ChargePoint Holdings, Inc. (NYSE:CHPT – Get Rating)’s stock price fell 4.4% on Friday after Needham & Company LLC lowered their price target on the stock from $14.00 to $13.00. The company traded as low as $9.28 and last traded at $9.32. 9,731,193 shares changed hands during mid-day trading, an increase of 8% from the average session volume of 9,006,128 shares. The stock had previously closed at $9.75.
Several other research firms have also recently issued reports on CHPT. Bank of America raised ChargePoint from a “neutral” rating to a “buy” rating and reduced their target price for the company from $15.50 to $14.00 in a research note on Tuesday. Citigroup reduced their target price on ChargePoint from $14.00 to $13.00 and set a “neutral” rating on the stock in a research note on Monday, March 6th. B. Riley reduced their target price on ChargePoint from $18.00 to $12.00 in a research note on Monday, May 8th. Stifel Nicolaus reduced their target price on ChargePoint from $25.00 to $17.00 in a research note on Tuesday, April 25th. Finally, JPMorgan Chase & Co. reduced their target price on ChargePoint from $16.00 to $15.00 and set an “overweight” rating on the stock in a research note on Friday, March 3rd. Four equities research analysts have rated the stock with a hold rating and nine have given a buy rating to the company. According to data from MarketBeat, ChargePoint presently has a consensus rating of “Moderate Buy” and a consensus price target of $17.00.
Insider Transactions at ChargePoint
In other news, General Counsel Rebecca Chavez sold 3,983 shares of the company’s stock in a transaction dated Tuesday, March 21st. The stock was sold at an average price of $9.40, for a total value of $37,440.20. Following the completion of the transaction, the general counsel now owns 357,182 shares of the company’s stock, valued at $3,357,510.80. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. In other ChargePoint news, insider Richard Wilmer sold 4,312 shares of ChargePoint stock in a transaction on Tuesday, March 21st. The shares were sold at an average price of $9.40, for a total value of $40,532.80. Following the sale, the insider now directly owns 658,018 shares in the company, valued at approximately $6,185,369.20. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, General Counsel Rebecca Chavez sold 3,983 shares of ChargePoint stock in a transaction on Tuesday, March 21st. The shares were sold at an average price of $9.40, for a total transaction of $37,440.20. Following the completion of the sale, the general counsel now owns 357,182 shares in the company, valued at $3,357,510.80. The disclosure for this sale can be found here. Insiders sold a total of 429,610 shares of company stock valued at $3,676,846 over the last three months. Corporate insiders own 12.90% of the company’s stock.
Institutional Trading of ChargePoint
Several hedge funds and other institutional investors have recently bought and sold shares of the stock. Vanguard Group Inc. raised its holdings in ChargePoint by 6.6% during the 3rd quarter. Vanguard Group Inc. now owns 22,469,637 shares of the company’s stock valued at $331,652,000 after buying an additional 1,396,280 shares during the period. BlackRock Inc. grew its holdings in shares of ChargePoint by 1.4% in the first quarter. BlackRock Inc. now owns 13,277,777 shares of the company’s stock worth $139,018,000 after purchasing an additional 178,812 shares during the last quarter. State Street Corp increased its stake in ChargePoint by 3.4% in the 1st quarter. State Street Corp now owns 4,056,559 shares of the company’s stock worth $42,472,000 after buying an additional 133,250 shares during the period. Geode Capital Management LLC lifted its holdings in ChargePoint by 4.4% during the 1st quarter. Geode Capital Management LLC now owns 3,640,731 shares of the company’s stock valued at $38,118,000 after buying an additional 153,384 shares in the last quarter. Finally, First Trust Advisors LP boosted its position in ChargePoint by 48.4% in the 4th quarter. First Trust Advisors LP now owns 3,308,582 shares of the company’s stock valued at $31,515,000 after buying an additional 1,078,739 shares during the period. Hedge funds and other institutional investors own 44.87% of the company’s stock.
ChargePoint Price Performance
The firm has a market capitalization of $3.25 billion, a P/E ratio of -9.50 and a beta of 1.68. The stock’s 50 day simple moving average is $8.96 and its 200 day simple moving average is $10.28. The company has a debt-to-equity ratio of 0.83, a quick ratio of 2.23 and a current ratio of 2.48.
ChargePoint (NYSE:CHPT – Get Rating) last posted its quarterly earnings results on Thursday, March 2nd. The company reported ($0.19) earnings per share for the quarter, beating the consensus estimate of ($0.22) by $0.03. ChargePoint had a negative net margin of 73.59% and a negative return on equity of 82.84%. The firm had revenue of $152.83 million during the quarter, compared to the consensus estimate of $164.31 million. As a group, analysts expect that ChargePoint Holdings, Inc. will post -0.7 earnings per share for the current fiscal year.
About ChargePoint
ChargePoint Holdings, Inc 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. The company was founded in 2007 and is headquartered in Campbell, California.