ChargePoint (NYSE:CHPT) Cut to “In-Line” at Evercore ISI

Evercore ISI downgraded shares of ChargePoint (NYSE:CHPT) from an outperform rating to an in-line rating in a report released on Monday morning, MarketBeat Ratings reports. They currently have $1.00 price objective on the stock, down from their prior price objective of $4.00.

A number of other equities research analysts also recently weighed in on the company. The Goldman Sachs Group cut their target price on ChargePoint from $1.00 to $0.75 and set a “sell” rating for the company in a research report on Thursday, February 20th. Royal Bank of Canada cut their price objective on ChargePoint from $2.50 to $2.00 and set a “sector perform” rating for the company in a report on Thursday, December 5th. UBS Group set a $1.50 target price on ChargePoint in a report on Wednesday, March 5th. Stifel Nicolaus cut their price target on shares of ChargePoint from $2.00 to $1.00 and set a “hold” rating for the company in a report on Monday, March 10th. Finally, Needham & Company LLC reaffirmed a “hold” rating on shares of ChargePoint in a research note on Wednesday, March 5th. Two investment analysts have rated the stock with a sell rating, eight have issued a hold rating, one has issued a buy rating and one has assigned a strong buy rating to the company’s stock. According to MarketBeat.com, ChargePoint currently has a consensus rating of “Hold” and a consensus target price of $1.66.

ChargePoint Stock Up 2.7 %

Shares of ChargePoint stock opened at $0.62 on Monday. The company has a debt-to-equity ratio of 1.65, a current ratio of 1.94 and a quick ratio of 1.24. ChargePoint has a 1-year low of $0.56 and a 1-year high of $2.44. The business’s fifty day moving average price is $0.75 and its two-hundred day moving average price is $1.06. The company has a market capitalization of $274.52 million, a P/E ratio of -0.84 and a beta of 1.85.

ChargePoint (NYSE:CHPT) last posted its quarterly earnings data on Tuesday, March 4th. The company reported ($0.09) earnings per share for the quarter, missing the consensus estimate of ($0.08) by ($0.01). ChargePoint had a negative return on equity of 106.28% and a negative net margin of 72.62%. The company had revenue of $101.89 million during the quarter, compared to analyst estimates of $100.99 million. As a group, research analysts forecast that ChargePoint will post -0.57 EPS for the current year.

Institutional Inflows and Outflows

Institutional investors have recently made changes to their positions in the company. Toronto Dominion Bank purchased a new position in ChargePoint during the 4th quarter worth approximately $8,746,000. Millennium Management LLC grew its holdings in shares of ChargePoint by 13,605.0% during the fourth quarter. Millennium Management LLC now owns 2,857,349 shares of the company’s stock valued at $3,057,000 after buying an additional 2,836,500 shares in the last quarter. Erste Asset Management GmbH acquired a new position in ChargePoint during the third quarter valued at $2,570,000. Invesco Ltd. lifted its stake in ChargePoint by 13.1% in the 4th quarter. Invesco Ltd. now owns 5,029,849 shares of the company’s stock worth $5,382,000 after acquiring an additional 583,761 shares in the last quarter. Finally, Geode Capital Management LLC boosted its position in ChargePoint by 4.6% during the 3rd quarter. Geode Capital Management LLC now owns 9,072,168 shares of the company’s stock worth $12,432,000 after acquiring an additional 399,070 shares during the period. 37.77% of the stock is owned by hedge funds and other 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.