JPMorgan Chase & Co. Lowers ChargePoint (NYSE:CHPT) to Underweight

JPMorgan Chase & Co. downgraded shares of ChargePoint (NYSE:CHPT) from an overweight rating to an underweight rating in a report published on Thursday, Marketbeat.com reports.

Other research analysts have also issued reports about the stock. Wolfe Research assumed coverage on shares of ChargePoint in a research note on Thursday, September 5th. They set a peer perform rating for the company. Needham & Company LLC dropped their price target on shares of ChargePoint from $3.00 to $2.00 and set a buy rating for the company in a research note on Thursday, September 5th. The Goldman Sachs Group reduced their price objective 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. Royal Bank of Canada dropped their target price on ChargePoint from $3.00 to $2.50 and set a sector perform rating for the company in a research report on Thursday, September 5th. Finally, TD Cowen downgraded ChargePoint from a buy rating to a hold rating and reduced their price target for the stock from $3.00 to $2.00 in a report on Thursday, September 5th. Two research analysts have rated the stock with a sell rating, thirteen have given a hold rating, four have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has an average rating of Hold and a consensus target price of $3.39.

ChargePoint Stock Performance

ChargePoint stock opened at $1.42 on Thursday. The company’s 50-day moving average price is $1.63 and its 200-day moving average price is $1.68. The company has a quick ratio of 1.32, a current ratio of 2.03 and a debt-to-equity ratio of 1.24. The company has a market cap of $612.84 million, a PE ratio of -1.20 and a beta of 1.69. ChargePoint has a twelve month low of $1.21 and a twelve month high of $4.62.

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

Insiders Place Their Bets

In other news, CFO Mansi Khetani sold 23,409 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 $31,602.15. Following the completion of the sale, the chief financial officer now owns 849,084 shares in the company, valued at approximately $1,146,263.40. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. In related news, CEO Richard Wilmer sold 27,252 shares of the firm’s stock in a transaction dated Monday, September 23rd. The stock was sold at an average price of $1.35, for a total transaction of $36,790.20. Following the sale, the chief executive officer now owns 2,304,489 shares of the company’s stock, valued at $3,111,060.15. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, CFO Mansi Khetani sold 23,409 shares of the stock in a transaction dated Monday, September 23rd. The shares were sold at an average price of $1.35, for a total transaction of $31,602.15. Following the sale, the chief financial officer now directly owns 849,084 shares of the company’s stock, valued at approximately $1,146,263.40. The trade was a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 74,515 shares of company stock worth $100,595 in the last three months. Corporate insiders own 3.50% of the company’s stock.

Hedge Funds Weigh In On ChargePoint

A number of large investors have recently made changes to their positions in the business. Sanctuary Advisors LLC purchased a new position in ChargePoint during the 2nd quarter worth $138,000. Point72 Asset Management L.P. purchased a new stake in shares of ChargePoint during the second quarter worth about $13,007,000. Creative Planning increased its holdings in shares of ChargePoint by 152.3% during the second quarter. Creative Planning now owns 188,363 shares of the company’s stock valued at $284,000 after acquiring an additional 113,699 shares in the last quarter. Algert Global LLC purchased a new position in shares of ChargePoint in the 2nd quarter valued at approximately $58,000. Finally, The Manufacturers Life Insurance Company acquired a new stake in ChargePoint in the 2nd quarter worth approximately $231,000. 37.77% of the stock is 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.