ChargePoint (NYSE:CHPT) Sets New 1-Year High - Here's Why

Key Points

• ChargePoint (NYSE:CHPT) reached a new 52-week high of $10.29 during trading but last traded significantly lower at $10.85, marking a drop of 16.3% from its previous close of $12.21.
• Analysts have generally given ChargePoint a "Hold" rating, with a consensus target price of $1.39, despite a recent downgrade from Evercore ISI lowering its price objective from $4.00 to $1.00.
• The company reported a loss of ($0.10) earnings per share for the last quarter, missing expectations, and had a significant negative net margin of 65.79%.

ChargePoint Holdings, Inc. (NYSE:CHPT - Get Free Report) reached a new 52-week high during mid-day trading on Monday . The stock traded as high as $10.29 and last traded at $10.85, with a volume of 60235 shares. The stock had previously closed at $12.21.

Wall Street Analysts Forecast Growth

Several analysts recently issued reports on the stock. Evercore ISI downgraded shares of ChargePoint from an "outperform" rating to an "in-line" rating and decreased their price objective for the stock from $4.00 to $1.00 in a report on Monday, March 31st. Royal Bank Of Canada reaffirmed a "sector perform" rating and set a $1.00 price objective on shares of ChargePoint in a report on Thursday, June 5th. Needham & Company LLC reissued a "hold" rating on shares of ChargePoint in a report on Thursday, June 5th. TD Cowen raised shares of ChargePoint to a "hold" rating in a report on Monday, July 7th. Finally, The Goldman Sachs Group reduced their price target on shares of ChargePoint from $0.75 to $0.50 and set a "sell" rating for the company in a report on Thursday, April 10th. Two investment analysts have rated the stock with a sell rating, seven have assigned a hold rating, one has issued a buy rating and one has assigned a strong buy rating to the company's stock. According to data from MarketBeat.com, ChargePoint has a consensus rating of "Hold" and a consensus target price of $1.39.

ChargePoint Stock Down 16.3%

The firm has a market cap of $4.68 billion, a price-to-earnings ratio of -17.02 and a beta of 2.23. The company has a debt-to-equity ratio of 2.60, a quick ratio of 1.12 and a current ratio of 1.82. The business's 50-day moving average is $0.70 and its 200-day moving average is $0.72.

ChargePoint (NYSE:CHPT - Get Free Report) last announced its earnings results on Wednesday, June 4th. The company reported ($0.10) earnings per share (EPS) for the quarter, missing analysts' consensus estimates of ($0.05) by ($0.05). The firm had revenue of $97.64 million for the quarter, compared to analyst estimates of $100.43 million. ChargePoint had a negative return on equity of 131.65% and a negative net margin of 65.79%. During the same quarter last year, the business earned ($0.11) EPS. On average, equities analysts predict that ChargePoint Holdings, Inc. will post -0.57 EPS for the current year.

Institutional Investors Weigh In On ChargePoint

A number of hedge funds have recently made changes to their positions in the company. Perennial Advisors LLC acquired a new stake in ChargePoint in the 4th quarter valued at about $26,000. 111 Capital acquired a new stake in ChargePoint in the 4th quarter valued at about $26,000. Brevan Howard Capital Management LP acquired a new stake in ChargePoint in the 4th quarter valued at about $27,000. Trueblood Wealth Management LLC increased its position in ChargePoint by 100.0% in the 2nd quarter. Trueblood Wealth Management LLC now owns 40,000 shares of the company's stock valued at $28,000 after acquiring an additional 20,000 shares in the last quarter. Finally, Focus Partners Wealth acquired a new stake in ChargePoint in the 1st quarter valued at about $27,000. Institutional investors and hedge funds 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.

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