ChargePoint’s (CHPT) Buy Rating Reiterated at Benchmark

Benchmark reiterated their buy rating on shares of ChargePoint (NYSE:CHPT) in a research note issued to investors on Wednesday,Benzinga reports. Benchmark currently has a $3.00 price target on the stock.

CHPT has been the subject of a number of other reports. Royal Bank of Canada dropped their price objective on shares of ChargePoint from $3.00 to $2.50 and set a “sector perform” rating for the company in a research note on Thursday, September 5th. JPMorgan Chase & Co. cut ChargePoint from an “overweight” rating to an “underweight” rating in a research note on Thursday, October 3rd. Capital One Financial upgraded ChargePoint to a “strong-buy” rating in a research report on Tuesday, September 17th. Wolfe Research assumed coverage on ChargePoint in a report on Thursday, September 5th. They issued a “peer perform” rating for the company. Finally, Stifel Nicolaus decreased their price target on ChargePoint from $3.00 to $2.00 and set a “hold” rating on the stock in a report on Wednesday, October 30th. Two investment analysts have rated the stock with a sell rating, eleven have assigned a hold rating, three have given a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat.com, ChargePoint presently has a consensus rating of “Hold” and an average target price of $2.47.

ChargePoint Stock Performance

Shares of CHPT stock opened at $1.15 on Wednesday. The company’s fifty day simple moving average is $1.29 and its two-hundred day simple moving average is $1.59. ChargePoint has a 52 week low of $1.05 and a 52 week high of $3.13. The company has a current ratio of 2.03, a quick ratio of 1.32 and a debt-to-equity ratio of 1.24.

ChargePoint (NYSE:CHPT) last announced its quarterly earnings results on Wednesday, September 4th. The company reported ($0.15) EPS for the quarter, meeting analysts’ consensus estimates of ($0.15). The company had revenue of $108.54 million during the quarter, compared to analyst estimates of $114.15 million. ChargePoint had a negative return on equity of 112.67% and a negative net margin of 89.12%. As a group, research analysts predict that ChargePoint will post -0.56 EPS for the current year.

Insider Activity

In other ChargePoint news, CFO Mansi Khetani sold 23,409 shares of ChargePoint stock in a transaction dated Monday, September 23rd. The stock was sold at an average price of $1.35, for a total value of $31,602.15. Following the transaction, the chief financial officer now owns 849,084 shares in the company, valued at $1,146,263.40. The trade was a 2.68 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, CEO Richard Wilmer sold 27,252 shares of the stock in a transaction dated Monday, September 23rd. The shares were sold at an average price of $1.35, for a total transaction of $36,790.20. Following the sale, the chief executive officer now directly owns 2,304,489 shares of the company’s stock, valued at approximately $3,111,060.15. The trade was a 1.17 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders sold 100,803 shares of company stock worth $135,295. 3.50% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On ChargePoint

A number of hedge funds and other institutional investors have recently bought and sold shares of the company. Geode Capital Management LLC increased its position in shares of ChargePoint by 4.6% during the third quarter. Geode Capital Management LLC now owns 9,072,168 shares of the company’s stock worth $12,432,000 after purchasing an additional 399,070 shares in the last quarter. XTX Topco Ltd grew its stake in ChargePoint by 1,141.0% during the 3rd quarter. XTX Topco Ltd now owns 308,786 shares of the company’s stock worth $423,000 after buying an additional 283,904 shares during the last quarter. State Street Corp raised its stake in ChargePoint by 1.4% in the third quarter. State Street Corp now owns 10,297,421 shares of the company’s stock valued at $14,107,000 after buying an additional 142,767 shares during the last quarter. Stifel Financial Corp boosted its holdings in ChargePoint by 15.5% in the third quarter. Stifel Financial Corp now owns 2,055,211 shares of the company’s stock worth $2,816,000 after acquiring an additional 275,653 shares in the last quarter. Finally, Integrated Wealth Concepts LLC grew its stake in shares of ChargePoint by 144.7% during the third quarter. Integrated Wealth Concepts LLC now owns 50,170 shares of the company’s stock worth $69,000 after acquiring an additional 29,669 shares during the last quarter. Hedge funds and other 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.