ChargePoint Holdings, Inc. (NYSE:CHPT) Receives Consensus Rating of "Reduce" from Analysts

Key Points

• ChargePoint has a consensus “Reduce” rating from 10 analysts: three sell ratings, six holds and one buy. The average 12-month price target is $8.31, above the stock’s recent $6.22 price.
• The company reported a quarterly loss of $1.75 per share, missing expectations by $0.64, despite revenue of $101.82 million exceeding estimates. Analysts expect a full-year loss of $5.48 per share.
• Insiders sold 29,164 shares worth approximately $208,000 over the past three months, while institutional investors own 37.77% of ChargePoint’s stock.

ChargePoint Holdings, Inc. (NYSE:CHPT - Get Free Report) has earned an average rating of "Reduce" from the ten research firms that are presently covering the firm, MarketBeat Ratings reports. Three analysts have rated the stock with a sell rating, six have given a hold rating and one has assigned a buy rating to the company. The average 12-month price target among brokerages that have issued ratings on the stock in the last year is $8.3125.

Several research analysts have recently weighed in on the stock. TD Cowen reaffirmed a "hold" rating and issued a $7.50 price target (up from $7.00) on shares of ChargePoint in a report on Wednesday, June 17th. Weiss Ratings reissued a "sell (e+)" rating on shares of ChargePoint in a research note on Friday, July 17th. UBS Group restated a "neutral" rating and issued a $8.00 target price (up from $7.00) on shares of ChargePoint in a research note on Tuesday, June 23rd. Royal Bank Of Canada reaffirmed a "sector perform" rating and issued a $6.50 price target on shares of ChargePoint in a report on Thursday, June 4th. Finally, Needham & Company LLC reiterated a "hold" rating on shares of ChargePoint in a research report on Thursday, June 4th.

Insider Activity at ChargePoint

In related news, insider John David Vice sold 4,072 shares of the firm's stock in a transaction dated Tuesday, June 23rd. The stock was sold at an average price of $7.13, for a total transaction of $29,033.36. Following the transaction, the insider directly owned 171,507 shares of the company's stock, valued at approximately $1,222,844.91. This trade represents a 2.32% decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through this link. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, insider Jagdeep Ca Singh sold 9,719 shares of the firm's stock in a transaction dated Tuesday, June 23rd. The shares were sold at an average price of $7.14, for a total value of $69,393.66. Following the transaction, the insider directly owned 187,846 shares in the company, valued at approximately $1,341,220.44. This represents a 4.92% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Over the last three months, insiders sold 29,164 shares of company stock valued at $208,037. Company insiders own 4.20% of the company's stock.

Institutional Investors Weigh In On ChargePoint

Hedge funds have recently made changes to their positions in the business. AQR Capital Management LLC raised its position in ChargePoint by 6,429.1% in the 1st quarter. AQR Capital Management LLC now owns 2,679,217 shares of the company's stock worth $1,553,000 after purchasing an additional 2,638,182 shares during the period. Integrated Wealth Concepts LLC boosted its position in ChargePoint by 2,885.1% during the first quarter. Integrated Wealth Concepts LLC now owns 461,771 shares of the company's stock valued at $279,000 after buying an additional 446,302 shares during the period. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. boosted its position in ChargePoint by 14.6% during the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 283,924 shares of the company's stock valued at $172,000 after buying an additional 36,097 shares during the period. Goldman Sachs Group Inc. grew its stake in shares of ChargePoint by 61.8% during the first quarter. Goldman Sachs Group Inc. now owns 3,790,823 shares of the company's stock valued at $2,293,000 after buying an additional 1,448,114 shares during the last quarter. Finally, Focus Partners Wealth purchased a new position in shares of ChargePoint in the first quarter worth about $27,000. 37.77% of the stock is currently owned by institutional investors.

ChargePoint Price Performance

Shares of NYSE:CHPT opened at $6.22 on Monday. The company has a 50 day moving average of $6.33 and a 200 day moving average of $6.16. The stock has a market cap of $151.94 million, a P/E ratio of -0.72 and a beta of 1.75. ChargePoint has a 12 month low of $4.44 and a 12 month high of $12.62. The company has a current ratio of 1.15, a quick ratio of 0.56 and a debt-to-equity ratio of 10.73.

ChargePoint (NYSE:CHPT - Get Free Report) last posted its earnings results on Wednesday, June 3rd. The company reported ($1.75) earnings per share (EPS) for the quarter, missing the consensus estimate of ($1.11) by ($0.64). ChargePoint had a negative return on equity of 504.42% and a negative net margin of 49.66%.The firm had revenue of $101.82 million during the quarter, compared to analysts' expectations of $95.64 million. As a group, sell-side analysts forecast that ChargePoint will post -5.48 EPS for the current fiscal year.

About ChargePoint

ChargePoint NYSE: CHPT is a leading provider of electric vehicle (EV) charging solutions that designs, develops and markets charging hardware, software and services. The company's portfolio includes Level 2 AC charging stations for residential, commercial and fleet applications, as well as DC fast charging systems suited for retail, hospitality and public use. ChargePoint's integrated platform enables site hosts to manage charging infrastructure through cloud-based monitoring, analytics and billing tools, while EV drivers access and control charging sessions via a mobile app or RFID card.

Since its founding in 2007 and headquarters in Campbell, California, ChargePoint has built one of the largest open EV charging networks in the world.

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