JPMorgan Chase & Co. Lowers ChargePoint (NYSE:CHPT) Price Target to $8.00

Key Points

• JPMorgan Chase & Co. has lowered its price target for ChargePoint (NYSE:CHPT) from $9.00 to $8.00, indicating a potential downside of 26.47% from the current price.
• ChargePoint has a consensus rating of "Hold" among analysts, with a variety of ratings including one Strong Buy and two Sell ratings.
• The company's recent earnings report showed a loss per share of ($2.00), missing analysts' expectations and highlighting ongoing financial challenges.

ChargePoint (NYSE:CHPT - Get Free Report) had its price objective reduced by stock analysts at JPMorgan Chase & Co. from $9.00 to $8.00 in a report issued on Thursday,Benzinga reports. The firm currently has an "underweight" rating on the stock. JPMorgan Chase & Co.'s target price indicates a potential downside of 26.47% from the stock's current price.

Several other research firms also recently commented on CHPT. TD Cowen raised shares of ChargePoint to a "hold" rating in a report on Monday, July 7th. Roth Capital set a $11.00 price objective on shares of ChargePoint and gave the company a "neutral" rating in a report on Tuesday. Royal Bank Of Canada dropped their price objective on shares of ChargePoint from $20.00 to $10.00 and set a "sector perform" rating on the stock in a report on Thursday. Finally, Needham & Company LLC reaffirmed a "hold" rating on shares of ChargePoint in a report on Thursday. One research analyst has rated the stock with a Strong Buy rating, one has given a Buy rating, eight have given a Hold rating and two have issued a Sell rating to the stock. According to MarketBeat, the stock has a consensus rating of "Hold" and a consensus price target of $23.20.

ChargePoint Stock Performance

Shares of NYSE:CHPT traded up $0.10 during midday trading on Thursday, reaching $10.88. The company had a trading volume of 422,661 shares, compared to its average volume of 976,855. The company's 50 day moving average price is $12.01 and its 200 day moving average price is $12.95. The company has a current ratio of 1.82, a quick ratio of 1.12 and a debt-to-equity ratio of 2.60. The stock has a market cap of $249.26 million, a P/E ratio of -0.91 and a beta of 2.29. ChargePoint has a 52-week low of $8.55 and a 52-week high of $31.40.

ChargePoint (NYSE:CHPT - Get Free Report) last issued its quarterly earnings results on Wednesday, June 4th. The company reported ($2.00) earnings per share for the quarter, missing analysts' consensus estimates of ($1.00) by ($1.00). The company had revenue of $97.64 million during the quarter, compared to analysts' expectations of $100.43 million. ChargePoint had a negative return on equity of 131.65% and a negative net margin of 65.79%.During the same period last year, the firm posted ($2.20) earnings per share. As a group, sell-side analysts anticipate that ChargePoint will post -0.57 EPS for the current fiscal year.

Institutional Inflows and Outflows

Several institutional investors have recently modified their holdings of CHPT. Hsbc Holdings PLC boosted its stake in shares of ChargePoint by 31.2% during the first quarter. Hsbc Holdings PLC now owns 64,567 shares of the company's stock valued at $38,000 after purchasing an additional 15,366 shares during the period. Trueblood Wealth Management LLC lifted its stake in ChargePoint by 100.0% in the second quarter. Trueblood Wealth Management LLC now owns 40,000 shares of the company's stock worth $28,000 after acquiring an additional 20,000 shares during the period. MetLife Investment Management LLC lifted its stake in ChargePoint by 9.8% in the fourth quarter. MetLife Investment Management LLC now owns 251,168 shares of the company's stock worth $269,000 after acquiring an additional 22,369 shares during the period. Price T Rowe Associates Inc. MD lifted its stake in ChargePoint by 9.4% in the fourth quarter. Price T Rowe Associates Inc. MD now owns 273,140 shares of the company's stock worth $293,000 after acquiring an additional 23,370 shares during the period. Finally, Perennial Advisors LLC purchased a new stake in ChargePoint in the fourth quarter worth $26,000. 37.77% of the stock is currently owned by 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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.