ChargePoint (NYSE:CHPT) Given New $5.00 Price Target at JPMorgan Chase & Co.

ChargePoint (NYSE:CHPT) had its price objective dropped by equities researchers at JPMorgan Chase & Co. from $8.00 to $5.00 in a research note issued to investors on Friday, Benzinga reports. The brokerage presently has an “overweight” rating on the stock. JPMorgan Chase & Co.‘s price objective would suggest a potential upside of 145.10% from the stock’s current price.

A number of other research firms have also commented on CHPT. Evercore ISI dropped their price target on ChargePoint from $20.00 to $17.00 and set an “outperform” rating on the stock in a research report on Friday, September 8th. Oppenheimer downgraded ChargePoint from an “outperform” rating to a “market perform” rating in a research note on Friday. UBS Group assumed coverage on shares of ChargePoint in a research note on Wednesday, September 27th. They set a “buy” rating and a $9.00 price objective on the stock. Needham & Company LLC decreased their price objective on shares of ChargePoint from $8.00 to $4.00 and set a “buy” rating on the stock in a report on Friday. Finally, Roth Mkm cut ChargePoint from a “buy” rating to a “neutral” rating and lowered their price objective for the stock from $11.00 to $2.00 in a research report on Friday. Eight research analysts have rated the stock with a hold rating and nine have assigned a buy rating to the company. Based on data from MarketBeat.com, ChargePoint currently has an average rating of “Moderate Buy” and a consensus price target of $11.16.

ChargePoint Trading Down 34.8 %

Shares of NYSE CHPT traded down $1.09 during midday trading on Friday, hitting $2.04. The stock had a trading volume of 46,214,122 shares, compared to its average volume of 11,471,872. The firm has a market cap of $734.50 million, a P/E ratio of -1.92 and a beta of 1.81. ChargePoint has a fifty-two week low of $1.95 and a fifty-two week high of $13.65. The company has a debt-to-equity ratio of 1.07, a current ratio of 2.03 and a quick ratio of 1.61. The company’s 50-day simple moving average is $3.92 and its 200 day simple moving average is $6.75.

ChargePoint (NYSE:CHPT) last posted its quarterly earnings results on Wednesday, September 6th. The company reported ($0.35) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.13) by ($0.22). The company had revenue of $150.49 million during the quarter, compared to analyst estimates of $153.25 million. ChargePoint had a negative net margin of 65.71% and a negative return on equity of 106.73%. The business’s revenue for the quarter was up 39.0% compared to the same quarter last year. During the same period last year, the company earned ($0.27) EPS. Research analysts anticipate that ChargePoint will post -0.96 EPS for the current year.

Insider Activity

In other ChargePoint news, major shareholder Q-Grg Vii (Cp) Investment Part acquired 1,850,000 shares of ChargePoint stock in a transaction that occurred on Wednesday, September 20th. The shares were bought at an average price of $5.40 per share, with a total value of $9,990,000.00. Following the completion of the purchase, the insider now directly owns 26,607,128 shares in the company, valued at approximately $143,678,491.20. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. In other news, Director Ekta Singh-Bushell sold 4,622 shares of ChargePoint stock in a transaction on Wednesday, September 20th. The shares were sold at an average price of $5.44, for a total value of $25,143.68. Following the completion of the sale, the director now owns 41,215 shares in the company, valued at approximately $224,209.60. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, major shareholder Q-Grg Vii (Cp) Investment Part purchased 1,850,000 shares of the firm’s stock in a transaction on Wednesday, September 20th. The stock was bought at an average cost of $5.40 per share, with a total value of $9,990,000.00. Following the completion of the purchase, the insider now owns 26,607,128 shares of the company’s stock, valued at approximately $143,678,491.20. The disclosure for this purchase can be found here. Insiders sold 4,316,970 shares of company stock valued at $24,767,903 over the last quarter. 12.90% of the stock is owned by company insiders.

Institutional Trading of ChargePoint

Hedge funds have recently bought and sold shares of the business. Morgan Stanley raised its holdings in ChargePoint by 43.5% during the third quarter. Morgan Stanley now owns 3,507,733 shares of the company’s stock worth $17,433,000 after buying an additional 1,063,302 shares during the last quarter. Integrated Wealth Concepts LLC bought a new position in ChargePoint in the 3rd quarter valued at about $65,000. The Manufacturers Life Insurance Company lifted its position in ChargePoint by 289.3% in the 3rd quarter. The Manufacturers Life Insurance Company now owns 48,427 shares of the company’s stock valued at $241,000 after acquiring an additional 35,986 shares in the last quarter. Royal Bank of Canada boosted its stake in ChargePoint by 23.5% during the 3rd quarter. Royal Bank of Canada now owns 543,214 shares of the company’s stock valued at $2,699,000 after purchasing an additional 103,275 shares during the last quarter. Finally, Scotia Capital Inc. increased its holdings in ChargePoint by 82.2% during the 3rd quarter. Scotia Capital Inc. now owns 36,930 shares of the company’s stock worth $184,000 after purchasing an additional 16,659 shares in the last quarter. Institutional investors and hedge funds own 45.01% 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 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.