Shares of ChargePoint Holdings, Inc. (NYSE:CHPT – Get Free Report) gapped down before the market opened on Wednesday after Needham & Company LLC lowered their price target on the stock from $4.00 to $3.00. The stock had previously closed at $2.00, but opened at $1.89. Needham & Company LLC currently has a buy rating on the stock. ChargePoint shares last traded at $1.93, with a volume of 6,137,023 shares trading hands.
A number of other brokerages also recently weighed in on CHPT. Roth Mkm downgraded shares of ChargePoint from a “buy” rating to a “neutral” rating and dropped their target price for the stock from $11.00 to $2.00 in a research note on Friday, November 17th. UBS Group cut shares of ChargePoint from a “buy” rating to a “neutral” rating and dropped their price objective for the stock from $9.00 to $2.25 in a research report on Tuesday, November 28th. Royal Bank of Canada restated a “sector perform” rating and set a $3.00 target price (down previously from $3.50) on shares of ChargePoint in a research report on Wednesday. Janney Montgomery Scott downgraded ChargePoint from a “buy” rating to a “neutral” rating in a research report on Friday, November 17th. Finally, B. Riley cut ChargePoint from a “buy” rating to a “neutral” rating and dropped their price objective for the stock from $5.00 to $2.50 in a report on Thursday, December 7th. Fourteen research analysts have rated the stock with a hold rating and five have given a buy rating to the company. According to MarketBeat.com, ChargePoint presently has a consensus rating of “Hold” and a consensus price target of $6.88.
Insiders Place Their Bets
In other ChargePoint news, insider Michael D. Hughes sold 13,995 shares of the stock in a transaction dated Thursday, December 21st. The stock was sold at an average price of $2.42, for a total value of $33,867.90. Following the completion of the sale, the insider now directly owns 855,947 shares in the company, valued at $2,071,391.74. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Over the last ninety days, insiders have sold 38,375 shares of company stock worth $92,868. Corporate insiders own 12.90% of the company’s stock.
Institutional Trading of ChargePoint
A number of large investors have recently bought and sold shares of CHPT. Balentine LLC bought a new stake in shares of ChargePoint during the fourth quarter worth $26,000. Comerica Bank bought a new position in ChargePoint during the 3rd quarter worth about $26,000. Pathstone Holdings LLC bought a new position in ChargePoint during the 4th quarter worth about $30,000. RWA Wealth Partners LLC bought a new position in ChargePoint during the 4th quarter worth about $31,000. Finally, Ingalls & Snyder LLC bought a new position in shares of ChargePoint during the fourth quarter worth about $33,000. 45.01% of the stock is owned by institutional investors.
ChargePoint Stock Performance
The company has a quick ratio of 1.77, a current ratio of 2.34 and a debt-to-equity ratio of 0.72. The firm has a market capitalization of $769.18 million, a P/E ratio of -1.50 and a beta of 1.63. The stock has a fifty day moving average of $2.05 and a 200-day moving average of $3.24.
ChargePoint (NYSE:CHPT – Get Free Report) last issued its quarterly earnings results on Wednesday, December 6th. The company reported ($0.43) earnings per share for the quarter, missing the consensus estimate of ($0.31) by ($0.12). The business had revenue of $110.30 million for the quarter, compared to the consensus estimate of $124.92 million. ChargePoint had a negative return on equity of 119.40% and a negative net margin of 81.10%. ChargePoint’s revenue was down 12.0% compared to the same quarter last year. During the same period in the prior year, the business earned ($0.24) earnings per share. On average, research analysts anticipate that ChargePoint Holdings, Inc. will post -1.11 EPS for the current year.
ChargePoint Company Profile
ChargePoint Holdings, Inc, together with its subsidiaries, provides electric vehicle (EV) charging networks and charging solutions in the United States and internationally. It offers a portfolio of hardware, software, and services for commercial, fleet, and residential customers. ChargePoint Holdings, Inc was founded in 2007 and is headquartered in Campbell, California.