ChargePoint’s (CHPT) “Buy” Rating Reiterated at Benchmark

Benchmark reissued their buy rating on shares of ChargePoint (NYSE:CHPT) in a research report released on Wednesday morning,Benzinga reports. They currently have a $3.00 price objective on the stock.

CHPT has been the subject of several other reports. Needham & Company LLC lowered shares of ChargePoint from a “buy” rating to a “hold” rating in a report on Tuesday. UBS Group dropped their target price on ChargePoint from $1.80 to $1.50 and set a “neutral” rating on the stock in a report on Tuesday, October 15th. Capital One Financial upgraded ChargePoint to a “strong-buy” rating in a report on Tuesday, September 17th. Stifel Nicolaus dropped their price target on shares of ChargePoint from $3.00 to $2.00 and set a “hold” rating on the stock in a research note on Wednesday, October 30th. Finally, Royal Bank of Canada reduced their price objective on shares of ChargePoint from $3.00 to $2.50 and set a “sector perform” rating for the company in a research note on Thursday, September 5th. Two research analysts have rated the stock with a sell rating, eleven have issued a hold rating, three have given a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat, ChargePoint has a consensus rating of “Hold” and an average price target of $2.47.

ChargePoint Trading Up 1.3 %

CHPT opened at $1.15 on Wednesday. The company has a debt-to-equity ratio of 1.24, a quick ratio of 1.32 and a current ratio of 2.03. ChargePoint has a 52 week low of $1.05 and a 52 week high of $3.13. The business has a 50 day moving average of $1.29 and a 200-day moving average of $1.59.

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

Insider Buying and Selling

In related 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 transaction, the chief financial officer now directly owns 849,084 shares of the company’s stock, valued at approximately $1,146,263.40. This trade represents a 2.68 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, CEO Richard Wilmer sold 27,252 shares of the business’s stock in a transaction dated Monday, September 23rd. The shares were sold at an average price of $1.35, for a total value of $36,790.20. Following the sale, the chief executive officer now directly owns 2,304,489 shares of the company’s stock, valued at $3,111,060.15. This represents a 1.17 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 100,803 shares of company stock valued at $135,295 over the last 90 days. Company insiders own 3.50% of the company’s stock.

Hedge Funds Weigh In On ChargePoint

Several large investors have recently added to or reduced their stakes in the company. CreativeOne Wealth LLC bought a new stake in shares of ChargePoint during the 1st quarter valued at $30,000. CIBC Asset Management Inc raised its holdings in ChargePoint by 50.7% during the second quarter. CIBC Asset Management Inc now owns 17,145 shares of the company’s stock valued at $26,000 after acquiring an additional 5,770 shares during the period. Delap Wealth Advisory LLC purchased a new position in shares of ChargePoint in the second quarter valued at about $31,000. Financial Advocates Investment Management purchased a new position in shares of ChargePoint in the third quarter valued at about $29,000. Finally, Perennial Investment Advisors LLC boosted 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. Hedge funds and other institutional investors 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.