The Goldman Sachs Group Cuts ChargePoint (NYSE:CHPT) Price Target to $0.75

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

Other analysts have also issued research reports about the stock. Needham & Company LLC reaffirmed a "hold" rating on shares of ChargePoint in a report on Thursday, December 5th. UBS Group dropped their price target on ChargePoint from $1.50 to $1.30 and set a "neutral" rating for the company in a report on Tuesday, December 10th. Benchmark reissued a "buy" rating and issued a $3.00 price objective on shares of ChargePoint in a research note on Wednesday, November 20th. Stifel Nicolaus lowered their target price on ChargePoint from $3.00 to $2.00 and set a "hold" rating for the company in a research note on Wednesday, October 30th. Finally, Royal Bank of Canada cut their price target on ChargePoint from $2.50 to $2.00 and set a "sector perform" rating for the company in a report on Thursday, December 5th. Two equities research analysts have rated the stock with a sell rating, nine have given a hold rating, three have issued a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat, the stock presently has an average rating of "Hold" and an average target price of $2.41.

ChargePoint Price Performance

Shares of ChargePoint stock traded down $0.03 during mid-day trading on Thursday, reaching $0.76. 16,883,711 shares of the stock were exchanged, compared to its average volume of 29,365,646. ChargePoint has a fifty-two week low of $0.66 and a fifty-two week high of $2.44. The company has a market cap of $336.18 million, a price-to-earnings ratio of -1.03 and a beta of 1.70. The firm has a 50-day simple moving average of $1.01 and a 200 day simple moving average of $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.

Insider Activity

In other news, 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 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 position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, insider Jagdeep Ca Singh sold 36,574 shares of ChargePoint stock in a transaction on Monday, December 23rd. The stock was sold at an average price of $1.14, for a total value of $41,694.36. Following the sale, the insider now directly owns 1,161,430 shares of the company's stock, valued at approximately $1,324,030.20. This trade represents a 3.05 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders have sold 87,148 shares of company stock valued at $99,349. 3.50% of the stock is currently owned by insiders.

Institutional Trading of ChargePoint

A number of institutional investors and hedge funds have recently modified their holdings of CHPT. Toronto Dominion Bank acquired a new position in ChargePoint during the fourth quarter valued at approximately $8,746,000. Millennium Management LLC boosted its position in shares of ChargePoint by 13,605.0% during the fourth quarter. Millennium Management LLC now owns 2,857,349 shares of the company's stock worth $3,057,000 after purchasing an additional 2,836,500 shares in the last quarter. Erste Asset Management GmbH acquired a new position in shares of ChargePoint in the 3rd quarter valued at $2,570,000. Invesco Ltd. increased its position in shares of ChargePoint by 13.1% in the 4th quarter. Invesco Ltd. now owns 5,029,849 shares of the company's stock valued at $5,382,000 after buying an additional 583,761 shares in the last quarter. Finally, Geode Capital Management LLC raised its stake in ChargePoint by 4.6% during the 3rd quarter. Geode Capital Management LLC now owns 9,072,168 shares of the company's stock worth $12,432,000 after buying an additional 399,070 shares during the period. 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.