ChargePoint (NYSE:CHPT) Price Target Cut to $2.00 by Analysts at Stifel Nicolaus

ChargePoint (NYSE:CHPT - Get Free Report) had its price target decreased by research analysts at Stifel Nicolaus from $3.00 to $2.00 in a note issued to investors on Wednesday, Benzinga reports. The brokerage presently has a "hold" rating on the stock. Stifel Nicolaus' target price would indicate a potential upside of 60.00% from the stock's previous close.

Several other analysts have also recently weighed in on the stock. TD Cowen cut shares of ChargePoint from a "buy" rating to a "hold" rating and dropped their price target for the company from $3.00 to $2.00 in a research note on Thursday, September 5th. The Goldman Sachs Group decreased their price objective on shares of ChargePoint from $1.50 to $1.25 and set a "sell" rating on the stock in a report on Friday, September 6th. Evercore ISI decreased their price objective on shares of ChargePoint from $6.00 to $4.00 and set an "outperform" rating on the stock in a report on Thursday, September 5th. Needham & Company LLC decreased their price objective on shares of ChargePoint from $3.00 to $2.00 and set a "buy" rating on the stock in a report on Thursday, September 5th. Finally, Royal Bank of Canada reduced their target price 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. Two research analysts have rated the stock with a sell rating, thirteen have issued a hold rating, four have given a buy rating and one has issued a strong buy rating to the company's stock. According to MarketBeat, ChargePoint has an average rating of "Hold" and a consensus target price of $2.61.

ChargePoint Stock Performance

CHPT traded down $0.03 on Wednesday, reaching $1.25. The stock had a trading volume of 7,826,130 shares, compared to its average volume of 13,404,056. ChargePoint has a 12-month low of $1.21 and a 12-month high of $3.54. The company has a current ratio of 2.03, a quick ratio of 1.32 and a debt-to-equity ratio of 1.24. The business's 50-day moving average price is $1.44 and its two-hundred day moving average price is $1.62. The company has a market cap of $539.48 million, a P/E ratio of -1.26 and a beta of 1.69.

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, meeting the consensus estimate of ($0.15). ChargePoint had a negative net margin of 89.12% and a negative return on equity of 112.67%. The business had revenue of $108.54 million for the quarter, compared to analyst estimates of $114.15 million. Sell-side analysts forecast that ChargePoint will post -0.56 earnings per share for the current year.

Insider Buying and Selling

In other ChargePoint news, CFO Mansi Khetani sold 23,409 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 $31,602.15. Following the completion of the transaction, the chief financial officer now directly owns 849,084 shares of the company's stock, valued at approximately $1,146,263.40. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. In related news, CFO Mansi Khetani sold 23,409 shares of ChargePoint 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 completion of the sale, the chief financial officer now directly owns 849,084 shares in the company, valued at $1,146,263.40. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CEO Richard Wilmer sold 27,252 shares of the business'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 $36,790.20. Following the transaction, the chief executive officer now owns 2,304,489 shares of the company's stock, valued at $3,111,060.15. The trade was a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 100,803 shares of company stock worth $135,295. Insiders own 3.50% of the company's stock.

Institutional Inflows and Outflows

A number of institutional investors have recently made changes to their positions in the business. Vanguard Group Inc. grew its holdings in shares of ChargePoint by 26.3% during the 1st quarter. Vanguard Group Inc. now owns 36,688,672 shares of the company's stock worth $69,708,000 after purchasing an additional 7,645,210 shares in the last quarter. Point72 Asset Management L.P. acquired a new stake in shares of ChargePoint during the second quarter valued at about $13,007,000. Skandinaviska Enskilda Banken AB publ raised its position in shares of ChargePoint by 62.0% during the second quarter. Skandinaviska Enskilda Banken AB publ now owns 1,623,836 shares of the company's stock worth $2,452,000 after acquiring an additional 621,536 shares during the last quarter. Bank of New York Mellon Corp raised its position in shares of ChargePoint by 60.1% during the second quarter. Bank of New York Mellon Corp now owns 1,298,289 shares of the company's stock worth $1,960,000 after acquiring an additional 487,262 shares during the last quarter. Finally, AQR Capital Management LLC bought a new stake in ChargePoint in the second quarter worth approximately $1,310,000. 37.77% 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 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.