ChargePoint (NYSE:CHPT) Price Target Lowered to $10.00 at Royal Bank Of Canada

Key Points

• Royal Bank of Canada has lowered ChargePoint's price target from $20.00 to $10.00, suggesting an 8.36% downside from its current price, while maintaining a "sector perform" rating.
• ChargePoint reported a loss of ($2.00) earnings per share (EPS) in its latest quarter, which was significantly below analysts' expectations of ($1.00) EPS, reflecting a negative net margin of 65.79%.
• The stock currently has a consensus rating of "Hold," with a wide range of price targets, including a high of $24.89 from various analysts, indicating mixed sentiments among investors.

ChargePoint (NYSE:CHPT - Free Report) had its price objective trimmed by Royal Bank Of Canada from $20.00 to $10.00 in a research note published on Thursday morning, Marketbeat.com reports. The brokerage currently has a sector perform rating on the stock.

Several other brokerages have also weighed in on CHPT. TD Cowen raised ChargePoint to a "hold" rating in a report on Monday, July 7th. Roth Capital set a $11.00 target price on ChargePoint and gave the company a "neutral" rating in a report on Tuesday, September 2nd. Finally, Needham & Company LLC restated a "hold" rating on shares of ChargePoint in a research note on Thursday, September 4th. One research analyst has rated the stock with a Strong Buy rating, one has issued a Buy rating, seven have assigned a Hold rating and two have issued a Sell rating to the stock. According to MarketBeat.com, ChargePoint currently has an average rating of "Hold" and a consensus price target of $13.67.

ChargePoint Stock Performance

CHPT traded down $0.29 on Thursday, hitting $10.56. 347,038 shares of the company traded hands, compared to its average volume of 971,755. ChargePoint has a 12-month low of $8.55 and a 12-month high of $31.40. The stock has a market capitalization of $241.93 million, a PE ratio of -0.91 and a beta of 2.29. The company has a 50 day moving average of $11.75 and a 200-day moving average of $12.79. The company has a quick ratio of 1.12, a current ratio of 1.82 and a debt-to-equity ratio of 2.60.

Institutional Investors Weigh In On ChargePoint

Hedge funds have recently added to or reduced their stakes in the company. Toronto Dominion Bank purchased a new position in shares of ChargePoint during the 4th quarter worth approximately $8,746,000. Goldman Sachs Group Inc. grew its stake in ChargePoint by 61.8% in the first quarter. Goldman Sachs Group Inc. now owns 3,790,823 shares of the company's stock worth $2,293,000 after purchasing an additional 1,448,114 shares in the last quarter. Charles Schwab Investment Management Inc. boosted its position in ChargePoint by 2.6% during the 1st quarter. Charles Schwab Investment Management Inc. now owns 3,423,298 shares of the company's stock valued at $2,071,000 after acquiring an additional 86,753 shares in the last quarter. Millennium Management LLC lifted its position in ChargePoint by 13,605.0% during the 4th quarter. Millennium Management LLC now owns 2,857,349 shares of the company's stock worth $3,057,000 after acquiring an additional 2,836,500 shares during the period. Finally, AQR Capital Management LLC increased its holdings in shares of ChargePoint by 6,429.1% during the 1st quarter. AQR Capital Management LLC now owns 2,679,217 shares of the company's stock valued at $1,553,000 after purchasing an additional 2,638,182 shares in the last quarter. 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.