Needham & Company LLC Downgrades ChargePoint (NYSE:CHPT) to Hold

Needham & Company LLC cut shares of ChargePoint (NYSE:CHPT) from a buy rating to a hold rating in a research note issued to investors on Tuesday, MarketBeat reports.

Several other research analysts also recently weighed in on CHPT. Wolfe Research assumed coverage on shares of ChargePoint in a report on Thursday, September 5th. They issued a “peer perform” rating for the company. UBS Group dropped their price objective on ChargePoint from $1.80 to $1.50 and set a “neutral” rating for the company in a research note on Tuesday, October 15th. TD Cowen downgraded ChargePoint from a “buy” rating to a “hold” rating and decreased their target price for the company from $3.00 to $2.00 in a research note on Thursday, September 5th. JPMorgan Chase & Co. downgraded ChargePoint from an “overweight” rating to an “underweight” rating in a research note on Thursday, October 3rd. Finally, Stifel Nicolaus cut their price objective on shares of ChargePoint from $3.00 to $2.00 and set a “hold” rating for the company in a report on Wednesday, October 30th. Two equities research analysts have rated the stock with a sell rating, eleven have given a hold rating, three have assigned a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat.com, ChargePoint has a consensus rating of “Hold” and an average target price of $2.47.

ChargePoint Stock Up 3.7 %

NYSE CHPT opened at $1.13 on Tuesday. ChargePoint has a 52 week low of $1.05 and a 52 week high of $3.13. 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 capitalization of $487.69 million, a P/E ratio of -1.14 and a beta of 1.70. The stock’s 50-day moving average price is $1.30 and its 200-day moving average price is $1.60.

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

Insider Buying and Selling at ChargePoint

In related news, CAO Henrik Gerdes sold 26,288 shares of the stock in a transaction dated Friday, October 11th. The shares were sold at an average price of $1.32, for a total value of $34,700.16. Following the sale, the chief accounting officer now directly owns 390,596 shares of the company’s stock, valued at $515,586.72. This represents a 6.31 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, CFO Mansi Khetani sold 23,409 shares of the business’s stock in a transaction that occurred on Monday, September 23rd. The shares were sold at an average price of $1.35, for a total value of $31,602.15. Following the transaction, the chief financial officer now owns 849,084 shares of the company’s stock, valued at $1,146,263.40. This trade represents a 2.68 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 100,803 shares of company stock worth $135,295 over the last ninety days. Company insiders own 3.50% of the company’s stock.

Institutional Investors Weigh In On ChargePoint

Institutional investors and hedge funds have recently modified their holdings of the business. CIBC Asset Management Inc grew its position in ChargePoint by 50.7% in the 2nd quarter. CIBC Asset Management Inc now owns 17,145 shares of the company’s stock valued at $26,000 after acquiring an additional 5,770 shares during the last quarter. Financial Advocates Investment Management bought a new position in shares of ChargePoint in the third quarter worth about $29,000. CreativeOne Wealth LLC purchased a new position in ChargePoint in the 1st quarter worth about $30,000. Delap Wealth Advisory LLC bought a new stake in ChargePoint during the 2nd quarter valued at about $31,000. Finally, Perennial Investment Advisors LLC boosted its position in ChargePoint by 74.4% in the 2nd quarter. Perennial Investment Advisors LLC now owns 24,380 shares of the company’s stock valued at $37,000 after buying an additional 10,400 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.