings per share (EPS) for the quarter, meeting analysts’ consensus estimates of ($0.15). ChargePoint had a negative return on equity of 112.67% and a negative net margin of 89.12%. The business had revenue of $108.54 million for the quarter, compared to analysts’ expectations of $114.15 million. On average, equities research analysts forecast that ChargePoint will post -0.56 earnings per share for the current year.

Insider Activity at ChargePoint

In other ChargePoint news, CFO Mansi Khetani sold 23,409 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 value of $31,602.15. Following the sale, the chief financial officer now owns 849,084 shares of the company’s stock, valued at $1,146,263.40. The trade was a 2.68 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, 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 value of $36,790.20. Following the completion of 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 1.17 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 100,803 shares of company stock valued at $135,295. 3.50% of the stock is owned by company insiders.

Hedge Funds Weigh In On ChargePoint

A number of institutional investors and hedge funds have recently modified their holdings of CHPT. Vanguard Group Inc. increased its stake in ChargePoint by 26.3% in the first 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 during the period. State Street Corp grew its holdings in shares of ChargePoint by 1.4% in the third quarter. State Street Corp now owns 10,297,421 shares of the company’s stock worth $14,107,000 after purchasing an additional 142,767 shares during the last quarter. Geode Capital Management LLC increased its stake in ChargePoint by 4.6% in the 3rd quarter. Geode Capital Management LLC now owns 9,072,168 shares of the company’s stock worth $12,432,000 after buying an additional 399,070 shares during the period. Point72 Asset Management L.P. bought a new stake in ChargePoint during the 2nd quarter valued at about $13,007,000. Finally, Charles Schwab Investment Management Inc. boosted its position in ChargePoint by 7.2% in the 3rd quarter. Charles Schwab Investment Management Inc. now owns 3,251,029 shares of the company’s stock valued at $4,454,000 after buying an additional 219,426 shares during the period. Hedge funds and other institutional investors 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.