ChargePoint Holdings, Inc. (NYSE:CHPT) Stock Has Consensus Target Price of $7.07

Key Points

• Analysts remain cautious: ChargePoint has a consensus “Reduce” rating, with three sells and seven holds. The average 12-month price target is $7.07, below the reported opening price of $8.36.
• Quarterly results exceeded estimates but remained unprofitable: ChargePoint reported adjusted EPS of -$1.35 versus the -$1.57 consensus estimate and revenue of $116.08 million versus expectations of $105.21 million. Analysts expect a full-year loss of approximately $3.75 per share.
• Insiders have been selling shares: Executives sold stock primarily to cover tax withholding tied to equity vesting, with insiders selling 16,682 shares worth $164,485 over the past three months. Institutional investors own 37.77% of the company.

ChargePoint Holdings, Inc. (NYSE:CHPT - Get Free Report) has earned a consensus recommendation of "Reduce" from the ten ratings firms that are currently covering the firm, Marketbeat.com reports. Three analysts have rated the stock with a sell recommendation and seven have issued a hold recommendation on the company. The average twelve-month price objective among brokerages that have updated their coverage on the stock in the last year is $7.07.

Several equities analysts recently weighed in on CHPT shares. UBS Group reaffirmed a "neutral" rating and set a $9.00 price objective (up from $8.00) on shares of ChargePoint in a research report on Tuesday, September 22nd. B. Riley Financial reiterated a "neutral" rating on shares of ChargePoint in a research note on Friday, September 4th. Oppenheimer reissued a "market perform" rating on shares of ChargePoint in a research report on Thursday, September 3rd. Weiss Ratings upgraded shares of ChargePoint from a "sell (e+)" rating to a "sell (d-)" rating in a research note on Thursday, October 15th. Finally, Needham & Company LLC restated a "hold" rating on shares of ChargePoint in a report on Thursday, September 3rd.

Insiders Place Their Bets

In other news, insider Jagdeep Singh sold 5,965 shares of the company's stock in a transaction dated Tuesday, September 22nd. The stock was 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 in the company, valued at approximately $1,798,276.66. This represents a 3.17% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through 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 company's stock in a transaction dated Tuesday, September 22nd. The stock was sold at an average price of $9.86, for a total value of $48,619.66. Following the sale, the chief financial officer owned 174,417 shares of the company's stock, valued at approximately $1,719,751.62. This trade represents a 2.75% decrease in their position. The SEC filing for this sale provides additional information. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Insiders have sold 16,682 shares of company stock valued at $164,485 over the last three months. 4.20% of the stock is currently owned by insiders.

Institutional Investors Weigh In On ChargePoint

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

ChargePoint Price Performance

Shares of CHPT opened at $8.36 on Friday. The company has a market capitalization of $224.33 million, a price-to-earnings ratio of -1.16 and a beta of 1.70. ChargePoint has a fifty-two week low of $4.44 and a fifty-two week high of $11.35. The company has a debt-to-equity ratio of 10.73, a current ratio of 1.07 and a quick ratio of 0.57. The business's 50-day moving average is $7.96 and its 200-day moving average is $6.92.

ChargePoint (NYSE:CHPT - Get Free Report) last posted its quarterly earnings results on Wednesday, September 2nd. The company reported ($1.35) EPS for the quarter, topping the consensus estimate 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 business had revenue of $116.08 million during the quarter, compared to analysts' expectations of $105.21 million. Equities research analysts expect that ChargePoint will post -3.75 EPS for the current fiscal year.

ChargePoint Company Profile

ChargePoint Holdings, Inc develops and operates electric vehicle charging infrastructure and related software. The company provides charging stations, cloud-based management tools and mobile applications that allow drivers to locate, access and pay for charging. Its solutions support home, workplace, multifamily, retail, fleet and public charging applications.

ChargePoint offers Level 2 AC charging equipment as well as DC fast-charging systems through its charging network. Businesses, property owners, fleet operators and other organizations can use the company's software to manage charging access, energy use, payments and station performance.

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