The Goldman Sachs Group Has Lowered Expectations for ChargePoint (NYSE:CHPT) Stock Price

ChargePoint (NYSE:CHPT) had its target price trimmed by The Goldman Sachs Group from $1.00 to $0.75 in a research report report published on Thursday,Benzinga reports. The brokerage currently has a sell rating on the stock.

A number of other brokerages also recently commented on CHPT. Royal Bank of Canada dropped their price objective on shares of ChargePoint from $2.50 to $2.00 and set a “sector perform” rating on the stock in a research report on Thursday, December 5th. Stifel Nicolaus dropped their price objective on shares of ChargePoint from $3.00 to $2.00 and set a “hold” rating on the stock in a research report on Wednesday, October 30th. Needham & Company LLC reissued a “hold” rating on shares of ChargePoint in a research report on Thursday, December 5th. UBS Group dropped their price objective on shares of ChargePoint from $1.50 to $1.30 and set a “neutral” rating on the stock in a research report on Tuesday, December 10th. Finally, Benchmark reissued a “buy” rating and issued a $3.00 price objective on shares of ChargePoint in a research report on Wednesday, November 20th. Two investment analysts have rated the stock with a sell rating, nine have issued a hold rating, three have issued a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat, ChargePoint currently has a consensus rating of “Hold” and a consensus target price of $2.41.

ChargePoint Trading Down 3.8 %

Shares of NYSE:CHPT opened at $0.76 on Thursday. ChargePoint has a 52 week low of $0.66 and a 52 week high of $2.44. The company’s 50 day moving average is $1.01 and its two-hundred day moving average is $1.26. The company has a current ratio of 1.94, a quick ratio of 1.24 and a debt-to-equity ratio of 1.65. The company has a market cap of $336.18 million, a PE ratio of -1.03 and a beta of 1.70.

Insider Buying and Selling

In related news, insider Jagdeep Ca Singh sold 36,574 shares of the stock in a transaction on Monday, December 23rd. The shares were sold at an average price of $1.14, for a total transaction of $41,694.36. Following the completion of the sale, the insider now owns 1,161,430 shares in the company, valued at $1,324,030.20. This represents a 3.05 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, CAO Henrik Gerdes sold 28,536 shares of the stock in a transaction on Monday, December 23rd. The stock was sold at an average price of $1.14, for a total transaction of $32,531.04. Following the sale, the chief accounting officer now owns 362,060 shares of the company’s stock, valued at approximately $412,748.40. This represents a 7.31 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 87,148 shares of company stock worth $99,349 in the last 90 days. Company insiders own 3.50% of the company’s stock.

Institutional Trading of ChargePoint

A number of large investors have recently bought and sold shares of the business. Jeppson Wealth Management LLC boosted its stake in ChargePoint by 28.3% during the 3rd quarter. Jeppson Wealth Management LLC now owns 42,940 shares of the company’s stock worth $59,000 after purchasing an additional 9,480 shares during the period. JPMorgan Chase & Co. lifted its stake in shares of ChargePoint by 5.7% in the 3rd quarter. JPMorgan Chase & Co. now owns 177,375 shares of the company’s stock worth $243,000 after acquiring an additional 9,519 shares during the period. International Assets Investment Management LLC lifted its stake in shares of ChargePoint by 32.9% in the 3rd quarter. International Assets Investment Management LLC now owns 60,403 shares of the company’s stock worth $830,000 after acquiring an additional 14,963 shares during the period. Creative Planning lifted its stake in shares of ChargePoint by 8.8% in the 3rd quarter. Creative Planning now owns 205,008 shares of the company’s stock worth $281,000 after acquiring an additional 16,645 shares during the period. Finally, Jones Financial Companies Lllp lifted its stake in shares of ChargePoint by 61.1% in the 4th quarter. Jones Financial Companies Lllp now owns 45,021 shares of the company’s stock worth $48,000 after acquiring an additional 17,075 shares during the period. Institutional investors and hedge funds own 37.77% of the company’s stock.

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.