ChargePoint Holdings, Inc. (NYSE:CHPT) Given Consensus Recommendation of “Reduce” by Analysts

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

A number of analysts recently issued reports on CHPT shares. Needham & Company LLC reissued a “hold” rating on shares of ChargePoint in a research report on Thursday, June 4th. B. Riley Financial reduced their price objective on ChargePoint from $11.00 to $6.00 and set a “neutral” rating for the company in a research report on Friday, March 13th. UBS Group reissued a “neutral” rating and set a $8.00 price objective (up from $7.00) on shares of ChargePoint in a research report on Tuesday. JPMorgan Chase & Co. reduced their price objective on ChargePoint from $8.00 to $5.00 and set an “underweight” rating for the company in a research report on Thursday, March 5th. Finally, Royal Bank Of Canada reissued a “sector perform” rating and set a $6.50 price objective on shares of ChargePoint in a research report on Thursday, June 4th.

ChargePoint Price Performance

CHPT opened at $5.30 on Friday. The stock has a market cap of $129.30 million, a price-to-earnings ratio of -0.61 and a beta of 1.74. ChargePoint has a 1 year low of $4.44 and a 1 year high of $16.20. The company has a current ratio of 1.15, a quick ratio of 0.56 and a debt-to-equity ratio of 10.73. The stock has a fifty day moving average price of $6.90 and a 200 day moving average price of $6.53.

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

Insider Activity

In other ChargePoint news, insider John David Vice sold 4,072 shares of the stock in a transaction on Tuesday, June 23rd. The shares were sold at an average price of $7.13, for a total transaction of $29,033.36. Following the transaction, the insider directly owned 171,507 shares of the company’s stock, valued at $1,222,844.91. This represents a 2.32% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. 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 the 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 transaction, the general counsel directly owned 143,631 shares in the company, valued at $1,024,089.03. The trade was a 3.35% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Over the last three months, insiders sold 29,164 shares of company stock valued at $208,037. Corporate insiders own 4.20% of the company’s stock.

Hedge Funds Weigh In On ChargePoint

Hedge funds have recently bought and sold shares of the business. Rothschild Investment LLC increased its position in ChargePoint by 233.3% during the fourth quarter. Rothschild Investment LLC now owns 5,000 shares of the company’s stock worth $33,000 after buying an additional 3,500 shares during the last quarter. Pilgrim Partners Asia Pte Ltd increased its position in ChargePoint by 56.4% during the fourth quarter. Pilgrim Partners Asia Pte Ltd now owns 8,600 shares of the company’s stock worth $57,000 after buying an additional 3,100 shares during the last quarter. Hsbc Holdings PLC acquired a new position in ChargePoint during the fourth quarter worth $73,000. EFG International AG acquired a new position in ChargePoint during the fourth quarter worth $72,000. Finally, R Squared Ltd acquired a new position in ChargePoint during the first quarter worth $59,000. 37.77% of the stock is owned by institutional investors and hedge funds.

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.