The Goldman Sachs Group Lowers ChargePoint (NYSE:CHPT) Price Target to $0.75

ChargePoint (NYSE:CHPT) had its target price decreased by equities research analysts at The Goldman Sachs Group from $1.00 to $0.75 in a research note issued to investors on Thursday,Benzinga reports. The firm presently has a “sell” rating on the stock. The Goldman Sachs Group’s price target indicates a potential downside of 1.32% from the company’s current price.

Several other analysts have also recently weighed in on CHPT. Needham & Company LLC reissued a “hold” rating on shares of ChargePoint in a research note on Thursday, December 5th. UBS Group reduced their price objective on shares of ChargePoint from $1.50 to $1.30 and set a “neutral” rating on the stock in a research note on Tuesday, December 10th. Benchmark reissued a “buy” rating and issued a $3.00 price objective on shares of ChargePoint in a research note on Wednesday, November 20th. Stifel Nicolaus reduced their price objective on shares of ChargePoint from $3.00 to $2.00 and set a “hold” rating on the stock in a research note on Wednesday, October 30th. Finally, Royal Bank of Canada reduced their price objective on shares of ChargePoint from $2.50 to $2.00 and set a “sector perform” rating on the stock in a research note on Thursday, December 5th. Two analysts have rated the stock with a sell rating, nine have issued a hold rating, three have given a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat, the company presently has an average rating of “Hold” and an average target price of $2.41.

ChargePoint Stock Performance

NYSE CHPT opened at $0.76 on Thursday. The firm’s fifty day moving average price is $1.01 and its two-hundred day moving average price is $1.26. The stock has a market cap of $336.18 million, a PE ratio of -1.03 and a beta of 1.70. ChargePoint has a fifty-two week low of $0.66 and a fifty-two week high of $2.44. The company has a debt-to-equity ratio of 1.65, a quick ratio of 1.24 and a current ratio of 1.94.

Insider Activity at ChargePoint

In other news, CFO Mansi Khetani sold 22,038 shares of the company’s stock in a transaction dated Monday, December 23rd. The shares were sold at an average price of $1.14, for a total transaction of $25,123.32. Following the transaction, the chief financial officer now owns 1,230,305 shares in the company, valued at approximately $1,402,547.70. This represents a 1.76 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, CAO Henrik Gerdes sold 28,536 shares of the company’s stock in a transaction dated Monday, December 23rd. The shares were sold at an average price of $1.14, for a total transaction of $32,531.04. Following the transaction, the chief accounting officer now owns 362,060 shares in the company, valued at $412,748.40. This represents a 7.31 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 87,148 shares of company stock worth $99,349 over the last quarter. Company insiders own 3.50% of the company’s stock.

Hedge Funds Weigh In On ChargePoint

Institutional investors have recently made changes to their positions in the stock. Creative Planning raised its holdings in shares of ChargePoint by 8.8% in the 3rd quarter. Creative Planning now owns 205,008 shares of the company’s stock worth $281,000 after acquiring an additional 16,645 shares during the last quarter. International Assets Investment Management LLC raised its holdings in shares of ChargePoint by 32.9% in the 3rd quarter. International Assets Investment Management LLC now owns 60,403 shares of the company’s stock worth $830,000 after acquiring an additional 14,963 shares during the last quarter. Ballentine Partners LLC acquired a new stake in shares of ChargePoint in the 3rd quarter worth about $61,000. Financial Advocates Investment Management acquired a new stake in shares of ChargePoint in the 3rd quarter worth about $29,000. Finally, Jeppson Wealth Management LLC raised its holdings in shares of ChargePoint by 28.3% in the 3rd quarter. Jeppson Wealth Management LLC now owns 42,940 shares of the company’s stock worth $59,000 after acquiring an additional 9,480 shares during the last quarter. 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.