ChargePoint (NYSE:CHPT – Get Free Report) had its target price cut by equities researchers at Citigroup from $10.80 to $8.25 in a research note issued on Thursday, MarketBeat reports. The brokerage presently has a “neutral” rating on the stock. Citigroup’s price objective would suggest a potential upside of 44.23% from the company’s current price.
CHPT has been the subject of a number of other reports. Bank of America raised shares of ChargePoint from a “neutral” rating to a “buy” rating and reduced their target price for the company from $15.50 to $14.00 in a report on Tuesday, May 30th. JPMorgan Chase & Co. reduced their price objective on shares of ChargePoint from $15.00 to $13.00 and set an “overweight” rating for the company in a research note on Wednesday, August 30th. Fox Advisors cut shares of ChargePoint from an “overweight” rating to an “equal weight” rating in a research note on Thursday. B. Riley reduced their price objective on shares of ChargePoint from $12.00 to $11.00 and set a “buy” rating for the company in a research note on Thursday, July 20th. Finally, DA Davidson reduced their price objective on shares of ChargePoint from $18.00 to $15.00 in a research note on Monday, June 5th. Five analysts have rated the stock with a hold rating and eleven have assigned a buy rating to the company. According to MarketBeat, the company has an average rating of “Moderate Buy” and a consensus price target of $12.92.
Get Our Latest Stock Report on ChargePoint
ChargePoint Stock Down 9.1 %
ChargePoint (NYSE:CHPT – Get Free Report) last announced its earnings results on Wednesday, September 6th. The company reported ($0.35) EPS for the quarter, missing analysts’ consensus estimates of ($0.13) by ($0.22). ChargePoint had a negative net margin of 65.71% and a negative return on equity of 101.63%. The business had revenue of $150.49 million for the quarter, compared to analysts’ expectations of $153.25 million. During the same period in the prior year, the company posted ($0.27) earnings per share. The firm’s quarterly revenue was up 39.0% on a year-over-year basis. On average, research analysts expect that ChargePoint will post -0.76 earnings per share for the current year.
Insider Buying and Selling
In related news, CEO Pasquale Romano sold 10,000 shares of the firm’s stock in a transaction dated Friday, August 18th. The shares were sold at an average price of $7.15, for a total value of $71,500.00. Following the transaction, the chief executive officer now owns 4,148,054 shares of the company’s stock, valued at approximately $29,658,586.10. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. In other ChargePoint news, General Counsel Rebecca Chavez sold 4,751 shares of the firm’s stock in a transaction dated Wednesday, June 21st. The shares were sold at an average price of $8.03, for a total transaction of $38,150.53. Following the transaction, the general counsel now owns 352,431 shares of the company’s stock, valued at approximately $2,830,020.93. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CEO Pasquale Romano sold 10,000 shares of the firm’s stock in a transaction dated Friday, August 18th. The shares were sold at an average price of $7.15, for a total transaction of $71,500.00. Following the transaction, the chief executive officer now directly owns 4,148,054 shares in the company, valued at approximately $29,658,586.10. The disclosure for this sale can be found here. Insiders have sold 758,111 shares of company stock valued at $6,603,697 in the last 90 days. Company insiders own 12.90% of the company’s stock.
Institutional Inflows and Outflows
Institutional investors have recently added to or reduced their stakes in the business. Hollencrest Capital Management increased its position in ChargePoint by 162.2% during the 1st quarter. Hollencrest Capital Management now owns 3,395 shares of the company’s stock valued at $36,000 after purchasing an additional 2,100 shares during the period. Trium Capital LLP bought a new stake in shares of ChargePoint in the 1st quarter valued at about $37,000. Ameritas Advisory Services LLC bought a new stake in shares of ChargePoint in the 1st quarter valued at about $38,000. Dark Forest Capital Management LP bought a new stake in shares of ChargePoint in the 1st quarter valued at about $39,000. Finally, Smithfield Trust Co bought a new stake in shares of ChargePoint in the 2nd quarter valued at about $40,000. Hedge funds and other institutional investors own 45.01% of the company’s stock.
ChargePoint Company Profile
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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