ChargePoint Holdings, Inc. (NYSE:CHPT) Receives Consensus Rating of "Reduce" from Analysts

Key Points

• Analysts maintain a cautious outlook: ChargePoint has a consensus “Reduce” rating, with three sell ratings and seven holds. The average 12-month price target is $7.07, below the reported opening price of $8.73.
• Quarterly results exceeded expectations but remained unprofitable: ChargePoint reported a loss of $1.35 per share versus the expected $1.57 loss, while revenue reached $116.08 million against estimates of $105.21 million. Analysts expect a full-year loss of $3.75 per share.
• Insiders have recently sold shares: Two executives sold stock primarily to cover tax withholding on vested equity awards, contributing to $164,485 in insider sales over the past three months. Institutional investors own 37.77% of the company.

ChargePoint Holdings, Inc. (NYSE:CHPT - Get Free Report) has been assigned an average recommendation of "Reduce" from the ten analysts that are currently covering the stock, MarketBeat reports. Three investment analysts have rated the stock with a sell rating and seven have issued a hold rating on the company. The average 1 year price target among brokers that have updated their coverage on the stock in the last year is $7.07.

Several research analysts have weighed in on CHPT shares. Needham & Company LLC reiterated a "hold" rating on shares of ChargePoint in a report on Thursday, September 3rd. TD Cowen restated a "hold" rating on shares of ChargePoint in a report on Thursday, September 3rd. Weiss Ratings reaffirmed a "sell (e+)" rating on shares of ChargePoint in a research report on Friday, July 17th. Oppenheimer reiterated a "market perform" rating on shares of ChargePoint in a report on Thursday, September 3rd. Finally, UBS Group reiterated a "neutral" rating and issued a $9.00 price objective (up from $8.00) on shares of ChargePoint in a research report on Tuesday, September 22nd.

Insiders Place Their Bets

In other news, insider Jagdeep Singh sold 5,965 shares of the stock in a transaction on Tuesday, September 22nd. The shares were sold at an average price of $9.86, for a total transaction of $58,814.90. Following the completion of the sale, the insider owned 182,381 shares of the company's stock, valued at $1,798,276.66. This represents a 3.17% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, CFO Mansi Khetani sold 4,931 shares of the firm's stock in a transaction on Tuesday, September 22nd. The stock was sold at an average price of $9.86, for a total transaction of $48,619.66. Following the sale, the chief financial officer owned 174,417 shares in the company, valued at approximately $1,719,751.62. The trade was a 2.75% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. The sale was made to cover tax withholding obligations related to the vesting of equity awards. In the last three months, insiders have sold 16,682 shares of company stock worth $164,485. Company insiders own 4.20% of the company's stock.

Hedge Funds Weigh In On ChargePoint

A number of large investors have recently added to or reduced their stakes in the company. Renaissance Technologies LLC increased its stake in shares of ChargePoint by 77.7% in the 1st quarter. Renaissance Technologies LLC now owns 144,059 shares of the company's stock valued at $700,000 after acquiring an additional 63,000 shares in the last quarter. Bank of New York Mellon Corp bought a new position in ChargePoint during the second quarter worth $344,000. R Squared Ltd bought a new position in ChargePoint during the first quarter worth $59,000. Squarepoint Ops LLC grew its holdings in ChargePoint by 70.8% in the second quarter. Squarepoint Ops LLC now owns 25,242 shares of the company's stock worth $149,000 after purchasing an additional 10,464 shares during the period. Finally, Hsbc Holdings PLC grew its holdings in ChargePoint by 40.0% in the first quarter. Hsbc Holdings PLC now owns 15,220 shares of the company's stock worth $75,000 after purchasing an additional 4,352 shares during the period. Institutional investors own 37.77% of the company's stock.

ChargePoint Trading Down 2.3%

CHPT opened at $8.73 on Tuesday. The firm's fifty day moving average is $7.03 and its two-hundred day moving average is $6.52. The company has a debt-to-equity ratio of 10.73, a quick ratio of 0.57 and a current ratio of 1.07. The firm has a market cap of $234.37 million, a PE ratio of -1.22 and a beta of 1.77. ChargePoint has a twelve month low of $4.44 and a twelve month high of $12.61.

ChargePoint (NYSE:CHPT - Get Free Report) last announced its quarterly earnings results on Wednesday, September 2nd. The company reported ($1.35) earnings per share for the quarter, topping analysts' consensus estimates of ($1.57) by $0.22. ChargePoint had a negative net margin of 40.59% and a negative return on equity of 3,366.29%. The company had revenue of $116.08 million for the quarter, compared to analysts' expectations of $105.21 million. Equities research analysts anticipate that ChargePoint will post -3.75 EPS for the current year.

About ChargePoint

ChargePoint Holdings, Inc operates an electric vehicle (EV) charging network and provides charging hardware, software and related services. Its platform is designed to support drivers, businesses, fleet operators, property owners and other organizations managing EV charging infrastructure.

The company offers Level 2 and DC fast-charging stations, cloud-based software for monitoring and managing charging activity, payment and access tools, and services such as installation, maintenance and customer support.

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