ChargePoint (NYSE:CHPT) Coverage Initiated at Credit Suisse Group

Equities researchers at Credit Suisse Group started coverage on shares of ChargePoint (NYSE:CHPTGet Rating) in a note issued to investors on Wednesday, The Fly reports. The brokerage set an “outperform” rating and a $22.00 price target on the stock. Credit Suisse Group’s price objective would suggest a potential upside of 27.54% from the stock’s current price.

A number of other research analysts also recently issued reports on the stock. The Goldman Sachs Group reduced their price objective on shares of ChargePoint from $18.00 to $12.00 and set a “neutral” rating on the stock in a research report on Wednesday, June 1st. B. Riley began coverage on shares of ChargePoint in a research report on Friday, June 17th. They set a “buy” rating and a $20.00 price objective on the stock. JPMorgan Chase & Co. boosted their target price on shares of ChargePoint from $18.00 to $20.00 in a report on Tuesday, August 23rd. Bank of America boosted their target price on shares of ChargePoint from $14.00 to $15.50 in a report on Monday, August 22nd. Finally, Piper Sandler dropped their target price on shares of ChargePoint from $20.00 to $16.00 and set a “neutral” rating on the stock in a report on Wednesday, June 1st. Four investment analysts have rated the stock with a hold rating and ten have given a buy rating to the stock. According to data from MarketBeat, ChargePoint has a consensus rating of “Moderate Buy” and a consensus price target of $21.13.

ChargePoint Trading Up 7.3 %

CHPT stock opened at $17.25 on Wednesday. The company has a market capitalization of $5.81 billion, a PE ratio of -17.42 and a beta of 1.82. ChargePoint has a one year low of $8.50 and a one year high of $28.72. The company’s 50 day moving average price is $14.60 and its two-hundred day moving average price is $14.67. The company has a debt-to-equity ratio of 0.63, a quick ratio of 3.13 and a current ratio of 3.35.

ChargePoint (NYSE:CHPTGet Rating) last posted its quarterly earnings results on Tuesday, August 30th. The company reported ($0.18) EPS for the quarter, topping the consensus estimate of ($0.20) by $0.02. ChargePoint had a negative net margin of 92.93% and a negative return on equity of 57.71%. The firm had revenue of $108.29 million for the quarter, compared to the consensus estimate of $103.03 million. During the same period last year, the firm posted ($0.24) earnings per share. The business’s revenue was up 93.0% compared to the same quarter last year. As a group, analysts predict that ChargePoint will post -0.98 earnings per share for the current fiscal year.

Insider Activity

In related news, insider William J. Loewenthal sold 4,026 shares of the stock in a transaction that occurred on Friday, June 17th. The shares were sold at an average price of $12.92, for a total value of $52,015.92. Following the completion of the sale, the insider now directly owns 443,512 shares of the company’s stock, valued at approximately $5,730,175.04. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. In related news, CEO Pasquale Romano sold 250,000 shares of the stock in a transaction that occurred on Wednesday, June 15th. The shares were sold at an average price of $13.03, for a total value of $3,257,500.00. Following the completion of the sale, the chief executive officer now directly owns 4,145,304 shares of the company’s stock, valued at approximately $54,013,311.12. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, insider William J. Loewenthal sold 4,026 shares of the stock in a transaction that occurred on Friday, June 17th. The stock was sold at an average price of $12.92, for a total transaction of $52,015.92. Following the completion of the sale, the insider now directly owns 443,512 shares of the company’s stock, valued at $5,730,175.04. The disclosure for this sale can be found here. Insiders sold 2,118,476 shares of company stock valued at $28,874,024 in the last quarter. 23.64% of the stock is currently owned by insiders.

Institutional Investors Weigh In On ChargePoint

A number of institutional investors have recently added to or reduced their stakes in CHPT. Wagner Wealth Management LLC boosted its position in shares of ChargePoint by 236.7% during the 4th quarter. Wagner Wealth Management LLC now owns 1,549 shares of the company’s stock valued at $30,000 after acquiring an additional 1,089 shares during the last quarter. Total Clarity Wealth Management Inc. bought a new position in shares of ChargePoint during the 2nd quarter valued at approximately $26,000. CoreCap Advisors LLC bought a new stake in ChargePoint in the second quarter worth $30,000. Wolff Wiese Magana LLC bought a new stake in ChargePoint in the second quarter worth $31,000. Finally, Clearstead Advisors LLC lifted its position in ChargePoint by 173.6% in the first quarter. Clearstead Advisors LLC now owns 2,599 shares of the company’s stock worth $52,000 after buying an additional 1,649 shares during the last quarter. 45.88% of the stock is owned by hedge funds and other institutional investors.

About ChargePoint

(Get Rating)

ChargePoint Holdings, Inc provides electric vehicle (EV) charging networks and charging solutions in the United States and internationally. It offers a portfolio of hardware, software, and services for commercial, fleet, and residential customers. The company was founded in 2007 and is headquartered in Campbell, California.

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