ChargePoint (NYSE:CHPT) Price Target Lowered to $1.00 at Stifel Nicolaus

ChargePoint (NYSE:CHPT - Get Free Report) had its price objective dropped by stock analysts at Stifel Nicolaus from $2.00 to $1.00 in a research note issued to investors on Monday,Benzinga reports. The firm currently has a "hold" rating on the stock. Stifel Nicolaus' price target would indicate a potential upside of 55.04% from the stock's previous close.

Several other equities research analysts have also issued reports on CHPT. Benchmark reaffirmed a "buy" rating and set a $3.00 target price on shares of ChargePoint in a research report on Wednesday, November 20th. Needham & Company LLC reissued a "hold" rating on shares of ChargePoint in a report on Wednesday, March 5th. UBS Group decreased their price objective on ChargePoint from $1.50 to $1.30 and set a "neutral" rating for the company in a report on Tuesday, December 10th. Royal Bank of Canada decreased their price objective on ChargePoint from $2.50 to $2.00 and set a "sector perform" rating for the company in a report on Thursday, December 5th. Finally, The Goldman Sachs Group decreased their price objective on ChargePoint from $1.00 to $0.75 and set a "sell" rating for the company in a report on Thursday, February 20th. Two research analysts have rated the stock with a sell rating, seven have issued a hold rating, two have assigned a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat.com, the stock has an average rating of "Hold" and a consensus price target of $2.03.

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ChargePoint Stock Down 2.9 %

Shares of CHPT traded down $0.02 during trading hours on Monday, reaching $0.65. The stock had a trading volume of 6,644,355 shares, compared to its average volume of 16,468,619. ChargePoint has a 12 month low of $0.56 and a 12 month high of $2.44. The firm has a 50-day simple moving average of $0.89 and a 200 day simple moving average of $1.16. The company has a current ratio of 1.94, a quick ratio of 1.24 and a debt-to-equity ratio of 1.65. The company has a market capitalization of $285.31 million, a price-to-earnings ratio of -0.87 and a beta of 1.85.

ChargePoint (NYSE:CHPT - Get Free Report) last released its quarterly earnings results on Tuesday, March 4th. The company reported ($0.09) EPS for the quarter, missing analysts' consensus estimates of ($0.08) by ($0.01). The company had revenue of $101.89 million during the quarter, compared to analysts' expectations of $100.99 million. ChargePoint had a negative net margin of 72.62% and a negative return on equity of 106.28%. Equities research analysts predict that ChargePoint will post -0.57 earnings per share for the current fiscal year.

Insider Activity at ChargePoint

In related news, insider Jagdeep Ca Singh sold 36,574 shares of the firm's stock in a transaction dated Monday, December 23rd. The stock was sold at an average price of $1.14, for a total transaction of $41,694.36. Following the transaction, 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 position. The sale was disclosed in a filing with the SEC, which is accessible through this link. Also, CAO Henrik Gerdes sold 28,536 shares of the firm's stock in a transaction dated Monday, December 23rd. The shares were sold at an average price of $1.14, for a total value of $32,531.04. Following the transaction, the chief accounting officer now directly owns 362,060 shares in the company, valued at approximately $412,748.40. This represents a 7.31 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders have sold 87,148 shares of company stock valued at $99,349. Corporate insiders own 3.50% of the company's stock.

Hedge Funds Weigh In On ChargePoint

Large investors have recently modified their holdings of the company. Perennial Advisors LLC purchased a new position in ChargePoint in the 4th quarter worth approximately $26,000. Tidal Investments LLC increased its stake in ChargePoint by 43.6% in the 4th quarter. Tidal Investments LLC now owns 466,751 shares of the company's stock worth $499,000 after purchasing an additional 141,617 shares during the period. Toronto Dominion Bank purchased a new position in ChargePoint in the 4th quarter worth approximately $8,746,000. ProShare Advisors LLC increased its stake in ChargePoint by 51.9% in the 4th quarter. ProShare Advisors LLC now owns 111,447 shares of the company's stock worth $119,000 after purchasing an additional 38,094 shares during the period. Finally, Millennium Management LLC increased its stake in ChargePoint by 13,605.0% in the 4th 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 during the period. 37.77% of the stock is owned by hedge funds and other 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.