Benchmark Lowers ChargePoint (NYSE:CHPT) Price Target to $3.00

ChargePoint (NYSE:CHPT) had its target price lowered by Benchmark from $4.25 to $3.00 in a research note issued to investors on Friday, Benzinga reports. The firm presently has a “buy” rating on the stock. Benchmark’s price objective suggests a potential upside of 101.34% from the stock’s previous close.

Other research analysts have also issued research reports about the company. R. F. Lafferty cut their price target on ChargePoint from $4.00 to $3.00 and set a “hold” rating on the stock in a report on Wednesday, March 6th. Oppenheimer reissued a “market perform” rating on shares of ChargePoint in a report on Wednesday, March 6th. The Goldman Sachs Group reaffirmed a “sell” rating and issued a $1.50 price target (down from $2.00) on shares of ChargePoint in a report on Tuesday, April 9th. Needham & Company LLC reaffirmed a “buy” rating and issued a $3.00 price target on shares of ChargePoint in a report on Thursday, June 6th. Finally, B. Riley raised ChargePoint to a “hold” rating in a report on Tuesday. One research analyst has rated the stock with a sell rating, twelve have assigned a hold rating and six have issued a buy rating to the stock. According to data from MarketBeat.com, the stock has a consensus rating of “Hold” and an average target price of $4.88.

ChargePoint Price Performance

Shares of ChargePoint stock traded down $0.02 during trading on Friday, reaching $1.49. 1,048,947 shares of the company’s stock were exchanged, compared to its average volume of 13,721,948. ChargePoint has a 1-year low of $1.21 and a 1-year high of $9.23. The firm’s 50-day moving average price is $1.62 and its 200 day moving average price is $1.87. The company has a debt-to-equity ratio of 1.02, a quick ratio of 1.45 and a current ratio of 2.13. The company has a market cap of $630.81 million, a P/E ratio of -1.26 and a beta of 1.74.

Insider Activity

In related news, CEO Richard Wilmer sold 27,722 shares of the business’s stock in a transaction that occurred on Friday, June 21st. The shares were sold at an average price of $1.40, for a total value of $38,810.80. Following the completion of the transaction, the chief executive officer now owns 2,331,740 shares of the company’s stock, valued at $3,264,436. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. In related news, CEO Richard Wilmer sold 27,722 shares of the business’s stock in a transaction that occurred on Friday, June 21st. The shares were sold at an average price of $1.40, for a total value of $38,810.80. Following the completion of the transaction, the chief executive officer now owns 2,331,740 shares of the company’s stock, valued at $3,264,436. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Also, CFO Mansi Khetani sold 19,007 shares of ChargePoint stock in a transaction on Friday, June 21st. The stock was sold at an average price of $1.40, for a total transaction of $26,609.80. Following the completion of the transaction, the chief financial officer now directly owns 402,493 shares in the company, valued at $563,490.20. The disclosure for this sale can be found here. Over the last quarter, insiders sold 95,099 shares of company stock valued at $137,498. Corporate insiders own 3.50% of the company’s stock.

Hedge Funds Weigh In On ChargePoint

Several institutional investors and hedge funds have recently bought and sold shares of the company. Deutsche Bank AG grew its holdings in shares of ChargePoint by 21.7% during the third quarter. Deutsche Bank AG now owns 100,347 shares of the company’s stock valued at $499,000 after buying an additional 17,874 shares during the last quarter. Rhumbline Advisers grew its holdings in shares of ChargePoint by 3.7% during the third quarter. Rhumbline Advisers now owns 366,938 shares of the company’s stock valued at $1,824,000 after buying an additional 12,993 shares during the last quarter. Invesco Ltd. grew its holdings in shares of ChargePoint by 19.2% during the third quarter. Invesco Ltd. now owns 2,193,049 shares of the company’s stock valued at $10,899,000 after buying an additional 353,988 shares during the last quarter. Stifel Financial Corp grew its holdings in shares of ChargePoint by 22.7% during the third quarter. Stifel Financial Corp now owns 914,582 shares of the company’s stock valued at $4,546,000 after buying an additional 169,150 shares during the last quarter. Finally, Mutual Advisors LLC boosted its holdings in ChargePoint by 9.2% in the third quarter. Mutual Advisors LLC now owns 43,910 shares of the company’s stock valued at $218,000 after purchasing an additional 3,700 shares during the last quarter. 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.