Cresset Asset Management LLC lowered its position in ChargePoint Holdings, Inc. (NYSE:CHPT – Free Report) by 14.6% in the fourth quarter, according to the company in its most recent disclosure with the SEC. The firm owned 335,041 shares of the company’s stock after selling 57,151 shares during the period. Cresset Asset Management LLC’s holdings in ChargePoint were worth $358,000 at the end of the most recent quarter.
A number of other institutional investors and hedge funds have also modified their holdings of the stock. Geode Capital Management LLC increased its stake in shares of ChargePoint by 2.3% during the fourth quarter. Geode Capital Management LLC now owns 9,276,632 shares of the company’s stock worth $9,929,000 after purchasing an additional 204,464 shares in the last quarter. Invesco Ltd. increased its stake in shares of ChargePoint by 13.1% during the fourth quarter. Invesco Ltd. now owns 5,029,849 shares of the company’s stock worth $5,382,000 after purchasing an additional 583,761 shares in the last quarter. Charles Schwab Investment Management Inc. increased its stake in shares of ChargePoint by 2.6% during the fourth quarter. Charles Schwab Investment Management Inc. now owns 3,336,545 shares of the company’s stock worth $3,570,000 after purchasing an additional 85,516 shares in the last quarter. Bank of New York Mellon Corp increased its stake in shares of ChargePoint by 12.9% during the fourth quarter. Bank of New York Mellon Corp now owns 1,231,255 shares of the company’s stock worth $1,317,000 after purchasing an additional 141,053 shares in the last quarter. Finally, Bank of America Corp DE increased its stake in shares of ChargePoint by 20.6% during the fourth quarter. Bank of America Corp DE now owns 845,590 shares of the company’s stock worth $905,000 after purchasing an additional 144,390 shares in the last quarter. Hedge funds and other institutional investors own 37.77% of the company’s stock.
Analyst Ratings Changes
A number of research firms have recently commented on CHPT. The Goldman Sachs Group cut their target price on shares of ChargePoint from $0.75 to $0.50 and set a “sell” rating for the company in a research note on Thursday, April 10th. Stifel Nicolaus dropped their price objective on shares of ChargePoint from $2.00 to $1.00 and set a “hold” rating for the company in a research note on Monday, March 10th. Evercore ISI cut shares of ChargePoint from an “outperform” rating to an “in-line” rating and dropped their price objective for the company from $4.00 to $1.00 in a research note on Monday, March 31st. UBS Group dropped their price objective on shares of ChargePoint from $0.70 to $0.65 and set a “neutral” rating for the company in a research note on Thursday, April 17th. Finally, Needham & Company LLC reaffirmed a “hold” rating on shares of ChargePoint in a research note on Wednesday, March 5th. Two investment analysts have rated the stock with a sell rating, eight have given a hold rating, one has assigned a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat.com, ChargePoint has an average rating of “Hold” and an average target price of $1.52.
ChargePoint Stock Performance
NYSE:CHPT opened at $0.68 on Friday. The company has a debt-to-equity ratio of 1.65, a current ratio of 1.94 and a quick ratio of 1.24. The firm has a market capitalization of $313.00 million, a price-to-earnings ratio of -0.92 and a beta of 2.22. The company’s 50-day moving average is $0.63 and its two-hundred day moving average is $0.90. ChargePoint Holdings, Inc. has a 1-year low of $0.51 and a 1-year high of $2.44.
ChargePoint (NYSE:CHPT – Get Free Report) last issued its quarterly earnings data on Tuesday, March 4th. The company reported ($0.09) EPS for the quarter, missing the consensus estimate of ($0.08) by ($0.01). ChargePoint had a negative return on equity of 106.28% and a negative net margin of 72.62%. The company had revenue of $101.89 million during the quarter, compared to analyst estimates of $100.99 million. Analysts forecast that ChargePoint Holdings, Inc. will post -0.57 EPS for the current year.
ChargePoint 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.
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