ChargePoint (NYSE:CHPT) Price Target Cut to $1.00 by Analysts at Stifel Nicolaus

ChargePoint (NYSE:CHPT) had its price target decreased by research analysts at Stifel Nicolaus from $2.00 to $1.00 in a research note issued on Monday,Benzinga reports. The firm currently has a “hold” rating on the stock. Stifel Nicolaus’ price target points to a potential upside of 39.08% from the stock’s current price.

Several other brokerages have also weighed in on CHPT. Needham & Company LLC restated a “hold” rating on shares of ChargePoint in a report on Wednesday, March 5th. Royal Bank of Canada cut their price target on ChargePoint from $2.50 to $2.00 and set a “sector perform” rating on the stock in a research note on Thursday, December 5th. Benchmark reaffirmed a “buy” rating and set a $3.00 price objective on shares of ChargePoint in a research note on Wednesday, November 20th. UBS Group cut their target price on ChargePoint from $1.50 to $1.30 and set a “neutral” rating on the stock in a research note on Tuesday, December 10th. Finally, The Goldman Sachs Group decreased their target price on ChargePoint from $1.00 to $0.75 and set a “sell” rating for the company in a research report on Thursday, February 20th. Two investment analysts have rated the stock with a sell rating, seven have given a hold rating, two have assigned a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat, the company currently has a consensus rating of “Hold” and an average price target of $2.01.

ChargePoint Price Performance

Shares of CHPT stock traded down $0.01 during mid-day trading on Monday, reaching $0.72. The company’s stock had a trading volume of 6,891,981 shares, compared to its average volume of 16,476,023. The company has a debt-to-equity ratio of 1.65, a quick ratio of 1.24 and a current ratio of 1.94. The firm’s 50-day moving average is $0.91 and its two-hundred day moving average is $1.18. The company has a market cap of $318.04 million, a P/E ratio of -0.97 and a beta of 1.85. ChargePoint has a 1-year low of $0.56 and a 1-year high of $2.44.

ChargePoint (NYSE:CHPT) last released its quarterly earnings results on Tuesday, March 4th. The company reported ($0.09) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.08) by ($0.01). ChargePoint had a negative net margin of 72.62% and a negative return on equity of 106.28%. The business had revenue of $101.89 million for the quarter, compared to analyst estimates of $100.99 million. On average, research analysts predict that ChargePoint will post -0.57 earnings per share for the current year.

Insider Activity

In other ChargePoint news, CFO Mansi Khetani sold 22,038 shares of the company’s stock in a transaction that occurred on Monday, December 23rd. The stock was sold at an average price of $1.14, for a total value of $25,123.32. Following the sale, the chief financial officer now owns 1,230,305 shares in the company, valued at $1,402,547.70. This represents a 1.76 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, CAO Henrik Gerdes sold 28,536 shares of ChargePoint stock in a transaction that occurred on Monday, December 23rd. The stock was sold at an average price of $1.14, for a total value of $32,531.04. Following the transaction, the chief accounting officer now owns 362,060 shares of the company’s stock, valued at $412,748.40. This represents a 7.31 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 87,148 shares of company stock worth $99,349 in the last quarter. Corporate insiders own 3.50% of the company’s stock.

Hedge Funds Weigh In On ChargePoint

Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Jeppson Wealth Management LLC raised its holdings in ChargePoint by 28.3% in the 3rd quarter. Jeppson Wealth Management LLC now owns 42,940 shares of the company’s stock valued at $59,000 after acquiring an additional 9,480 shares during the period. GSA Capital Partners LLP acquired a new stake in ChargePoint during the 3rd quarter worth approximately $252,000. Oppenheimer & Co. Inc. boosted its stake in ChargePoint by 25.4% in the 3rd quarter. Oppenheimer & Co. Inc. now owns 563,471 shares of the company’s stock valued at $772,000 after purchasing an additional 113,989 shares during the period. Intech Investment Management LLC bought a new position in ChargePoint during the 3rd quarter worth $170,000. Finally, Charles Schwab Investment Management Inc. lifted its holdings in shares of ChargePoint by 7.2% during the third quarter. Charles Schwab Investment Management Inc. now owns 3,251,029 shares of the company’s stock worth $4,454,000 after buying an additional 219,426 shares in the last quarter. 37.77% of the stock is owned by institutional investors.

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.