ChargePoint (NYSE:CHPT) Earns "Sector Perform" Rating from Royal Bank of Canada

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

Several other analysts have also recently weighed in on the company. Stifel Nicolaus lowered their price target on ChargePoint from $2.00 to $1.00 and set a "hold" rating on the stock in a report on Monday, March 10th. Evercore ISI cut ChargePoint from an "outperform" rating to an "in-line" rating and lowered their price target for the company from $4.00 to $1.00 in a report on Monday, March 31st. UBS Group lowered their price target on ChargePoint from $0.70 to $0.65 and set a "neutral" rating on the stock in a report on Thursday, April 17th. Needham & Company LLC reaffirmed a "hold" rating on shares of ChargePoint in a report on Thursday. Finally, The Goldman Sachs Group lowered their price target on ChargePoint from $0.75 to $0.50 and set a "sell" rating on the stock in a report on Thursday, April 10th. Two equities research analysts have rated the stock with a sell rating, eight have assigned a hold rating, one has issued a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat, the stock presently has an average rating of "Hold" and an average price target of $1.39.

ChargePoint Price Performance

ChargePoint stock traded up $0.07 during midday trading on Thursday, reaching $0.74. 29,688,340 shares of the stock were exchanged, compared to its average volume of 17,349,118. The company's fifty day moving average is $0.65 and its 200-day moving average is $0.84. The company has a debt-to-equity ratio of 1.65, a quick ratio of 1.24 and a current ratio of 1.94. The firm has a market cap of $340.76 million, a PE ratio of -1.00 and a beta of 2.25. ChargePoint has a 52 week low of $0.51 and a 52 week high of $2.44.

ChargePoint (NYSE:CHPT - Get Free Report) last posted its earnings results on Wednesday, June 4th. The company reported ($0.10) earnings per share 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 the consensus estimate of $100.43 million. ChargePoint had a negative return on equity of 106.28% and a negative net margin of 72.62%. During the same period last year, the company posted ($0.11) EPS. On average, sell-side analysts forecast that ChargePoint will post -0.57 EPS for the current year.

Hedge Funds Weigh In On ChargePoint

A number of large investors have recently modified their holdings of the company. 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 purchased a new position in ChargePoint in the 4th quarter worth approximately $8,746,000. Invesco Ltd. increased its stake in ChargePoint by 13.1% in the 4th quarter. Invesco Ltd. now owns 5,029,849 shares of the company's stock worth $5,382,000 after purchasing an additional 583,761 shares during the period. Goldman Sachs Group Inc. increased its stake 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. increased its stake in ChargePoint by 2.6% in the 1st 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 period. 37.77% of the stock is owned by hedge funds and other institutional investors.

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.