Analysts Set ChargePoint Holdings, Inc. (NYSE:CHPT) Target Price at $8.31

Shares of ChargePoint Holdings, Inc. (NYSE:CHPT) have been assigned an average recommendation of “Reduce” from the ten ratings firms that are currently covering the company, Marketbeat Ratings reports. Three analysts have rated the stock with a sell recommendation, six have assigned a hold recommendation and one has assigned a buy recommendation to the company. The average 12 month price objective among analysts that have issued a report on the stock in the last year is $8.3125.

A number of brokerages have recently issued reports on CHPT. Needham & Company LLC restated a “hold” rating on shares of ChargePoint in a research note on Thursday, June 4th. Weiss Ratings reiterated a “sell (e+)” rating on shares of ChargePoint in a research note on Friday, July 17th. UBS Group reissued a “neutral” rating and issued a $8.00 price objective (up from $7.00) on shares of ChargePoint in a report on Tuesday, June 23rd. Royal Bank Of Canada restated a “sector perform” rating and set a $6.50 price objective on shares of ChargePoint in a research note on Thursday, June 4th. Finally, TD Cowen reaffirmed a “hold” rating and set a $7.50 target price (up from $7.00) on shares of ChargePoint in a report on Wednesday, June 17th.

Insider Transactions at ChargePoint

In other ChargePoint news, CFO Mansi Khetani sold 8,152 shares of ChargePoint stock in a transaction on Tuesday, June 23rd. The shares were sold at an average price of $7.13, for a total value of $58,123.76. Following the completion of the transaction, the chief financial officer owned 179,348 shares of the company’s stock, valued at $1,278,751.24. The trade was a 4.35% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through this link. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, General Counsel Eric Batill sold 4,979 shares of ChargePoint stock in a transaction on Tuesday, June 23rd. The stock was sold at an average price of $7.13, for a total transaction of $35,500.27. Following the completion of the transaction, the general counsel directly owned 143,631 shares of the company’s stock, valued at approximately $1,024,089.03. This represents a 3.35% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Insiders have sold a total of 29,164 shares of company stock valued at $208,037 over the last 90 days. Insiders own 4.20% of the company’s stock.

Institutional Inflows and Outflows

A number of large investors have recently modified their holdings of CHPT. AQR Capital Management LLC grew its position in shares of ChargePoint by 6,429.1% during the 1st quarter. AQR Capital Management LLC now owns 2,679,217 shares of the company’s stock valued at $1,553,000 after buying an additional 2,638,182 shares during the last quarter. Integrated Wealth Concepts LLC lifted its holdings in ChargePoint by 2,885.1% in the first quarter. Integrated Wealth Concepts LLC now owns 461,771 shares of the company’s stock worth $279,000 after acquiring an additional 446,302 shares during the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. lifted its holdings in ChargePoint by 14.6% in the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 283,924 shares of the company’s stock worth $172,000 after acquiring an additional 36,097 shares during the last quarter. Goldman Sachs Group Inc. boosted its stake in ChargePoint by 61.8% in the first quarter. Goldman Sachs Group Inc. now owns 3,790,823 shares of the company’s stock valued at $2,293,000 after acquiring an additional 1,448,114 shares during the period. Finally, Focus Partners Wealth bought a new position in shares of ChargePoint during the first quarter valued at approximately $27,000. 37.77% of the stock is currently owned by institutional investors.

ChargePoint Stock Up 2.1%

Shares of NYSE:CHPT opened at $6.40 on Monday. The firm has a market cap of $156.29 million, a PE ratio of -0.74 and a beta of 1.75. The company has a fifty day simple moving average of $6.23 and a 200 day simple moving average of $6.16. The company has a current ratio of 1.15, a quick ratio of 0.56 and a debt-to-equity ratio of 10.73. ChargePoint has a 12-month low of $4.44 and a 12-month high of $12.62.

ChargePoint (NYSE:CHPT) last posted its quarterly earnings data on Wednesday, June 3rd. The company reported ($1.75) EPS for the quarter, missing analysts’ consensus estimates of ($1.11) by ($0.64). The company had revenue of $101.82 million for the quarter, compared to the consensus estimate of $95.64 million. ChargePoint had a negative net margin of 49.66% and a negative return on equity of 504.42%. On average, equities research analysts anticipate that ChargePoint will post -5.48 EPS for the current fiscal year.

About ChargePoint

ChargePoint (NYSE: CHPT) is a leading provider of electric vehicle (EV) charging solutions that designs, develops and markets charging hardware, software and services. The company’s portfolio includes Level 2 AC charging stations for residential, commercial and fleet applications, as well as DC fast charging systems suited for retail, hospitality and public use. ChargePoint’s integrated platform enables site hosts to manage charging infrastructure through cloud-based monitoring, analytics and billing tools, while EV drivers access and control charging sessions via a mobile app or RFID card.

Since its founding in 2007 and headquarters in Campbell, California, ChargePoint has built one of the largest open EV charging networks in the world.