Roth Mkm Downgrades ChargePoint (NYSE:CHPT) to Neutral

Roth Mkm cut shares of ChargePoint (NYSE:CHPT) from a buy rating to a neutral rating in a research note issued to investors on Friday morning, MarketBeat Ratings reports. Roth Mkm currently has $2.00 target price on the stock, down from their prior target price of $11.00.

Other equities research analysts have also recently issued research reports about the company. Janney Montgomery Scott cut ChargePoint from a buy rating to a neutral rating in a research note on Friday. Bank of America decreased their target price on ChargePoint from $14.00 to $11.50 in a research note on Friday, September 8th. JPMorgan Chase & Co. reduced their price objective on ChargePoint from $15.00 to $13.00 and set an overweight rating for the company in a research note on Wednesday, August 30th. Oppenheimer reduced their price objective on ChargePoint from $14.00 to $13.00 and set an outperform rating for the company in a research note on Tuesday, October 17th. Finally, Needham & Company LLC reduced their price objective on ChargePoint from $9.00 to $8.00 and set a buy rating for the company in a research note on Tuesday, October 3rd. Eleven research analysts have rated the stock with a hold rating and seven have given a buy rating to the stock. According to data from MarketBeat, the company currently has an average rating of Hold and a consensus price target of $10.16.

ChargePoint Price Performance

ChargePoint stock opened at $2.11 on Friday. The company has a market capitalization of $759.71 million, a PE ratio of -1.99 and a beta of 1.81. The stock has a 50-day moving average price of $3.77 and a two-hundred day moving average price of $6.64. The company has a current ratio of 2.03, a quick ratio of 1.61 and a debt-to-equity ratio of 1.07. ChargePoint has a 12 month low of $1.95 and a 12 month high of $13.65.

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

Insider Buying and Selling

In related news, Director Ekta Singh-Bushell sold 4,622 shares of ChargePoint stock in a transaction on Wednesday, September 20th. The stock was sold at an average price of $5.44, for a total transaction of $25,143.68. Following the sale, the director now directly owns 41,215 shares in the company, valued at $224,209.60. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. In other ChargePoint news, insider Michael D. Hughes sold 58,000 shares of the firm’s 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 directly owns 883,670 shares of the company’s stock, valued at $5,302,020. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, Director Ekta Singh-Bushell sold 4,622 shares of ChargePoint stock in a transaction on Wednesday, September 20th. The shares were sold at an average price of $5.44, for a total value of $25,143.68. Following the completion of the transaction, the director now owns 41,215 shares of the company’s stock, valued at $224,209.60. The disclosure for this sale can be found here. Over the last three months, insiders have sold 4,316,970 shares of company stock worth $24,767,903. 12.90% of the stock is owned by company insiders.

Hedge Funds Weigh In On ChargePoint

Hedge funds have recently made changes to their positions in the stock. American International Group Inc. grew its position in ChargePoint by 30.0% during the second quarter. American International Group Inc. now owns 3,101 shares of the company’s stock worth $42,000 after buying an additional 716 shares in the last quarter. First Manhattan Co. lifted its stake in ChargePoint by 65.4% during the first quarter. First Manhattan Co. now owns 3,085 shares of the company’s stock worth $61,000 after purchasing an additional 1,220 shares during the last quarter. Magnus Financial Group LLC lifted its stake in ChargePoint by 6.7% during the second quarter. Magnus Financial Group LLC now owns 19,551 shares of the company’s stock worth $172,000 after purchasing an additional 1,226 shares during the last quarter. IFP Advisors Inc lifted its stake in shares of ChargePoint by 9.5% in the 2nd quarter. IFP Advisors Inc now owns 14,463 shares of the company’s stock valued at $435,000 after acquiring an additional 1,260 shares during the last quarter. Finally, Avantax Advisory Services Inc. lifted its stake in shares of ChargePoint by 1.6% in the 1st quarter. Avantax Advisory Services Inc. now owns 82,699 shares of the company’s stock valued at $866,000 after acquiring an additional 1,288 shares during the last quarter. 45.01% of the stock is currently owned by hedge funds and other institutional investors.

About ChargePoint

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.