ChargePoint (NYSE:CHPT) Receives Sell (E+) Rating from Weiss Ratings

Key Points

• ChargePoint (NYSE:CHPT) received a Sell (E+) rating from Weiss Ratings, reaffirming concerns about the stock's performance.
• Multiple firms set price targets for ChargePoint, with Roth Capital and TD Cowen both lowering their targets to $11.00, reflecting a cautious outlook.
• The stock currently has a consensus target price of $13.56 and an average rating of "Reduce," indicating a cautious stance among analysts.

ChargePoint (NYSE:CHPT - Get Free Report)'s stock had its "sell (e+)" rating reaffirmed by equities research analysts at Weiss Ratings in a research note issued on Friday,Weiss Ratings reports.

A number of other research firms have also issued reports on CHPT. Roth Capital set a $11.00 price target on shares of ChargePoint and gave the stock a "neutral" rating in a research report on Tuesday, September 2nd. TD Cowen reduced their price objective on shares of ChargePoint from $30.00 to $11.00 and set a "hold" rating on the stock in a research note on Thursday, September 4th. Needham & Company LLC restated a "hold" rating on shares of ChargePoint in a report on Thursday, September 4th. Royal Bank Of Canada lowered their target price on ChargePoint from $20.00 to $10.00 and set a "sector perform" rating on the stock in a research report on Thursday, September 4th. Finally, UBS Group set a $12.00 price target on ChargePoint and gave the company a "neutral" rating in a report on Friday, September 19th. One equities research analyst has rated the stock with a Buy rating, seven have given a Hold rating and three have issued a Sell rating to the company. According to MarketBeat, ChargePoint currently has an average rating of "Reduce" and a consensus target price of $13.56.

ChargePoint Stock Performance

Shares of NYSE:CHPT traded up $0.15 during trading hours on Friday, hitting $11.04. The stock had a trading volume of 257,885 shares, compared to its average volume of 480,668. The firm has a market capitalization of $257.78 million, a price-to-earnings ratio of -0.95 and a beta of 2.56. The stock's fifty day simple moving average is $11.17 and its 200 day simple moving average is $12.33. ChargePoint has a 1-year low of $8.55 and a 1-year high of $30.00. The company has a debt-to-equity ratio of 4.38, a quick ratio of 1.00 and a current ratio of 1.67.

Insider Activity at ChargePoint

In other news, insider John David Vice sold 2,363 shares of the business's stock in a transaction that occurred on Tuesday, September 23rd. The stock was sold at an average price of $11.27, for a total transaction of $26,631.01. Following the transaction, the insider owned 123,615 shares of the company's stock, valued at approximately $1,393,141.05. The trade was a 1.88% decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. In the last ninety days, insiders sold 7,426 shares of company stock worth $83,691. 3.50% of the stock is currently owned by corporate insiders.

Institutional Trading of ChargePoint

Hedge funds have recently modified their holdings of the company. Wealth Enhancement Advisory Services LLC purchased a new position in shares of ChargePoint in the first quarter worth about $109,000. Larson Financial Group LLC boosted its stake in ChargePoint by 17,513.1% during the first quarter. Larson Financial Group LLC now owns 100,571 shares of the company's stock worth $61,000 after buying an additional 100,000 shares during the last quarter. Teacher Retirement System of Texas purchased a new position in ChargePoint during the first quarter worth about $33,000. Rafferty Asset Management LLC increased its stake in ChargePoint by 55.5% during the first quarter. Rafferty Asset Management LLC now owns 120,920 shares of the company's stock worth $73,000 after acquiring an additional 43,173 shares during the last quarter. Finally, Nuveen LLC purchased a new position in ChargePoint during the first quarter worth about $759,000. 37.77% of the stock is owned by hedge funds and other institutional investors.

ChargePoint Company Profile

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.

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