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

Key Points

• ChargePoint carries a consensus analyst rating of "Reduce" from 10 covering analysts, with an average 12-month price target of $8.31. The group includes three sell ratings, six holds, and one buy.
• The company recently reported a wider-than-expected loss, posting EPS of -$1.75 versus estimates of -$1.11, though revenue of $101.82 million came in above expectations.
• Insiders have been selling shares, including recent transactions by the general counsel and another insider, while institutional investors such as Renaissance Technologies and Invesco have been increasing their stakes.

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

Several brokerages have recently issued reports on CHPT. Wall Street Zen raised ChargePoint from a "sell" rating to a "hold" rating in a research report on Saturday, April 11th. TD Cowen reaffirmed a "hold" rating and issued a $7.50 price target (up from $7.00) on shares of ChargePoint in a research note on Wednesday, June 17th. Weiss Ratings reiterated a "sell (e+)" rating on shares of ChargePoint in a report on Monday, April 20th. Royal Bank Of Canada reissued a "sector perform" rating and set a $6.50 price objective on shares of ChargePoint in a research report on Thursday, June 4th. Finally, Needham & Company LLC restated a "hold" rating on shares of ChargePoint in a report on Thursday, June 4th.

Insider Buying and Selling at ChargePoint

In other ChargePoint news, General Counsel Eric Batill sold 4,979 shares of the company's stock in a transaction dated Tuesday, June 23rd. The shares were sold at an average price of $7.13, for a total value of $35,500.27. Following the sale, the general counsel owned 143,631 shares in the company, valued at approximately $1,024,089.03. This represents a 3.35% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed 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 that occurred on Tuesday, June 23rd. The shares were sold at an average price of $7.14, for a total transaction of $69,393.66. Following the transaction, the insider directly owned 187,846 shares of the company's stock, valued at $1,341,220.44. This represents a 4.92% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. The sale was made to cover tax withholding obligations related to the vesting of equity awards. In the last 90 days, insiders sold 29,164 shares of company stock valued at $208,037. Insiders own 4.20% of the company's stock.

Institutional Trading of ChargePoint

Several hedge funds and other institutional investors have recently made changes to their positions in CHPT. Renaissance Technologies LLC increased its position in ChargePoint by 77.7% during the 1st quarter. Renaissance Technologies LLC now owns 144,059 shares of the company's stock valued at $700,000 after buying an additional 63,000 shares in the last quarter. Hsbc Holdings PLC boosted its holdings in ChargePoint by 40.0% in the first quarter. Hsbc Holdings PLC now owns 15,220 shares of the company's stock worth $75,000 after acquiring an additional 4,352 shares in the last quarter. R Squared Ltd bought a new stake in ChargePoint in the first quarter worth $59,000. Invesco Ltd. grew its stake in shares of ChargePoint by 94.2% in the fourth quarter. Invesco Ltd. now owns 340,479 shares of the company's stock worth $2,261,000 after acquiring an additional 165,152 shares during the last quarter. Finally, XTX Topco Ltd purchased a new stake in shares of ChargePoint in the fourth quarter worth $365,000. Hedge funds and other institutional investors own 37.77% of the company's stock.

ChargePoint Price Performance

Shares of NYSE CHPT opened at $5.83 on Thursday. ChargePoint has a 1 year low of $4.44 and a 1 year high of $13.89. The company has a debt-to-equity ratio of 10.73, a current ratio of 1.15 and a quick ratio of 0.56. The company's 50-day moving average is $6.73 and its 200 day moving average is $6.33. The stock has a market capitalization of $142.47 million, a P/E ratio of -0.67 and a beta of 1.72.

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

ChargePoint Company Profile

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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