ChargePoint’s (CHPT) “Buy” Rating Reiterated at DA Davidson

by · The Cerbat Gem

DA Davidson reaffirmed their buy rating on shares of ChargePoint (NYSE:CHPT – Free Report) in a research report sent to investors on Wednesday morning, Benzinga reports. DA Davidson currently has a $4.00 price objective on the stock.

Several other research analysts have also commented on the company. Royal Bank of Canada reaffirmed a sector perform rating and set a $3.00 price target (down previously from $3.50) on shares of ChargePoint in a research report on Wednesday. Citigroup cut their price target on ChargePoint from $8.25 to $2.40 and set a neutral rating on the stock in a research report on Friday, December 8th. Benchmark began coverage on ChargePoint in a research report on Wednesday, February 21st. They set a buy rating and a $4.25 price target on the stock. R. F. Lafferty lowered ChargePoint from a buy rating to a hold rating and cut their price target for the stock from $17.00 to $4.00 in a research report on Friday, November 17th. Finally, Bank of America lowered ChargePoint from a buy rating to a neutral rating in a research report on Monday, November 20th. Fourteen analysts have rated the stock with a hold rating and six have given a buy rating to the company’s stock. Based on data from MarketBeat.com, the company has an average rating of Hold and an average target price of $6.17.

Get Our Latest Report on ChargePoint

ChargePoint Price Performance

Shares of NYSE CHPT opened at $1.91 on Wednesday. The company has a debt-to-equity ratio of 0.72, a quick ratio of 1.77 and a current ratio of 2.34. ChargePoint has a fifty-two week low of $1.56 and a fifty-two week high of $10.72. The firm has a market capitalization of $798.44 million, a PE ratio of -1.54 and a beta of 1.63. The stock’s 50-day simple moving average is $2.02 and its 200-day simple moving average is $3.19.

ChargePoint (NYSE:CHPT – Get Free Report) last issued its earnings results on Wednesday, December 6th. The company reported ($0.43) earnings per share for the quarter, missing the consensus estimate of ($0.31) by ($0.12). The business had revenue of $110.30 million for the quarter, compared to analyst estimates of $124.92 million. ChargePoint had a negative return on equity of 124.81% and a negative net margin of 90.32%. ChargePoint’s revenue was down 12.0% on a year-over-year basis. During the same period last year, the business posted ($0.24) EPS. As a group, equities research analysts forecast that ChargePoint will post -0.65 EPS for the current fiscal year.

Insider Buying and Selling

In related news, insider Michael D. Hughes sold 13,995 shares of the company’s stock in a transaction on Thursday, December 21st. The stock was sold at an average price of $2.42, for a total transaction of $33,867.90. Following the transaction, the insider now owns 855,947 shares of the company’s stock, valued at $2,071,391.74. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Insiders have sold 38,375 shares of company stock valued at $92,868 over the last quarter. Company insiders own 12.90% of the company’s stock.

Institutional Trading of ChargePoint

Several large investors have recently bought and sold shares of CHPT. Norges Bank acquired a new stake in ChargePoint in the fourth quarter valued at $9,733,000. RHO Capital Partners Inc. acquired a new stake in ChargePoint in the second quarter valued at $35,628,000. Vanguard Group Inc. grew its holdings in ChargePoint by 12.9% in the third quarter. Vanguard Group Inc. now owns 29,162,249 shares of the company’s stock valued at $144,936,000 after purchasing an additional 3,325,694 shares during the last quarter. Amundi lifted its position in shares of ChargePoint by 3,169.2% in the fourth quarter. Amundi now owns 2,680,629 shares of the company’s stock valued at $25,915,000 after acquiring an additional 2,598,633 shares in the last quarter. Finally, BlackRock Inc. lifted its position in shares of ChargePoint by 28.8% in the third quarter. BlackRock Inc. now owns 10,484,565 shares of the company’s stock valued at $154,754,000 after acquiring an additional 2,345,089 shares in the last quarter. Institutional investors and hedge funds own 45.01% of the company’s stock.

ChargePoint Company Profile

(Get Free Report)

ChargePoint Holdings, Inc, together with its subsidiaries, provides electric vehicle (EV) charging networks and charging solutions in the United States and internationally. It offers a portfolio of hardware, software, and services for commercial, fleet, and residential customers. ChargePoint Holdings, Inc was founded in 2007 and is headquartered in Campbell, California.

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