Benchmark Reaffirms “Buy” Rating for ChargePoint (NYSE:CHPT)

Benchmark reissued their buy rating on shares of ChargePoint (NYSE:CHPT) in a research note published on Thursday, Benzinga reports. Benchmark currently has a $3.00 price objective on the stock.

Several other equities research analysts have also recently weighed in on CHPT. Evercore ISI decreased their price target on ChargePoint from $6.00 to $4.00 and set an outperform rating for the company in a research note on Thursday. B. Riley upgraded shares of ChargePoint to a hold rating in a research report on Tuesday, June 25th. Wolfe Research started coverage on shares of ChargePoint in a research report on Thursday. They set a peer perform rating for the company. Needham & Company LLC dropped their target price on shares of ChargePoint from $3.00 to $2.00 and set a buy rating on the stock in a report on Thursday. Finally, TD Cowen downgraded ChargePoint from a buy rating to a hold rating and decreased their price target for the stock from $3.00 to $2.00 in a report on Thursday. One research analyst has rated the stock with a sell rating, thirteen have given a hold rating and five have issued a buy rating to the company. Based on data from MarketBeat.com, the stock presently has a consensus rating of Hold and an average target price of $3.90.

ChargePoint Trading Down 5.8 %

CHPT opened at $1.31 on Thursday. The company has a debt-to-equity ratio of 1.02, a current ratio of 2.13 and a quick ratio of 1.45. ChargePoint has a fifty-two week low of $1.21 and a fifty-two week high of $6.33. The company’s 50 day moving average price is $1.86 and its two-hundred day moving average price is $1.76. The firm has a market capitalization of $554.60 million, a price-to-earnings ratio of -1.11 and a beta of 1.70.

ChargePoint (NYSE:CHPT) last issued its quarterly earnings data on Wednesday, June 5th. The company reported ($0.16) earnings per share for the quarter, topping the consensus estimate of ($0.19) by $0.03. The company had revenue of $107.04 million for the quarter, compared to analysts’ expectations of $106.09 million. ChargePoint had a negative net margin of 89.12% and a negative return on equity of 104.05%. As a group, research analysts predict that ChargePoint will post -0.53 earnings per share for the current year.

Insider Activity

In related news, CAO Henrik Gerdes sold 43,596 shares of the firm’s stock in a transaction dated Thursday, June 20th. The shares were sold at an average price of $1.50, for a total value of $65,394.00. Following the transaction, the chief accounting officer now owns 438,004 shares of the company’s stock, valued at approximately $657,006. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. In other news, CEO Richard Wilmer sold 27,722 shares of the company’s stock in a transaction 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 sale, the chief executive officer now owns 2,331,740 shares in the company, valued at approximately $3,264,436. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, CAO Henrik Gerdes sold 43,596 shares of the stock in a transaction dated Thursday, June 20th. The shares were sold at an average price of $1.50, for a total transaction of $65,394.00. Following the completion of the sale, the chief accounting officer now owns 438,004 shares of the company’s stock, valued at approximately $657,006. The disclosure for this sale can be found here. Insiders sold 95,099 shares of company stock worth $137,498 over the last three months. 3.50% of the stock is currently owned by insiders.

Institutional Investors Weigh In On ChargePoint

Several institutional investors and hedge funds have recently added to or reduced their stakes in the company. Balentine LLC purchased a new position in shares of ChargePoint in the 4th quarter worth approximately $26,000. Bridgecreek Investment Management LLC purchased a new position in ChargePoint in the fourth quarter worth $33,000. Simmons Bank purchased a new position in ChargePoint in the fourth quarter worth $35,000. CreativeOne Wealth LLC purchased a new stake in shares of ChargePoint during the 1st quarter valued at $30,000. Finally, PDS Planning Inc bought a new stake in shares of ChargePoint during the 1st quarter worth $31,000. Hedge funds and other institutional investors 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.