ChargePoint’s (CHPT) “Hold” Rating Reaffirmed at Needham & Company LLC

Needham & Company LLC reissued their hold rating on shares of ChargePoint (NYSE:CHPT) in a report published on Thursday morning,Benzinga reports.

CHPT has been the subject of a number of other research reports. TD Cowen downgraded ChargePoint from a “buy” rating to a “hold” rating and dropped their target price for the stock from $3.00 to $2.00 in a report on Thursday, September 5th. JPMorgan Chase & Co. downgraded ChargePoint from an “overweight” rating to an “underweight” rating in a report on Thursday, October 3rd. Evercore ISI dropped their target price on ChargePoint from $6.00 to $4.00 and set an “outperform” rating for the company in a report on Thursday, September 5th. UBS Group dropped their target price on ChargePoint from $1.80 to $1.50 and set a “neutral” rating for the company in a report on Tuesday, October 15th. Finally, Benchmark reissued a “buy” rating and set a $3.00 target price on shares of ChargePoint in a report on Wednesday, November 20th. Two equities research analysts have rated the stock with a sell rating, ten have assigned a hold rating, three have given a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat.com, the stock has a consensus rating of “Hold” and a consensus price target of $2.47.

ChargePoint Trading Up 10.7 %

Shares of ChargePoint stock opened at $1.35 on Thursday. The business has a fifty day simple moving average of $1.26 and a two-hundred day simple moving average of $1.56. ChargePoint has a 1 year low of $1.05 and a 1 year high of $3.13. The company has a market capitalization of $582.63 million, a price-to-earnings ratio of -1.82 and a beta of 1.69. The company has a debt-to-equity ratio of 1.24, a current ratio of 2.03 and a quick ratio of 1.32.

ChargePoint (NYSE:CHPT) last announced its quarterly earnings results on Wednesday, September 4th. The company reported ($0.15) earnings per share (EPS) for the quarter, meeting the consensus estimate of ($0.15). ChargePoint had a negative return on equity of 112.67% and a negative net margin of 89.12%. The business had revenue of $108.54 million during the quarter, compared to the consensus estimate of $114.15 million. Research analysts forecast that ChargePoint will post -0.56 EPS for the current year.

Insider Activity at ChargePoint

In other news, CFO Mansi Khetani sold 23,409 shares of the business’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 $31,602.15. Following the sale, the chief financial officer now directly owns 849,084 shares in the company, valued at approximately $1,146,263.40. The trade was a 2.68 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, CAO Henrik Gerdes sold 26,288 shares of the business’s stock in a transaction dated Friday, October 11th. The stock was sold at an average price of $1.32, for a total value of $34,700.16. Following the sale, the chief accounting officer now owns 390,596 shares in the company, valued at approximately $515,586.72. This trade represents a 6.31 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 100,803 shares of company stock valued at $135,295 over the last quarter. 3.50% of the stock is owned by corporate insiders.

Institutional Trading of ChargePoint

Several hedge funds and other institutional investors have recently made changes to their positions in CHPT. CIBC Asset Management Inc lifted its stake in shares of ChargePoint by 50.7% in the second quarter. CIBC Asset Management Inc now owns 17,145 shares of the company’s stock worth $26,000 after acquiring an additional 5,770 shares during the period. Financial Advocates Investment Management acquired a new position in shares of ChargePoint in the third quarter worth approximately $29,000. Delap Wealth Advisory LLC acquired a new position in shares of ChargePoint in the second quarter worth approximately $31,000. Perennial Investment Advisors LLC lifted its stake in shares of ChargePoint by 74.4% in the second quarter. Perennial Investment Advisors LLC now owns 24,380 shares of the company’s stock worth $37,000 after acquiring an additional 10,400 shares during the period. Finally, Vanguard Personalized Indexing Management LLC lifted its stake in shares of ChargePoint by 152.0% in the second quarter. Vanguard Personalized Indexing Management LLC now owns 25,462 shares of the company’s stock worth $38,000 after acquiring an additional 15,358 shares during the period. 37.77% of the stock is currently 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.