ChargePoint (NYSE:CHPT) Shares Down 7.3% Following Analyst Downgrade

Posted by on Jun 21st, 2023

ChargePoint Holdings, Inc. (NYSE:CHPT – Get Rating)’s share price fell 7.3% on Tuesday after Citigroup lowered their price target on the stock from $13.00 to $10.80. The company traded as low as $8.20 and last traded at $8.23. 5,989,320 shares were traded during trading, a decline of 38% from the average session volume of 9,669,972 shares. The stock had previously closed at $8.88.

CHPT has been the topic of a number of other research reports. Stifel Nicolaus dropped their price target on shares of ChargePoint from $25.00 to $17.00 in a research note on Tuesday, April 25th. B. Riley reduced their target price on ChargePoint from $18.00 to $12.00 in a report on Monday, May 8th. Janney Montgomery Scott initiated coverage on ChargePoint in a research report on Friday, February 24th. They issued a “buy” rating for the company. The Goldman Sachs Group began coverage on ChargePoint in a report on Tuesday, March 21st. They issued a “neutral” rating and a $10.00 target price on the stock. Finally, JPMorgan Chase & Co. reduced their price target on ChargePoint from $16.00 to $15.00 and set an “overweight” rating for the company in a research report on Friday, March 3rd. Four research analysts have rated the stock with a hold rating and seven have assigned a buy rating to the company. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $16.60.

Insider Activity at ChargePoint

In other news, insider Michael D. Hughes sold 94,000 shares of the company’s stock in a transaction on Friday, May 12th. The stock was sold at an average price of $8.34, for a total value of $783,960.00. Following the transaction, the insider now owns 897,894 shares of the company’s stock, valued at approximately $7,488,435.96. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. In related news, CEO Pasquale Romano sold 10,000 shares of the firm’s stock in a transaction dated Thursday, June 15th. The stock was sold at an average price of $9.09, for a total transaction of $90,900.00. Following the completion of the transaction, the chief executive officer now directly owns 4,148,054 shares in the company, valued at approximately $37,705,810.86. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, insider Michael D. Hughes sold 94,000 shares of the company’s stock in a transaction that occurred on Friday, May 12th. The stock was sold at an average price of $8.34, for a total transaction of $783,960.00. Following the sale, the insider now directly owns 897,894 shares in the company, valued at $7,488,435.96. The disclosure for this sale can be found here. Over the last three months, insiders have sold 894,639 shares of company stock worth $7,834,775. Insiders own 12.90% of the company’s stock.

Institutional Inflows and Outflows

A number of institutional investors have recently bought and sold shares of the business. Vanguard Group Inc. raised its holdings in ChargePoint by 6.6% in the 3rd quarter. Vanguard Group Inc. now owns 22,469,637 shares of the company’s stock valued at $331,652,000 after acquiring an additional 1,396,280 shares during the last quarter. BlackRock Inc. boosted its holdings in shares of ChargePoint by 1.4% in the 1st quarter. BlackRock Inc. now owns 13,277,777 shares of the company’s stock valued at $139,018,000 after purchasing an additional 178,812 shares during the last quarter. State Street Corp raised its position in shares of ChargePoint by 3.4% in the 1st quarter. State Street Corp now owns 4,056,559 shares of the company’s stock worth $42,472,000 after buying an additional 133,250 shares during the period. Geode Capital Management LLC boosted its holdings in ChargePoint by 4.4% in the first quarter. Geode Capital Management LLC now owns 3,640,731 shares of the company’s stock valued at $38,118,000 after acquiring an additional 153,384 shares during the last quarter. Finally, First Trust Advisors LP increased its stake in ChargePoint by 48.4% during the fourth quarter. First Trust Advisors LP now owns 3,308,582 shares of the company’s stock worth $31,515,000 after acquiring an additional 1,078,739 shares during the last quarter. 35.23% of the stock is currently owned by institutional investors and hedge funds.

ChargePoint Price Performance

The company has a quick ratio of 1.97, a current ratio of 2.37 and a debt-to-equity ratio of 0.90. The company’s fifty day moving average is $8.79 and its 200 day moving average is $9.96. The stock has a market cap of $2.87 billion, a PE ratio of -8.27 and a beta of 1.68.

ChargePoint (NYSE:CHPT – Get Rating) last announced its earnings results on Thursday, June 1st. The company reported ($0.15) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.19) by $0.04. The business had revenue of $130.00 million for the quarter, compared to analyst estimates of $128.27 million. ChargePoint had a negative return on equity of 88.36% and a negative net margin of 64.78%. The company’s revenue for the quarter was up 59.3% compared to the same quarter last year. During the same period in the previous year, the company earned ($0.26) earnings per share. As a group, sell-side analysts anticipate that ChargePoint Holdings, Inc. will post -0.7 earnings per share for the current fiscal year.

ChargePoint Company Profile

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ChargePoint Holdings, Inc, together with its subsidiaries, provides electric vehicle (EV) charging networks and charging solutions in the United States and internationally. It offers a portfolio of hardware, software, and services for commercial, fleet, and residential customers. ChargePoint Holdings, Inc was founded in 2007 and is headquartered in Campbell, California.

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