ChargePoint (NYSE:CHPT) Price Target Cut to $11.00 by Analysts at B. Riley

ChargePoint (NYSE:CHPT) had its target price decreased by analysts at B. Riley from $12.50 to $11.00 in a research note issued on Wednesday,MarketScreener reports. The firm currently has a “neutral” rating on the stock. B. Riley’s target price would indicate a potential upside of 17.96% from the company’s current price.

Other equities research analysts also recently issued research reports about the stock. Roth Capital set a $8.50 target price on shares of ChargePoint and gave the stock a “neutral” rating in a research report on Friday. Needham & Company LLC reiterated a “hold” rating on shares of ChargePoint in a research note on Thursday, September 4th. Benchmark lowered their price objective on ChargePoint from $40.00 to $20.00 and set a “buy” rating for the company in a report on Friday, September 5th. TD Cowen cut their price objective on ChargePoint from $30.00 to $11.00 and set a “hold” rating on the stock in a research note on Thursday, September 4th. Finally, Weiss Ratings reaffirmed a “sell (e+)” rating on shares of ChargePoint in a report on Wednesday, October 8th. One analyst has rated the stock with a Buy rating, eight have assigned a Hold rating and three have issued a Sell rating to the stock. Based on data from MarketBeat, the stock presently has a consensus rating of “Reduce” and an average target price of $12.95.

ChargePoint Price Performance

Shares of CHPT stock opened at $9.33 on Wednesday. The firm has a fifty day simple moving average of $9.98 and a 200-day simple moving average of $11.54. The company has a market capitalization of $217.77 million, a PE ratio of -0.90 and a beta of 1.43. ChargePoint has a twelve month low of $7.30 and a twelve month high of $26.20. The company has a current ratio of 1.59, a quick ratio of 1.00 and a debt-to-equity ratio of 8.38.

ChargePoint (NYSE:CHPT) last released its quarterly earnings results on Thursday, December 4th. The company reported ($2.23) earnings per share (EPS) for the quarter, missing the consensus estimate of ($1.35) by ($0.88). The firm had revenue of $105.67 million for the quarter, compared to analysts’ expectations of $96.51 million. ChargePoint had a negative return on equity of 209.46% and a negative net margin of 59.54%.During the same period last year, the firm earned ($1.94) EPS. Equities research analysts anticipate that ChargePoint will post -0.57 earnings per share for the current fiscal year.

Insider Transactions at ChargePoint

In other news, insider John David Vice sold 2,363 shares of the stock in a transaction that occurred on Tuesday, September 23rd. The shares were sold at an average price of $11.27, for a total value of $26,631.01. Following the completion of the transaction, the insider directly owned 123,615 shares in the company, valued at $1,393,141.05. This trade represents a 1.88% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. In the last three months, insiders have sold 7,426 shares of company stock valued at $83,691. Corporate insiders own 3.50% of the company’s stock.

Institutional Investors Weigh In On ChargePoint

Institutional investors and hedge funds have recently modified their holdings of the stock. Goldman Sachs Group Inc. boosted its holdings in shares of ChargePoint by 61.8% in the first quarter. Goldman Sachs Group Inc. now owns 3,790,823 shares of the company’s stock worth $2,293,000 after buying an additional 1,448,114 shares during the period. Charles Schwab Investment Management Inc. lifted its position in shares of ChargePoint by 2.6% in the 1st quarter. Charles Schwab Investment Management Inc. now owns 3,423,298 shares of the company’s stock valued at $2,071,000 after acquiring an additional 86,753 shares in the last quarter. AQR Capital Management LLC boosted its stake in ChargePoint by 6,429.1% in the 1st quarter. AQR Capital Management LLC now owns 2,679,217 shares of the company’s stock worth $1,553,000 after purchasing an additional 2,638,182 shares during the period. Invesco Ltd. boosted its stake in ChargePoint by 18.4% in the 2nd quarter. Invesco Ltd. now owns 2,483,139 shares of the company’s stock worth $1,746,000 after purchasing an additional 385,258 shares during the period. Finally, GMT Capital Corp purchased a new position in ChargePoint during the 1st quarter worth approximately $1,226,000. Institutional investors and hedge funds 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.