ChargePoint (NYSE:CHPT) Downgraded by R. F. Lafferty

R. F. Lafferty cut shares of ChargePoint (NYSE:CHPT) from a buy rating to a hold rating in a report published on Friday, MarketBeat Ratings reports. The brokerage currently has $4.00 price objective on the stock, down from their previous price objective of $17.00.

A number of other research firms also recently weighed in on CHPT. JPMorgan Chase & Co. reduced their target price on ChargePoint from $8.00 to $5.00 and set an overweight rating on the stock in a report on Friday. Janney Montgomery Scott cut ChargePoint from a buy rating to a neutral rating in a research report on Friday. Evercore ISI lowered their price target on ChargePoint from $20.00 to $17.00 and set an outperform rating on the stock in a report on Friday, September 8th. Bank of America lowered their price target on ChargePoint from $14.00 to $11.50 in a report on Friday, September 8th. Finally, Needham & Company LLC lowered their price target on ChargePoint from $8.00 to $4.00 and set a buy rating on the stock in a report on Friday. Eleven research analysts have rated the stock with a hold rating and seven have given a buy rating to the company. Based on data from MarketBeat.com, ChargePoint currently has a consensus rating of Hold and an average target price of $10.16.

ChargePoint Trading Up 4.5 %

CHPT opened at $2.11 on Friday. The business has a 50 day simple moving average of $3.77 and a two-hundred day simple moving average of $6.64. The firm has a market capitalization of $759.71 million, a price-to-earnings ratio of -1.99 and a beta of 1.81. The company has a debt-to-equity ratio of 1.07, a current ratio of 2.03 and a quick ratio of 1.61. ChargePoint has a one year low of $1.95 and a one year high of $13.65.

ChargePoint (NYSE:CHPT) last posted its earnings results on Wednesday, September 6th. The company reported ($0.35) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.13) by ($0.22). ChargePoint had a negative return on equity of 106.73% and a negative net margin of 65.71%. The firm had revenue of $150.49 million for the quarter, compared to analysts’ expectations of $153.25 million. During the same quarter last year, the company posted ($0.27) EPS. The firm’s revenue was up 39.0% on a year-over-year basis. Analysts predict that ChargePoint will post -0.96 EPS for the current year.

Insider Buying and Selling

In other ChargePoint news, insider Richard Wilmer sold 8,191 shares of the stock in a transaction on Thursday, September 21st. The stock was sold at an average price of $5.03, for a total value of $41,200.73. Following the completion of the sale, the insider now owns 628,840 shares in the company, valued at approximately $3,163,065.20. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. In other ChargePoint news, insider Michael D. Hughes sold 58,000 shares of the stock in a transaction on Thursday, September 14th. The stock was sold at an average price of $6.00, for a total value of $348,000.00. Following the completion of the sale, the insider now owns 883,670 shares in the company, valued at approximately $5,302,020. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, insider Richard Wilmer sold 8,191 shares of the stock in a transaction on Thursday, September 21st. The stock was sold at an average price of $5.03, for a total value of $41,200.73. Following the completion of the sale, the insider now owns 628,840 shares of the company’s stock, valued at approximately $3,163,065.20. The disclosure for this sale can be found here. In the last three months, insiders have sold 4,316,970 shares of company stock valued at $24,767,903. 12.90% of the stock is owned by company insiders.

Institutional Investors Weigh In On ChargePoint

A number of institutional investors have recently bought and sold shares of CHPT. RHO Capital Partners Inc. purchased a new stake in ChargePoint in the 2nd quarter worth $35,628,000. Amundi grew its position in shares of ChargePoint by 3,169.2% during the fourth quarter. Amundi now owns 2,680,629 shares of the company’s stock valued at $25,915,000 after purchasing an additional 2,598,633 shares in the last quarter. Norges Bank purchased a new position in shares of ChargePoint during the fourth quarter valued at about $24,709,000. BlackRock Inc. grew its position in shares of ChargePoint by 28.8% during the third quarter. BlackRock Inc. now owns 10,484,565 shares of the company’s stock valued at $154,754,000 after purchasing an additional 2,345,089 shares in the last quarter. Finally, Vanguard Group Inc. grew its position in shares of ChargePoint by 6.6% during the third quarter. Vanguard Group Inc. now owns 22,469,637 shares of the company’s stock valued at $331,652,000 after purchasing an additional 1,396,280 shares in the last quarter. Hedge funds and other institutional investors own 45.01% of the company’s stock.

ChargePoint Company Profile

ChargePoint Holdings, Inc, together with its subsidiaries, 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. ChargePoint Holdings, Inc was founded in 2007 and is headquartered in Campbell, California.