JPMorgan Chase & Co. Has Lowered Expectations for ChargePoint (NYSE:CHPT) Stock Price

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 - Free Report) had its price target trimmed by 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.

A number of other analysts have also weighed in on CHPT. Needham & Company LLC reaffirmed a "hold" rating on shares of ChargePoint in a report on Thursday, September 4th. Roth Capital set a $11.00 target price on shares of ChargePoint and gave the stock a "neutral" rating in a report on Tuesday, September 2nd. Royal Bank Of Canada decreased their target price on shares of ChargePoint from $20.00 to $10.00 and set a "sector perform" rating on the stock in a report on Thursday, September 4th. Finally, TD Cowen raised shares of ChargePoint to a "hold" rating in a report on Monday, July 7th. One analyst has rated the stock with a Strong Buy rating, one has issued a Buy rating, seven have issued a Hold rating and two have assigned a Sell rating to the company. According to data from MarketBeat.com, ChargePoint currently has a consensus rating of "Hold" and a consensus target price of $13.67.

ChargePoint Price Performance

ChargePoint stock traded down $0.29 during midday trading on Thursday, reaching $10.56. 347,038 shares of the stock were exchanged, compared to its average volume of 971,755. The company's fifty day moving average is $11.75 and its 200-day moving average is $12.79. The company has a debt-to-equity ratio of 2.60, a quick ratio of 1.12 and a current ratio of 1.82. The firm has a market cap of $241.93 million, a PE 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.

Hedge Funds Weigh In On ChargePoint

Institutional investors and hedge funds have recently made changes to their positions in the business. Perennial Advisors LLC bought a new position in shares of ChargePoint during the 4th quarter valued at $26,000. 111 Capital bought a new position in shares of ChargePoint during the 4th quarter valued at $26,000. Brevan Howard Capital Management LP bought a new position in shares of ChargePoint during the 4th quarter valued at $27,000. International Assets Investment Management LLC bought a new position in shares of ChargePoint during the 2nd quarter valued at $27,000. Finally, Trueblood Wealth Management LLC grew its holdings in shares of ChargePoint by 100.0% during the 2nd quarter. Trueblood Wealth Management LLC now owns 40,000 shares of the company's stock valued at $28,000 after purchasing an additional 20,000 shares during the last quarter. Institutional investors own 37.77% of the company's stock.

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.