Brokerages Set ChargePoint Holdings, Inc. (NYSE:CHPT) Target Price at $8.31

Shares of ChargePoint Holdings, Inc. (NYSE:CHPT) have earned an average rating of “Reduce” from the ten ratings firms that are currently covering the company, Marketbeat reports. Three analysts have rated the stock with a sell rating, six have assigned a hold rating and one has issued a buy rating on the company. The average 1-year price target among analysts that have issued a report on the stock in the last year is $8.3125.

A number of analysts have commented on CHPT shares. TD Cowen reaffirmed a “hold” rating and set a $7.50 price target (up from $7.00) on shares of ChargePoint in a research report on Wednesday, June 17th. Royal Bank Of Canada reissued a “sector perform” rating and issued a $6.50 price objective on shares of ChargePoint in a report on Thursday, June 4th. Needham & Company LLC restated a “hold” rating on shares of ChargePoint in a research note on Thursday, June 4th. Weiss Ratings reaffirmed a “sell (e+)” rating on shares of ChargePoint in a report on Friday, July 17th. Finally, UBS Group reiterated a “neutral” rating and issued a $8.00 target price (up from $7.00) on shares of ChargePoint in a research report on Tuesday, June 23rd.

Insider Buying and Selling at ChargePoint

In other news, General Counsel Eric Batill sold 4,979 shares of the stock in a transaction on Tuesday, June 23rd. The shares were sold at an average price of $7.13, for a total value of $35,500.27. Following the sale, the general counsel owned 143,631 shares in the company, valued at $1,024,089.03. This represents a 3.35% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, CFO Mansi Khetani sold 8,152 shares of the firm’s stock in a transaction on Tuesday, June 23rd. The stock was sold at an average price of $7.13, for a total transaction of $58,123.76. Following the transaction, the chief financial officer directly owned 179,348 shares of the company’s stock, valued at approximately $1,278,751.24. This trade represents a 4.35% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. The sale was made to cover tax withholding obligations related to the vesting of equity awards. In the last 90 days, insiders have sold 29,164 shares of company stock valued at $208,037. 4.20% of the stock is currently owned by insiders.

Institutional Investors Weigh In On ChargePoint

Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Bank of New York Mellon Corp acquired a new position in shares of ChargePoint in the 2nd quarter valued at about $344,000. Renaissance Technologies LLC boosted its stake in shares of ChargePoint by 77.7% in the first quarter. Renaissance Technologies LLC now owns 144,059 shares of the company’s stock worth $700,000 after buying an additional 63,000 shares during the last quarter. Hsbc Holdings PLC grew its holdings in ChargePoint by 40.0% during the first quarter. Hsbc Holdings PLC now owns 15,220 shares of the company’s stock worth $75,000 after acquiring an additional 4,352 shares during the period. R Squared Ltd acquired a new stake in ChargePoint during the first quarter worth about $59,000. Finally, Invesco Ltd. raised its position in ChargePoint by 94.2% during the fourth quarter. Invesco Ltd. now owns 340,479 shares of the company’s stock valued at $2,261,000 after acquiring an additional 165,152 shares in the last quarter. 37.77% of the stock is owned by institutional investors and hedge funds.

ChargePoint Trading Down 0.0%

NYSE CHPT opened at $6.19 on Monday. ChargePoint has a 12-month low of $4.44 and a 12-month high of $12.62. The company has a fifty day simple moving average of $6.16 and a two-hundred day simple moving average of $6.15. The company has a current ratio of 1.15, a quick ratio of 0.56 and a debt-to-equity ratio of 10.73. The stock has a market cap of $151.11 million, a P/E ratio of -0.71 and a beta of 1.75.

ChargePoint (NYSE:CHPT) last announced its quarterly earnings data on Wednesday, June 3rd. The company reported ($1.75) earnings per share for the quarter, missing analysts’ consensus estimates of ($1.11) by ($0.64). ChargePoint had a negative net margin of 49.66% and a negative return on equity of 504.42%. The company had revenue of $101.82 million for the quarter, compared to analysts’ expectations of $95.64 million. On average, analysts forecast that ChargePoint will post -5.48 earnings per share for the current year.

About ChargePoint

ChargePoint (NYSE: CHPT) is a leading provider of electric vehicle (EV) charging solutions that designs, develops and markets charging hardware, software and services. The company’s portfolio includes Level 2 AC charging stations for residential, commercial and fleet applications, as well as DC fast charging systems suited for retail, hospitality and public use. ChargePoint’s integrated platform enables site hosts to manage charging infrastructure through cloud-based monitoring, analytics and billing tools, while EV drivers access and control charging sessions via a mobile app or RFID card.

Since its founding in 2007 and headquarters in Campbell, California, ChargePoint has built one of the largest open EV charging networks in the world.