ChargePoint (NYSE:CHPT) Announces Quarterly Earnings Results

ChargePoint (NYSE:CHPT) issued its quarterly earnings data on Wednesday. The company reported ($1.35) earnings per share (EPS) for the quarter, topping the consensus estimate of ($1.57) by $0.22, FiscalAI reports. ChargePoint had a negative net margin of 49.66% and a negative return on equity of 504.42%. The firm had revenue of $116.08 million during the quarter, compared to the consensus estimate of $105.21 million.

ChargePoint Price Performance

NYSE:CHPT traded down $0.09 during mid-day trading on Wednesday, reaching $5.21. The stock had a trading volume of 850,202 shares, compared to its average volume of 539,324. ChargePoint has a 12 month low of $4.44 and a 12 month high of $12.61. The stock has a market capitalization of $127.18 million, a PE ratio of -0.60 and a beta of 1.77. The company has a debt-to-equity ratio of 10.73, a current ratio of 1.15 and a quick ratio of 0.56. The stock has a 50-day simple moving average of $5.80 and a two-hundred day simple moving average of $6.12.

Insiders Place Their Bets

In related news, insider Jagdeep Ca Singh sold 9,719 shares of ChargePoint stock in a transaction that occurred on Tuesday, June 23rd. The shares were sold at an average price of $7.14, for a total transaction of $69,393.66. Following the sale, the insider directly owned 187,846 shares of the company’s stock, valued at approximately $1,341,220.44. The trade was a 4.92% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. 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 company’s stock in a transaction that occurred 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 owned 179,348 shares of the company’s stock, valued at approximately $1,278,751.24. This represents a 4.35% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Insiders sold a total of 29,164 shares of company stock worth $208,037 over the last 90 days. Corporate insiders own 4.20% of the company’s stock.

Institutional Inflows and Outflows

Large investors have recently modified their holdings of the company. Focus Partners Wealth acquired a new position in shares of ChargePoint in the first quarter valued at approximately $27,000. Corient Private Wealth LLC boosted its position in ChargePoint by 57.1% during the 2nd quarter. Corient Private Wealth LLC now owns 67,345 shares of the company’s stock worth $47,000 after buying an additional 24,470 shares during the period. Jump Financial LLC bought a new stake in ChargePoint during the 2nd quarter worth approximately $66,000. Hudson Bay Capital Management LP bought a new stake in ChargePoint during the 2nd quarter worth approximately $72,000. Finally, EFG International AG acquired a new position in ChargePoint in the 4th quarter valued at approximately $72,000. 37.77% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

Several analysts recently weighed in on the company. Weiss Ratings reissued a “sell (e+)” rating on shares of ChargePoint in a report on Friday, July 17th. UBS Group reiterated a “neutral” rating and set a $8.00 price objective (up from $7.00) on shares of ChargePoint in a research report on Tuesday, June 23rd. Royal Bank Of Canada reissued a “sector perform” rating and set a $6.50 target price on shares of ChargePoint in a report on Thursday, June 4th. TD Cowen reissued a “hold” rating and issued a $7.50 target price (up from $7.00) on shares of ChargePoint in a research report on Wednesday, June 17th. Finally, Needham & Company LLC reiterated a “hold” rating on shares of ChargePoint in a research note on Thursday, June 4th. One analyst has rated the stock with a Buy rating, six have assigned a Hold rating and three have issued a Sell rating to the stock. According to data from MarketBeat, ChargePoint currently has an average rating of “Reduce” and a consensus price target of $8.31.

ChargePoint Company Profile

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.