TD Cowen Lowers ChargePoint (NYSE:CHPT) Price Target to $11.00

ChargePoint (NYSE:CHPT) had its price objective cut by investment analysts at TD Cowen from $30.00 to $11.00 in a research note issued to investors on Thursday,Benzinga reports. The brokerage currently has a “hold” rating on the stock. TD Cowen’s price objective suggests a potential upside of 7.95% from the stock’s current price.

A number of other brokerages also recently issued reports on CHPT. Needham & Company LLC reissued a “hold” rating on shares of ChargePoint in a research note on Thursday. Royal Bank Of Canada dropped their target price on shares of ChargePoint from $20.00 to $10.00 and set a “sector perform” rating on the stock in a research report on Thursday. JPMorgan Chase & Co. decreased their price target on shares of ChargePoint from $9.00 to $8.00 and set an “underweight” rating for the company in a research note on Thursday. Finally, Roth Capital set a $11.00 price objective on shares of ChargePoint and gave the company a “neutral” rating in a research note on Tuesday. One analyst has rated the stock with a Strong Buy rating, one has issued a Buy rating, seven have assigned a Hold rating and two have given a Sell rating to the stock. According to data from MarketBeat.com, the stock has a consensus rating of “Hold” and an average price target of $13.67.

ChargePoint Price Performance

Shares of NYSE:CHPT opened at $10.19 on Thursday. ChargePoint has a one year low of $8.55 and a one year high of $31.40. The firm has a 50 day simple moving average of $11.82 and a 200 day simple moving average of $12.87. The company has a debt-to-equity ratio of 2.60, a current ratio of 1.82 and a quick ratio of 1.12. The company has a market cap of $233.45 million, a price-to-earnings ratio of -0.87 and a beta of 2.29.

ChargePoint (NYSE:CHPT) last issued its earnings results on Wednesday, June 4th. The company reported ($2.00) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($1.00) by ($1.00). ChargePoint had a negative return on equity of 142.52% and a negative net margin of 66.76%.The firm had revenue of $97.64 million during the quarter, compared to analyst estimates of $100.43 million. During the same period in the previous year, the company earned ($2.20) EPS. Research analysts predict that ChargePoint will post -0.57 earnings per share for the current fiscal year.

Hedge Funds Weigh In On ChargePoint

Hedge funds and other institutional investors have recently modified their holdings of the company. Perennial Advisors LLC bought a new position in shares of ChargePoint in the 4th quarter worth approximately $26,000. 111 Capital purchased a new position in ChargePoint during the 4th quarter valued at approximately $26,000. Brevan Howard Capital Management LP purchased a new position in ChargePoint during the 4th quarter valued at approximately $27,000. International Assets Investment Management LLC purchased a new position in ChargePoint during the 2nd quarter valued at approximately $27,000. Finally, Trueblood Wealth Management LLC raised its holdings in shares of ChargePoint by 100.0% in the second quarter. Trueblood Wealth Management LLC now owns 40,000 shares of the company’s stock worth $28,000 after buying an additional 20,000 shares during the period. 37.77% of the stock is owned by institutional investors.

About ChargePoint

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.