ChargePoint (NYSE:CHPT) Shares Down 7.1% on Analyst Downgrade

Posted by Defense World Staff on Oct 19th, 2023

ChargePoint Holdings, Inc. (NYSE:CHPT – Get Free Report)’s stock price fell 7.1% on Wednesday after Oppenheimer lowered their price target on the stock from $14.00 to $13.00. Oppenheimer currently has an outperform rating on the stock. ChargePoint traded as low as $3.38 and last traded at $3.38. 4,592,018 shares traded hands during trading, a decline of 58% from the average session volume of 10,807,554 shares. The stock had previously closed at $3.64.

Several other equities analysts also recently weighed in on the stock. UBS Group started coverage on shares of ChargePoint in a report on Wednesday, September 27th. They set a “buy” rating and a $9.00 price target on the stock. Bank of America lowered their target price on shares of ChargePoint from $14.00 to $11.50 in a report on Friday, September 8th. Roth Mkm lowered their target price on shares of ChargePoint from $14.00 to $11.00 and set a “buy” rating on the stock in a report on Thursday, September 7th. TD Cowen lowered their target price on shares of ChargePoint from $14.00 to $11.00 and set an “outperform” rating on the stock in a report on Thursday, September 7th. Finally, Needham & Company LLC lowered their target price on shares of ChargePoint from $9.00 to $8.00 and set a “buy” rating on the stock in a report on Tuesday, October 3rd. Five equities research analysts have rated the stock with a hold rating and twelve have assigned a buy rating to the stock. According to data from MarketBeat.com, ChargePoint has an average rating of “Moderate Buy” and an average price target of $12.40.

Get Our Latest Stock Analysis on ChargePoint

Insider Buying and Selling at ChargePoint

In related news, major shareholder Q-Grg Vii (Cp) Investment Part purchased 1,850,000 shares of the business’s stock in a transaction dated Wednesday, September 20th. The shares were purchased at an average cost of $5.40 per share, for a total transaction of $9,990,000.00. Following the completion of the acquisition, the insider now owns 26,607,128 shares in the company, valued at approximately $143,678,491.20. The purchase was disclosed in a document filed with the SEC, which is accessible through this hyperlink. In other news, insider Michael D. Hughes sold 58,000 shares of the company’s stock in a transaction dated Tuesday, August 1st. The shares were sold at an average price of $8.41, for a total value of $487,780.00. Following the transaction, the insider now directly owns 883,670 shares in the company, valued at $7,431,664.70. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Also, major shareholder Q-Grg Vii (Cp) Investment Part purchased 1,850,000 shares of the business’s stock in a transaction dated Wednesday, September 20th. The stock was bought at an average price of $5.40 per share, for a total transaction of $9,990,000.00. Following the completion of the acquisition, the insider now owns 26,607,128 shares of the company’s stock, valued at approximately $143,678,491.20. The disclosure for this purchase can be found here. Insiders have sold 4,459,970 shares of company stock worth $25,922,783 over the last quarter. Insiders own 12.90% of the company’s stock.

Institutional Trading of ChargePoint

A number of hedge funds have recently added to or reduced their stakes in CHPT. Bank of New York Mellon Corp lifted its stake in ChargePoint by 8.1% in the first quarter. Bank of New York Mellon Corp now owns 652,385 shares of the company’s stock worth $12,969,000 after acquiring an additional 48,903 shares during the period. HighTower Advisors LLC lifted its position in shares of ChargePoint by 46.4% during the first quarter. HighTower Advisors LLC now owns 30,579 shares of the company’s stock valued at $610,000 after buying an additional 9,689 shares during the last quarter. Private Advisor Group LLC lifted its position in shares of ChargePoint by 152.8% during the first quarter. Private Advisor Group LLC now owns 35,608 shares of the company’s stock valued at $708,000 after buying an additional 21,524 shares during the last quarter. D.A. Davidson & CO. purchased a new stake in shares of ChargePoint during the first quarter valued at about $213,000. Finally, MetLife Investment Management LLC purchased a new stake in shares of ChargePoint during the first quarter valued at about $91,000. 45.01% of the stock is owned by hedge funds and other institutional investors.

ChargePoint Trading Down 11.1 %

The firm has a market capitalization of $1.16 billion, a PE ratio of -3.05 and a beta of 1.71. The company’s 50-day simple moving average is $5.77 and its 200 day simple moving average is $7.66. The company has a quick ratio of 1.61, a current ratio of 2.03 and a debt-to-equity ratio of 1.07.

ChargePoint (NYSE:CHPT – Get Free Report) last released its quarterly earnings results on Wednesday, September 6th. The company reported ($0.35) EPS for the quarter, missing the consensus estimate of ($0.13) by ($0.22). The firm had revenue of $150.49 million for the quarter, compared to analysts’ expectations of $153.25 million. ChargePoint had a negative net margin of 65.71% and a negative return on equity of 106.73%. The business’s quarterly revenue was up 39.0% compared to the same quarter last year. During the same period in the previous year, the company posted ($0.27) earnings per share. As a group, sell-side analysts expect that ChargePoint Holdings, Inc. will post -0.92 EPS for the current year.

About ChargePoint

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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.