ChargePoint (NYSE:CHPT) Downgraded to Hold Rating by Needham & Company LLC

Needham & Company LLC downgraded shares of ChargePoint (NYSE:CHPT - Free Report) from a buy rating to a hold rating in a report published on Tuesday, Marketbeat.com reports.

A number of other equities research analysts also recently commented on the company. TD Cowen downgraded ChargePoint from a "buy" rating to a "hold" rating and reduced their target price for the company from $3.00 to $2.00 in a report on Thursday, September 5th. Wolfe Research started coverage on ChargePoint in a research report on Thursday, September 5th. They set a "peer perform" rating for the company. Capital One Financial upgraded ChargePoint to a "strong-buy" rating in a research report on Tuesday, September 17th. The Goldman Sachs Group lowered their price target on ChargePoint from $1.50 to $1.25 and set a "sell" rating for the company in a report on Friday, September 6th. Finally, Stifel Nicolaus reduced their price objective on ChargePoint from $3.00 to $2.00 and set a "hold" rating on the stock in a research note on Wednesday, October 30th. Two analysts have rated the stock with a sell rating, twelve have given a hold rating, three have given a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat.com, the stock has a consensus rating of "Hold" and an average target price of $2.47.

ChargePoint Price Performance

Shares of CHPT remained flat at $1.13 during mid-day trading on Tuesday. 10,161,997 shares of the stock were exchanged, compared to its average volume of 13,497,240. The company has a quick ratio of 1.32, a current ratio of 2.03 and a debt-to-equity ratio of 1.24. The stock has a market cap of $485.53 million, a PE ratio of -1.14 and a beta of 1.70. The stock's 50-day simple moving average is $1.30 and its two-hundred day simple moving average is $1.61. ChargePoint has a twelve month low of $1.08 and a twelve month high of $3.13.

ChargePoint (NYSE:CHPT - Get Free Report) last announced its earnings results on Wednesday, September 4th. The company reported ($0.15) earnings per share (EPS) for the quarter, hitting analysts' consensus estimates of ($0.15). The business had revenue of $108.54 million for the quarter, compared to analyst estimates of $114.15 million. ChargePoint had a negative net margin of 89.12% and a negative return on equity of 112.67%. Equities research analysts predict that ChargePoint will post -0.56 earnings per share for the current year.

Insider Buying and Selling

In other news, CEO Richard Wilmer sold 27,252 shares of the firm's stock in a transaction dated Monday, September 23rd. The stock was sold at an average price of $1.35, for a total transaction of $36,790.20. Following the completion of the sale, the chief executive officer now directly owns 2,304,489 shares of the company's stock, valued at $3,111,060.15. This trade represents a 1.17 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, CFO Mansi Khetani sold 23,409 shares of the firm's stock in a transaction dated Monday, September 23rd. The stock was sold at an average price of $1.35, for a total value of $31,602.15. Following the sale, the chief financial officer now directly owns 849,084 shares of the company's stock, valued at $1,146,263.40. This trade represents a 2.68 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders sold 100,803 shares of company stock valued at $135,295. Corporate insiders own 3.50% of the company's stock.

Institutional Inflows and Outflows

Hedge funds have recently made changes to their positions in the stock. CIBC Asset Management Inc grew its holdings in ChargePoint by 50.7% in the 2nd quarter. CIBC Asset Management Inc now owns 17,145 shares of the company's stock valued at $26,000 after buying an additional 5,770 shares during the last quarter. Financial Advocates Investment Management acquired a new stake in ChargePoint in the 3rd quarter valued at approximately $29,000. CreativeOne Wealth LLC acquired a new stake in ChargePoint in the 1st quarter valued at approximately $30,000. Delap Wealth Advisory LLC acquired a new stake in ChargePoint in the 2nd quarter valued at approximately $31,000. Finally, Perennial Investment Advisors LLC grew its holdings in ChargePoint by 74.4% in the 2nd quarter. Perennial Investment Advisors LLC now owns 24,380 shares of the company's stock valued at $37,000 after buying an additional 10,400 shares during the last quarter. Institutional investors and hedge funds own 37.77% of the company's stock.

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.