ChargePoint (NYSE:CHPT) Releases Quarterly Earnings Results

Key Points

• ChargePoint beat quarterly expectations, reporting an adjusted loss of $1.35 per share versus analysts’ estimate of a $1.57 loss, while revenue reached $116.08 million compared with expectations of $105.21 million.
• Despite the earnings beat, shares fell 1.7% to $5.21 during Wednesday trading. The company continues to post significant losses, including a negative net margin of 49.66% and negative return on equity of 504.42%.
• Analyst sentiment remains cautious: ChargePoint has an average “Reduce” rating and an average price target of $8.31, with six Hold, three Sell and one Buy rating.

ChargePoint (NYSE:CHPT - Get Free Report) issued its quarterly earnings results on Wednesday. The company reported ($1.35) EPS for the quarter, beating analysts' consensus estimates of ($1.57) by $0.22, FiscalAI reports. The company had revenue of $116.08 million for the quarter, compared to analyst estimates of $105.21 million. ChargePoint had a negative return on equity of 504.42% and a negative net margin of 49.66%.

ChargePoint Stock Down 1.7%

Shares of NYSE:CHPT traded down $0.09 during midday trading on Wednesday, hitting $5.21. The stock had a trading volume of 850,202 shares, compared to its average volume of 539,324. The company has a market cap of $127.18 million, a P/E ratio of -0.60 and a beta of 1.77. ChargePoint has a 12 month low of $4.44 and a 12 month high of $12.61. The business's 50-day simple moving average is $5.80 and its 200-day simple moving average is $6.12. The company has a quick ratio of 0.56, a current ratio of 1.15 and a debt-to-equity ratio of 10.73.

Insider Activity

In other news, CFO Mansi Khetani sold 8,152 shares of the business's stock in a transaction dated Tuesday, June 23rd. The shares were sold at an average price of $7.13, for a total transaction of $58,123.76. Following the transaction, the chief financial officer directly owned 179,348 shares in the company, valued at $1,278,751.24. The trade was a 4.35% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, insider John David Vice sold 4,072 shares of the company's stock in a transaction dated Tuesday, June 23rd. The shares were sold at an average price of $7.13, for a total transaction of $29,033.36. Following the completion of the sale, the insider directly owned 171,507 shares in the company, valued at approximately $1,222,844.91. The trade was a 2.32% decrease in their ownership of the stock. 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. Over the last three months, insiders sold 29,164 shares of company stock valued at $208,037. 4.20% of the stock is owned by insiders.

Hedge Funds Weigh In On ChargePoint

A number of hedge funds and other institutional investors have recently bought and sold shares of CHPT. Goldman Sachs Group Inc. raised its stake in ChargePoint by 61.8% in the first quarter. Goldman Sachs Group Inc. now owns 3,790,823 shares of the company's stock valued at $2,293,000 after buying an additional 1,448,114 shares during the period. AQR Capital Management LLC increased its holdings in shares of ChargePoint by 6,429.1% during the 1st quarter. AQR Capital Management LLC now owns 2,679,217 shares of the company's stock worth $1,553,000 after acquiring an additional 2,638,182 shares during the last quarter. Invesco Ltd. raised its stake in ChargePoint by 18.4% in the 2nd quarter. Invesco Ltd. now owns 2,483,139 shares of the company's stock valued at $1,746,000 after acquiring an additional 385,258 shares during the period. Bank of America Corp DE lifted its holdings in ChargePoint by 5.3% during the 2nd quarter. Bank of America Corp DE now owns 773,162 shares of the company's stock valued at $544,000 after purchasing an additional 38,667 shares during the last quarter. Finally, Brevan Howard Capital Management LP bought a new position in ChargePoint during the second quarter worth $517,000. Institutional investors own 37.77% of the company's stock.

Wall Street Analysts Forecast Growth

CHPT has been the subject of several research reports. Weiss Ratings reaffirmed a "sell (e+)" rating on shares of ChargePoint in a research note on Friday, July 17th. Royal Bank Of Canada restated a "sector perform" rating and set a $6.50 price objective on shares of ChargePoint in a research note on Thursday, June 4th. TD Cowen restated a "hold" rating and issued a $7.50 price objective (up from $7.00) on shares of ChargePoint in a report on Wednesday, June 17th. UBS Group reaffirmed a "neutral" rating and issued a $8.00 target price (up from $7.00) on shares of ChargePoint in a research report on Tuesday, June 23rd. Finally, Needham & Company LLC reiterated a "hold" rating on shares of ChargePoint in a report on Thursday, June 4th. One analyst has rated the stock with a Buy rating, six have assigned a Hold rating and three have assigned a Sell rating to the company. Based on data from MarketBeat.com, ChargePoint currently has an average rating of "Reduce" and an average target price of $8.31.

About ChargePoint

ChargePoint NYSE: CHPT is a leading provider of electric vehicle (EV) charging solutions that designs, develops and markets charging hardware, software and services. The company's portfolio includes Level 2 AC charging stations for residential, commercial and fleet applications, as well as DC fast charging systems suited for retail, hospitality and public use. ChargePoint's integrated platform enables site hosts to manage charging infrastructure through cloud-based monitoring, analytics and billing tools, while EV drivers access and control charging sessions via a mobile app or RFID card.

Since its founding in 2007 and headquarters in Campbell, California, ChargePoint has built one of the largest open EV charging networks in the world.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.

Continue following MarketBeat

Add MarketBeat as your preferred source on Google to see our latest stories in your feed.

Add As Preferred Source