The Goldman Sachs Group Cuts ChargePoint (NYSE:CHPT) Price Target to $1.25

ChargePoint (NYSE:CHPT) had its target price cut by The Goldman Sachs Group from $1.50 to $1.25 in a research note released on Friday, Benzinga reports. They currently have a sell rating on the stock.

Other research analysts have also recently issued research reports about the company. Needham & Company LLC cut their price objective on ChargePoint from $3.00 to $2.00 and set a buy rating for the company in a research report on Thursday. TD Cowen cut shares of ChargePoint from a buy rating to a hold rating and reduced their price objective for the company from $3.00 to $2.00 in a research note on Thursday. Benchmark reaffirmed a buy rating and issued a $3.00 price objective on shares of ChargePoint in a research note on Thursday. Wolfe Research assumed coverage on shares of ChargePoint in a research report on Thursday. They set a peer perform rating for the company. Finally, Royal Bank of Canada reduced their price objective on ChargePoint from $3.00 to $2.50 and set a sector perform rating on the stock in a research report on Thursday. One analyst has rated the stock with a sell rating, fourteen have given a hold rating and five have issued a buy rating to the company. Based on data from MarketBeat.com, the company currently has an average rating of Hold and an average price target of $3.90.

ChargePoint Stock Down 5.8 %

Shares of ChargePoint stock opened at $1.31 on Friday. ChargePoint has a one year low of $1.21 and a one year high of $6.33. The company has a market cap of $554.60 million, a P/E ratio of -1.11 and a beta of 1.70. The company has a debt-to-equity ratio of 1.02, a quick ratio of 1.45 and a current ratio of 2.13. The firm has a fifty day moving average of $1.86 and a two-hundred day moving average of $1.76.

ChargePoint (NYSE:CHPT) last announced its quarterly earnings data on Wednesday, June 5th. The company reported ($0.16) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.19) by $0.03. The company had revenue of $107.04 million for the quarter, compared to analyst estimates of $106.09 million. ChargePoint had a negative return on equity of 127.18% and a negative net margin of 93.05%. On average, analysts forecast that ChargePoint will post -0.53 earnings per share for the current year.

Insider Activity

In related news, CAO Henrik Gerdes sold 43,596 shares of the business’s stock in a transaction that occurred on Thursday, June 20th. The stock was sold at an average price of $1.50, for a total transaction of $65,394.00. Following the completion of the transaction, the chief accounting officer now owns 438,004 shares in the company, valued at approximately $657,006. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. In other ChargePoint news, CEO Richard Wilmer sold 27,722 shares of the firm’s stock in a transaction that occurred on Friday, June 21st. The shares were sold at an average price of $1.40, for a total value of $38,810.80. Following the sale, the chief executive officer now owns 2,331,740 shares in the company, valued at $3,264,436. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, CAO Henrik Gerdes sold 43,596 shares of the business’s stock in a transaction that occurred on Thursday, June 20th. The stock was sold at an average price of $1.50, for a total value of $65,394.00. Following the transaction, the chief accounting officer now owns 438,004 shares of the company’s stock, valued at $657,006. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 95,099 shares of company stock valued at $137,498. 3.50% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

A number of institutional investors have recently added to or reduced their stakes in the business. Sanctuary Advisors LLC acquired a new position in shares of ChargePoint during the second quarter valued at approximately $138,000. Point72 Asset Management L.P. acquired a new stake in ChargePoint in the 2nd quarter valued at about $13,007,000. Creative Planning boosted its position in shares of ChargePoint by 152.3% during the 2nd quarter. Creative Planning now owns 188,363 shares of the company’s stock valued at $284,000 after purchasing an additional 113,699 shares in the last quarter. Algert Global LLC acquired a new position in shares of ChargePoint in the 2nd quarter worth approximately $58,000. Finally, The Manufacturers Life Insurance Company bought a new stake in shares of ChargePoint in the 2nd quarter worth approximately $231,000. Institutional investors and hedge funds own 37.77% of the company’s stock.

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.