ChargePoint’s (CHPT) “Sector Perform” Rating Reaffirmed at Royal Bank of Canada

ChargePoint (NYSE:CHPT)‘s stock had its “sector perform” rating reiterated by investment analysts at Royal Bank of Canada in a report issued on Thursday,Benzinga reports. They currently have a $1.00 price target on the stock. Royal Bank of Canada’s price target suggests a potential upside of 34.46% from the company’s previous close.

A number of other equities research analysts have also recently weighed in on CHPT. Evercore ISI cut ChargePoint from an “outperform” rating to an “in-line” rating and dropped their price target for the company from $4.00 to $1.00 in a report on Monday, March 31st. UBS Group lowered their target price on ChargePoint from $0.70 to $0.65 and set a “neutral” rating for the company in a research note on Thursday, April 17th. The Goldman Sachs Group cut their price target on ChargePoint from $0.75 to $0.50 and set a “sell” rating for the company in a report on Thursday, April 10th. Needham & Company LLC reissued a “hold” rating on shares of ChargePoint in a report on Thursday. Finally, Stifel Nicolaus dropped their target price on shares of ChargePoint from $2.00 to $1.00 and set a “hold” rating for the company in a research note on Monday, March 10th. Two investment analysts have rated the stock with a sell rating, eight have assigned a hold rating, one has assigned a buy rating and one has issued a strong buy rating to the company. According to MarketBeat, ChargePoint currently has a consensus rating of “Hold” and an average price target of $1.39.

ChargePoint Trading Up 9.9%

Shares of ChargePoint stock opened at $0.74 on Thursday. ChargePoint has a 12-month low of $0.51 and a 12-month high of $2.44. The stock has a market capitalization of $340.76 million, a P/E ratio of -1.00 and a beta of 2.25. The company has a 50-day simple moving average of $0.65 and a 200 day simple moving average of $0.85. The company has a quick ratio of 1.24, a current ratio of 1.94 and a debt-to-equity ratio of 1.65.

ChargePoint (NYSE:CHPT) last posted its quarterly earnings data on Wednesday, June 4th. The company reported ($0.10) earnings per share for the quarter, missing the consensus estimate of ($0.05) by ($0.05). ChargePoint had a negative return on equity of 106.28% and a negative net margin of 72.62%. The firm had revenue of $97.64 million for the quarter, compared to analyst estimates of $100.43 million. During the same period in the previous year, the business posted ($0.11) EPS. Research analysts expect that ChargePoint will post -0.57 earnings per share for the current fiscal year.

Institutional Trading of ChargePoint

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in CHPT. Bank of New York Mellon Corp lifted its position in ChargePoint by 12.9% during the 4th quarter. Bank of New York Mellon Corp now owns 1,231,255 shares of the company’s stock valued at $1,317,000 after purchasing an additional 141,053 shares during the period. LGL Partners LLC acquired a new position in ChargePoint in the fourth quarter valued at approximately $75,000. NCP Inc. lifted its holdings in ChargePoint by 210.9% in the fourth quarter. NCP Inc. now owns 62,500 shares of the company’s stock valued at $67,000 after buying an additional 42,400 shares during the period. Jones Financial Companies Lllp boosted its stake in ChargePoint by 61.1% in the fourth quarter. Jones Financial Companies Lllp now owns 45,021 shares of the company’s stock valued at $48,000 after acquiring an additional 17,075 shares during the last quarter. Finally, Charles Schwab Investment Management Inc. grew its holdings in ChargePoint by 2.6% during the 4th quarter. Charles Schwab Investment Management Inc. now owns 3,336,545 shares of the company’s stock worth $3,570,000 after acquiring an additional 85,516 shares during the period. 37.77% of the stock is currently owned by institutional investors and hedge funds.

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.