ChargePoint (NYSE:CHPT) Rating Lowered to Underweight at JPMorgan Chase & Co.

ChargePoint (NYSE:CHPT) was downgraded by analysts at JPMorgan Chase & Co. from an “overweight” rating to an “underweight” rating in a research report issued on Thursday, Marketbeat reports.

Several other analysts also recently weighed in on CHPT. Needham & Company LLC decreased their price target on shares of ChargePoint from $3.00 to $2.00 and set a “buy” rating for the company in a research note on Thursday, September 5th. TD Cowen lowered 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 report on Thursday, September 5th. Benchmark reiterated a “buy” rating and issued a $3.00 target price on shares of ChargePoint in a report on Thursday, September 5th. Evercore ISI cut their price target on ChargePoint from $6.00 to $4.00 and set an “outperform” rating on the stock in a research note on Thursday, September 5th. Finally, Wolfe Research initiated coverage on shares of ChargePoint in a research note on Thursday, September 5th. They issued a “peer perform” rating for the company. Two investment analysts have rated the stock with a sell rating, thirteen have issued a hold rating, four have issued a buy rating and one has issued a strong buy rating to the company. According to MarketBeat, the company has a consensus rating of “Hold” and an average price target of $3.39.

ChargePoint Stock Performance

Shares of ChargePoint stock opened at $1.42 on Thursday. 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 stock’s fifty day moving average is $1.64 and its two-hundred day moving average is $1.69. ChargePoint has a 52 week low of $1.21 and a 52 week high of $4.62. The company has a market capitalization of $599.05 million, a PE ratio of -1.20 and a beta of 1.69.

ChargePoint (NYSE:CHPT) last posted its quarterly earnings results on Wednesday, September 4th. The company reported ($0.15) EPS for the quarter, hitting analysts’ consensus estimates of ($0.15). ChargePoint had a negative net margin of 89.12% and a negative return on equity of 112.67%. The firm had revenue of $108.54 million for the quarter, compared to analysts’ expectations of $114.15 million. As a group, analysts expect that ChargePoint will post -0.56 earnings per share for the current year.

Insider Activity at ChargePoint

In other news, CFO Mansi Khetani sold 23,409 shares of the firm’s stock in a transaction on Monday, September 23rd. The stock was sold at an average price of $1.35, for a total value of $31,602.15. Following the completion of the sale, the chief financial officer now owns 849,084 shares of the company’s stock, valued at $1,146,263.40. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. In other news, CEO Richard Wilmer sold 27,252 shares of ChargePoint stock in a transaction on Monday, September 23rd. The shares were sold at an average price of $1.35, for a total transaction of $36,790.20. Following the completion of the sale, the chief executive officer now directly owns 2,304,489 shares in the company, valued at approximately $3,111,060.15. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, CFO Mansi Khetani sold 23,409 shares of the company’s stock in a transaction 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 completion of the transaction, the chief financial officer now directly owns 849,084 shares in the company, valued at approximately $1,146,263.40. The trade was a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 74,515 shares of company stock valued at $100,595 over the last 90 days. Insiders own 3.50% of the company’s stock.

Institutional Trading of ChargePoint

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the company. CIBC Asset Management Inc raised 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 purchasing an additional 5,770 shares during the last quarter. CreativeOne Wealth LLC acquired a new position in ChargePoint in the 1st quarter worth approximately $30,000. PDS Planning Inc acquired a new position in ChargePoint in the 1st quarter worth approximately $31,000. Delap Wealth Advisory LLC purchased a new position in ChargePoint during the 2nd quarter worth approximately $31,000. Finally, Perennial Investment Advisors LLC lifted its stake in ChargePoint by 74.4% during the 2nd quarter. Perennial Investment Advisors LLC now owns 24,380 shares of the company’s stock valued at $37,000 after acquiring an additional 10,400 shares during the period. Institutional investors and hedge funds own 37.77% of the company’s stock.

ChargePoint Company Profile

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.