ChargePoint (NYSE:CHPT) Given "Sector Perform" Rating at Royal Bank of Canada

Royal Bank of Canada restated their sector perform rating on shares of ChargePoint (NYSE:CHPT - Free Report) in a research report sent to investors on Thursday morning,Benzinga reports. The firm currently has a $1.00 target price on the stock.

Other equities analysts have also issued research reports about the stock. Stifel Nicolaus dropped their target price on shares of ChargePoint from $2.00 to $1.00 and set a "hold" rating on the stock in a report on Monday, March 10th. The Goldman Sachs Group decreased their price objective on ChargePoint from $0.75 to $0.50 and set a "sell" rating for the company in a report on Thursday, April 10th. Needham & Company LLC reaffirmed a "hold" rating on shares of ChargePoint in a research report on Thursday. 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. Finally, UBS Group decreased their price objective on ChargePoint from $0.70 to $0.65 and set a "neutral" rating for the company in a report on Thursday, April 17th. Two equities research analysts have rated the stock with a sell rating, eight have given a hold rating, one has assigned a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat, the company has a consensus rating of "Hold" and a consensus target price of $1.39.

ChargePoint Price Performance

Shares of NYSE CHPT traded up $0.07 during midday trading on Thursday, reaching $0.74. 29,688,340 shares of the company were exchanged, compared to its average volume of 17,320,719. The stock's 50-day moving average price is $0.65 and its 200-day moving average price is $0.85. The stock has a market cap of $340.76 million, a P/E ratio of -1.00 and a beta of 2.25. The company has a quick ratio of 1.24, a current ratio of 1.94 and a debt-to-equity ratio of 1.65. ChargePoint has a one year low of $0.51 and a one year high of $2.44.

ChargePoint (NYSE:CHPT - Get Free Report) last issued its quarterly earnings data 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 business had revenue of $97.64 million during the quarter, compared to the consensus estimate of $100.43 million. ChargePoint had a negative net margin of 72.62% and a negative return on equity of 106.28%. During the same quarter last year, the business earned ($0.11) EPS. On average, sell-side analysts anticipate that ChargePoint will post -0.57 earnings per share for the current fiscal year.

Institutional Investors Weigh In On ChargePoint

Several hedge funds have recently added to or reduced their stakes in CHPT. Geode Capital Management LLC raised its holdings in shares of ChargePoint by 2.3% during the 4th quarter. Geode Capital Management LLC now owns 9,276,632 shares of the company's stock valued at $9,929,000 after buying an additional 204,464 shares in the last quarter. Toronto Dominion Bank bought a new stake in shares of ChargePoint in the 4th quarter worth approximately $8,746,000. Invesco Ltd. boosted its stake in shares of ChargePoint by 13.1% in the 4th quarter. Invesco Ltd. now owns 5,029,849 shares of the company's stock valued at $5,382,000 after purchasing an additional 583,761 shares in the last quarter. Goldman Sachs Group Inc. raised its position in ChargePoint by 61.8% in the 1st 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 during the period. Finally, Charles Schwab Investment Management Inc. lifted its stake in ChargePoint by 2.6% in the first quarter. Charles Schwab Investment Management Inc. now owns 3,423,298 shares of the company's stock worth $2,071,000 after purchasing an additional 86,753 shares during 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.