ChargePoint (NYSE:CHPT) Earns “Hold” Rating from Needham & Company LLC

ChargePoint (NYSE:CHPT)‘s stock had its “hold” rating reiterated by Needham & Company LLC in a research report issued on Wednesday,Benzinga reports.

Several other equities analysts have also recently commented on CHPT. Royal Bank of Canada decreased their price target on shares of ChargePoint from $2.50 to $2.00 and set a “sector perform” rating for the company in a research report on Thursday, December 5th. Benchmark reissued a “buy” rating and set a $3.00 target price on shares of ChargePoint in a research note on Wednesday, November 20th. The Goldman Sachs Group reduced their price target on ChargePoint from $1.00 to $0.75 and set a “sell” rating on the stock in a research report on Thursday, February 20th. Finally, UBS Group cut their target price 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. Two equities research analysts have rated the stock with a sell rating, seven have issued a hold rating, two have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and an average target price of $2.13.

ChargePoint Price Performance

CHPT stock opened at $0.70 on Wednesday. ChargePoint has a 52-week low of $0.56 and a 52-week high of $2.44. The business has a fifty day moving average of $0.92 and a two-hundred day moving average of $1.20. The stock has a market cap of $310.52 million, a price-to-earnings ratio of -0.95 and a beta of 1.85. The company has a quick ratio of 1.24, a current ratio of 1.94 and a debt-to-equity ratio of 1.65.

ChargePoint (NYSE:CHPT) last posted its quarterly earnings data on Tuesday, March 4th. The company reported ($0.09) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.08) by ($0.01). ChargePoint had a negative return on equity of 106.28% and a negative net margin of 72.62%. The company had revenue of $101.89 million for the quarter, compared to analysts’ expectations of $100.99 million. As a group, research analysts anticipate that ChargePoint will post -0.57 earnings per share for the current year.

Insider Buying and Selling at ChargePoint

In related news, CFO Mansi Khetani sold 22,038 shares of the firm’s stock in a transaction that occurred on Monday, December 23rd. The shares were sold at an average price of $1.14, for a total value 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 trade represents a 1.76 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, CAO Henrik Gerdes sold 28,536 shares of the stock in a transaction that occurred on Monday, December 23rd. The shares were sold at an average price of $1.14, for a total transaction of $32,531.04. Following the completion of the sale, the chief accounting officer now directly owns 362,060 shares of the company’s stock, valued at $412,748.40. This trade represents a 7.31 % decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 87,148 shares of company stock worth $99,349. Corporate insiders own 3.50% of the company’s stock.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently bought and sold shares of CHPT. Perennial Advisors LLC bought a new stake in shares of ChargePoint in the 4th quarter valued at approximately $26,000. Tidal Investments LLC raised its stake in ChargePoint by 43.6% during the fourth quarter. Tidal Investments LLC now owns 466,751 shares of the company’s stock worth $499,000 after acquiring an additional 141,617 shares during the period. Toronto Dominion Bank bought a new position in ChargePoint in the fourth quarter worth about $8,746,000. ProShare Advisors LLC boosted its stake in ChargePoint by 51.9% in the fourth quarter. ProShare Advisors LLC now owns 111,447 shares of the company’s stock valued at $119,000 after acquiring an additional 38,094 shares during the period. Finally, Millennium Management LLC lifted its stake in ChargePoint by 13,605.0% in the fourth quarter. Millennium Management LLC now owns 2,857,349 shares of the company’s stock valued at $3,057,000 after buying an additional 2,836,500 shares during the last quarter. Hedge funds and other institutional investors 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.