ChargePoint (NYSE:CHPT) Hits New 12-Month Low Following Analyst Downgrade

ChargePoint Holdings, Inc. (NYSE:CHPT) shares hit a new 52-week low during mid-day trading on Thursday after Stifel Nicolaus lowered their price target on the stock from $3.00 to $2.00. Stifel Nicolaus currently has a hold rating on the stock. ChargePoint traded as low as $1.21 and last traded at $1.22, with a volume of 7103997 shares. The stock had previously closed at $1.25.

A number of other brokerages have also issued reports on CHPT. Capital One Financial upgraded shares of ChargePoint to a “strong-buy” rating in a research report on Tuesday, September 17th. The Goldman Sachs Group lowered their target price on shares of ChargePoint from $1.50 to $1.25 and set a “sell” rating on the stock in a research report on Friday, September 6th. Benchmark restated a “buy” rating and set a $3.00 target price on shares of ChargePoint in a research report on Thursday, September 5th. TD Cowen lowered shares of ChargePoint from a “buy” rating to a “hold” rating and lowered their price objective for the company from $3.00 to $2.00 in a research report on Thursday, September 5th. Finally, Needham & Company LLC lowered their price objective on shares of ChargePoint from $3.00 to $2.00 and set a “buy” rating on the stock in a research report on Thursday, September 5th. Two research analysts have rated the stock with a sell rating, thirteen have issued a hold rating, four have given a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat, the company currently has an average rating of “Hold” and an average price target of $2.61.

Insiders Place Their Bets

In related news, CEO Richard Wilmer sold 27,252 shares of the business’s stock in a transaction dated Monday, September 23rd. The shares were sold at an average price of $1.35, for a total value of $36,790.20. Following the completion of the transaction, the chief executive officer now owns 2,304,489 shares of the company’s stock, valued at approximately $3,111,060.15. The trade was a 0.00 % decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. In other ChargePoint news, CEO Richard Wilmer sold 27,252 shares of ChargePoint stock in a transaction dated Monday, September 23rd. The stock was sold at an average price of $1.35, for a total value of $36,790.20. Following the completion of the sale, the chief executive officer now owns 2,304,489 shares in the company, valued at $3,111,060.15. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, CFO Mansi Khetani sold 23,409 shares of the business’s stock in a transaction dated Monday, September 23rd. The stock was sold at an average price of $1.35, for a total value of $31,602.15. Following the sale, the chief financial officer now owns 849,084 shares of the company’s stock, valued at $1,146,263.40. The trade was a 0.00 % decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 100,803 shares of company stock worth $135,295. Corporate insiders own 3.50% of the company’s stock.

Hedge Funds Weigh In On ChargePoint

A number of institutional investors have recently made changes to their positions in CHPT. Point72 Asset Management L.P. acquired a new stake in shares of ChargePoint during the 2nd quarter valued at approximately $13,007,000. Sanctuary Advisors LLC acquired a new stake in ChargePoint in the second quarter worth $138,000. AQR Capital Management LLC acquired a new stake in ChargePoint in the second quarter worth $1,310,000. Susquehanna Fundamental Investments LLC acquired a new stake in ChargePoint in the first quarter worth $258,000. Finally, Vanguard Group Inc. increased its position in ChargePoint by 26.3% in the first quarter. Vanguard Group Inc. now owns 36,688,672 shares of the company’s stock worth $69,708,000 after buying an additional 7,645,210 shares during the period. 37.77% of the stock is owned by institutional investors and hedge funds.

ChargePoint Price Performance

The company has a debt-to-equity ratio of 1.24, a current ratio of 2.03 and a quick ratio of 1.32. The company has a 50-day simple moving average of $1.44 and a two-hundred day simple moving average of $1.62. The stock has a market capitalization of $524.37 million, a price-to-earnings ratio of -1.24 and a beta of 1.69.

ChargePoint (NYSE:CHPT) last released its quarterly earnings results on Wednesday, September 4th. The company reported ($0.15) earnings per share (EPS) for the quarter, hitting the consensus estimate of ($0.15). ChargePoint had a negative return on equity of 112.67% and a negative net margin of 89.12%. The company had revenue of $108.54 million during the quarter, compared to analysts’ expectations of $114.15 million. On average, equities research analysts predict that ChargePoint Holdings, Inc. will post -0.56 earnings per share for the current year.

ChargePoint Company Profile

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.