ChargePoint (NYSE:CHPT) Earns Buy Rating from Benchmark

Benchmark reiterated their buy rating on shares of ChargePoint (NYSE:CHPT - Free Report) in a report issued on Wednesday,Benzinga reports. Benchmark currently has a $3.00 price target on the stock.

Other equities research analysts also recently issued reports about the stock. UBS Group reduced their price target on shares of ChargePoint from $1.80 to $1.50 and set a "neutral" rating for the company in a research report on Tuesday, October 15th. Wolfe Research started coverage on ChargePoint in a report on Thursday, September 5th. They issued a "peer perform" rating on the stock. Stifel Nicolaus dropped their price target on ChargePoint from $3.00 to $2.00 and set a "hold" rating for the company in a research report on Wednesday, October 30th. Royal Bank of Canada reduced their price target on shares of ChargePoint from $3.00 to $2.50 and set a "sector perform" rating on the stock in a report on Thursday, September 5th. Finally, The Goldman Sachs Group decreased their price objective on ChargePoint from $1.50 to $1.25 and set a "sell" rating on the stock in a research note on Friday, September 6th. Two equities research analysts have rated the stock with a sell rating, twelve have issued a hold rating, three have issued a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat, ChargePoint has an average rating of "Hold" and a consensus price target of $2.47.

ChargePoint Stock Down 3.1 %

NYSE:CHPT traded down $0.03 during midday trading on Wednesday, hitting $1.10. 8,996,912 shares of the company were exchanged, compared to its average volume of 13,477,356. The company has a market capitalization of $472.58 million, a PE ratio of -1.14 and a beta of 1.70. The company has a current ratio of 2.03, a quick ratio of 1.32 and a debt-to-equity ratio of 1.24. ChargePoint has a fifty-two week low of $1.08 and a fifty-two week high of $3.13. The company has a fifty day simple moving average of $1.30 and a 200 day simple moving average of $1.61.

ChargePoint (NYSE:CHPT - Get Free Report) last released its quarterly 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). ChargePoint had a negative return on equity of 112.67% and a negative net margin of 89.12%. The firm had revenue of $108.54 million for the quarter, compared to analyst estimates of $114.15 million. As a group, equities analysts anticipate that ChargePoint will post -0.56 earnings per share for the current fiscal year.

Insider Transactions at ChargePoint

In other ChargePoint news, CFO Mansi Khetani sold 23,409 shares of the company's stock in a transaction that occurred on Monday, September 23rd. The shares were sold at an average price of $1.35, for a total value of $31,602.15. Following the completion of the sale, the chief financial officer now owns 849,084 shares of the company's stock, valued at approximately $1,146,263.40. This represents a 2.68 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CEO Richard Wilmer sold 27,252 shares of ChargePoint stock in a transaction on Monday, September 23rd. The stock was sold at an average price of $1.35, for a total transaction of $36,790.20. Following the transaction, the chief executive officer now directly owns 2,304,489 shares in the company, valued at approximately $3,111,060.15. This represents a 1.17 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 100,803 shares of company stock valued at $135,295. Corporate insiders own 3.50% of the company's stock.

Institutional Investors Weigh In On ChargePoint

Institutional investors and hedge funds have recently made changes to their positions in the stock. Vanguard Group Inc. boosted its holdings in ChargePoint by 26.3% in the 1st quarter. Vanguard Group Inc. now owns 36,688,672 shares of the company's stock valued at $69,708,000 after purchasing an additional 7,645,210 shares during the period. State Street Corp boosted its stake in shares of ChargePoint by 1.4% in the 3rd quarter. State Street Corp now owns 10,297,421 shares of the company's stock valued at $14,107,000 after purchasing an additional 142,767 shares in the last quarter. Geode Capital Management LLC grew its stake in shares of ChargePoint by 4.6% during the third 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 last quarter. Point72 Asset Management L.P. acquired a new position in ChargePoint in the 2nd quarter worth about $13,007,000. Finally, Charles Schwab Investment Management Inc. raised its holdings in ChargePoint by 7.2% in the 3rd quarter. Charles Schwab Investment Management Inc. now owns 3,251,029 shares of the company's stock valued at $4,454,000 after buying an additional 219,426 shares during the last quarter. Institutional investors own 37.77% of the company's stock.

About ChargePoint

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.