ChargePoint (NYSE:CHPT) Given New $7.00 Price Target at The Goldman Sachs Group

ChargePoint (NYSE:CHPT) had its price objective reduced by The Goldman Sachs Group from $10.00 to $7.00 in a research note published on Monday morning, Benzinga reports. They currently have a neutral rating on the stock.

CHPT has been the subject of a number of other research reports. Fox Advisors cut ChargePoint from an overweight rating to an equal weight rating in a report on Thursday, September 7th. DA Davidson dropped their price objective on ChargePoint from $18.00 to $15.00 in a report on Monday, June 5th. Citigroup dropped their price objective on ChargePoint from $10.80 to $8.25 and set a neutral rating for the company in a report on Thursday, September 7th. R. F. Lafferty dropped their price objective on ChargePoint from $19.00 to $17.00 and set a buy rating for the company in a report on Thursday, September 7th. Finally, Royal Bank of Canada initiated coverage on ChargePoint in a report on Friday, September 8th. They set an outperform rating and a $9.00 price objective for the company. Five analysts have rated the stock with a hold rating and eleven have issued a buy rating to the stock. Based on data from MarketBeat.com, the stock has an average rating of Moderate Buy and an average price target of $12.73.

ChargePoint Stock Performance

NYSE:CHPT opened at $5.37 on Monday. The company has a debt-to-equity ratio of 1.07, a current ratio of 2.03 and a quick ratio of 1.97. ChargePoint has a 1 year low of $4.96 and a 1 year high of $18.25. The stock’s 50 day simple moving average is $7.50 and its two-hundred day simple moving average is $8.49. The company has a market cap of $1.90 billion, a price-to-earnings ratio of -5.07 and a beta of 1.62.

ChargePoint (NYSE:CHPT) last announced its earnings results on Wednesday, September 6th. The company reported ($0.35) EPS for the quarter, missing analysts’ consensus estimates of ($0.13) by ($0.22). The company had revenue of $150.49 million during the quarter, compared to analysts’ expectations of $153.25 million. ChargePoint had a negative return on equity of 106.73% and a negative net margin of 65.71%. ChargePoint’s revenue for the quarter was up 39.0% compared to the same quarter last year. During the same quarter last year, the firm posted ($0.27) EPS. As a group, equities analysts anticipate that ChargePoint will post -0.92 earnings per share for the current fiscal year.

Insider Transactions at ChargePoint

In other news, Director Michael Linse sold 852,085 shares of the business’s stock in a transaction on Friday, September 15th. The stock was sold at an average price of $5.66, for a total value of $4,822,801.10. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. In related news, CEO Pasquale Romano sold 10,000 shares of the company’s stock in a transaction dated Wednesday, June 21st. The stock was sold at an average price of $7.97, for a total transaction of $79,700.00. Following the transaction, the chief executive officer now directly owns 4,148,054 shares of the company’s stock, valued at approximately $33,059,990.38. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, Director Michael Linse sold 852,085 shares of the company’s stock in a transaction dated Friday, September 15th. The shares were sold at an average price of $5.66, for a total value of $4,822,801.10. The disclosure for this sale can be found here. In the last three months, insiders sold 4,603,078 shares of company stock valued at $27,261,447. Corporate insiders own 12.90% of the company’s stock.

Institutional Inflows and Outflows

Hedge funds have recently added to or reduced their stakes in the business. Almanack Investment Partners LLC. acquired a new position in ChargePoint during the 3rd quarter valued at about $43,000. First Manhattan Co. increased its position in ChargePoint by 65.4% during the 1st quarter. First Manhattan Co. now owns 3,085 shares of the company’s stock valued at $61,000 after buying an additional 1,220 shares in the last quarter. American International Group Inc. grew its stake in ChargePoint by 30.0% during the 2nd quarter. American International Group Inc. now owns 3,101 shares of the company’s stock valued at $42,000 after purchasing an additional 716 shares during the last quarter. Hollencrest Capital Management grew its stake in ChargePoint by 162.2% during the 1st quarter. Hollencrest Capital Management now owns 3,395 shares of the company’s stock valued at $36,000 after purchasing an additional 2,100 shares during the last quarter. Finally, Trium Capital LLP purchased a new stake in ChargePoint during the 1st quarter valued at about $37,000. 45.01% of the stock is owned by institutional investors and hedge funds.

ChargePoint Company Profile

ChargePoint Holdings, Inc, together with its subsidiaries, provides electric vehicle (EV) charging networks and charging solutions in the United States and internationally. It offers a portfolio of hardware, software, and services for commercial, fleet, and residential customers. ChargePoint Holdings, Inc was founded in 2007 and is headquartered in Campbell, California.