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

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 target cut by Royal Bank Of Canada from $20.00 to $10.00 in a research report report published on Thursday morning,Benzinga reports. They currently have a sector perform rating on the stock.

A number of other equities research analysts also recently weighed in on the company. Roth Capital set a $11.00 price target on ChargePoint and gave the company a "neutral" rating in a report on Tuesday. Needham & Company LLC reaffirmed a "hold" rating on shares of ChargePoint in a report on Thursday. Finally, TD Cowen upgraded shares of ChargePoint to a "hold" rating in a research note on Monday, July 7th. One investment 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 assigned a Sell rating to the company's stock. According to data from MarketBeat.com, ChargePoint presently has an average rating of "Hold" and a consensus target price of $13.67.

ChargePoint Stock Performance

Shares of CHPT stock remained flat at $10.19 during trading hours on Thursday. 485,921 shares of the stock traded hands, compared to its average volume of 518,121. The company has a market cap of $233.45 million, a PE ratio of -0.87 and a beta of 2.29. ChargePoint has a twelve month low of $8.55 and a twelve month high of $31.40. The firm has a 50 day moving average price of $11.82 and a 200-day moving average price of $12.84. The company has a debt-to-equity ratio of 2.60, a current ratio of 1.82 and a quick ratio of 1.12.

ChargePoint (NYSE:CHPT - Get Free Report) last announced its quarterly earnings data on Wednesday, June 4th. The company reported ($2.00) earnings per share for the quarter, missing the consensus estimate of ($1.00) by ($1.00). ChargePoint had a negative net margin of 66.76% and a negative return on equity of 142.52%. The firm had revenue of $97.64 million during the quarter, compared to the consensus estimate of $100.43 million. During the same period in the prior year, the firm earned ($2.20) earnings per share. As a group, analysts anticipate that ChargePoint will post -0.57 EPS for the current fiscal year.

Hedge Funds Weigh In On ChargePoint

Institutional investors have recently modified their holdings of the company. Toronto Dominion Bank bought a new stake in ChargePoint in the 4th quarter valued at about $8,746,000. Goldman Sachs Group Inc. boosted its position 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 worth $2,293,000 after buying an additional 1,448,114 shares during the period. Charles Schwab Investment Management Inc. increased its holdings in shares of ChargePoint by 2.6% during the first quarter. Charles Schwab Investment Management Inc. now owns 3,423,298 shares of the company's stock valued at $2,071,000 after purchasing an additional 86,753 shares during the period. Millennium Management LLC increased its stake in ChargePoint by 13,605.0% during the 4th 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 period. Finally, AQR Capital Management LLC increased its stake in shares of ChargePoint by 6,429.1% during the first quarter. AQR Capital Management LLC now owns 2,679,217 shares of the company's stock valued at $1,553,000 after acquiring an additional 2,638,182 shares during the period. 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.