TD Cowen Downgrades ChargePoint (NYSE:CHPT) to Hold

TD Cowen downgraded shares of ChargePoint (NYSE:CHPT) from a buy rating to a hold rating in a report published on Thursday morning, MarketBeat reports. They currently have $2.00 target price on the stock, down from their prior target price of $3.00.

Other equities research analysts have also issued reports about the stock. Needham & Company LLC lowered their price target on shares of ChargePoint from $3.00 to $2.00 and set a buy rating on the stock in a research note on Thursday. Evercore ISI lowered their price target on shares of ChargePoint from $6.00 to $4.00 and set an outperform rating on the stock in a research note on Thursday. Benchmark lowered their price target on shares of ChargePoint from $4.25 to $3.00 and set a buy rating on the stock in a research note on Friday, June 28th. Finally, B. Riley upgraded shares of ChargePoint to a hold rating in a research note on Tuesday, June 25th. One equities 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’s stock. Based on data from MarketBeat, ChargePoint currently has a consensus rating of Hold and an average target price of $3.39.

ChargePoint Stock Down 5.8 %

Shares of CHPT stock opened at $1.31 on Thursday. The company has a current ratio of 2.13, a quick ratio of 1.45 and a debt-to-equity ratio of 1.02. ChargePoint has a 1 year low of $1.21 and a 1 year high of $6.33. The firm’s fifty 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 P/E ratio of -1.11 and a beta of 1.70.

Insider Activity at ChargePoint

In related news, CAO Henrik Gerdes sold 43,596 shares of the company’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 in the company, valued at approximately $657,006. The sale was disclosed in a document filed with the SEC, which can be accessed through this link. In other ChargePoint news, CAO Henrik Gerdes sold 43,596 shares of the business’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 completion of the sale, the chief accounting officer now owns 438,004 shares of the company’s stock, valued at approximately $657,006. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CFO Mansi Khetani sold 19,007 shares of the business’s stock in a transaction dated Friday, June 21st. The shares were sold at an average price of $1.40, for a total transaction of $26,609.80. Following the completion of the sale, the chief financial officer now directly owns 402,493 shares of the company’s stock, valued at approximately $563,490.20. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 95,099 shares of company stock worth $137,498. Insiders own 3.50% of the company’s stock.

Institutional Trading of ChargePoint

A number of institutional investors have recently bought and sold shares of the business. Balentine LLC bought a new stake in shares of ChargePoint during the 4th quarter worth approximately $26,000. Bridgecreek Investment Management LLC bought a new stake in shares of ChargePoint during the 4th quarter worth approximately $33,000. Simmons Bank bought a new stake in shares of ChargePoint during the 4th quarter worth approximately $35,000. CreativeOne Wealth LLC bought a new stake in shares of ChargePoint during the 1st quarter worth approximately $30,000. Finally, PDS Planning Inc bought a new stake in shares of ChargePoint during the 1st quarter worth approximately $31,000. Institutional investors own 37.77% 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 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.