R. F. Lafferty Downgrades ChargePoint (NYSE:CHPT) to Hold

ChargePoint (NYSE:CHPT) was downgraded by investment analysts at R. F. Lafferty from a “buy” rating to a “hold” rating in a note issued to investors on Friday, Briefing.com reports. They currently have a $4.00 price objective on the stock, down from their prior price objective of $17.00. R. F. Lafferty’s price target indicates a potential upside of 93.24% from the company’s previous close.

A number of other equities research analysts also recently issued reports on CHPT. TD Cowen reduced their price target on ChargePoint from $14.00 to $11.00 and set an “outperform” rating on the stock in a research report on Thursday, September 7th. Needham & Company LLC cut their price objective on shares of ChargePoint from $8.00 to $4.00 and set a “buy” rating for the company in a research report on Friday. B. Riley reduced their price objective on shares of ChargePoint from $12.00 to $11.00 and set a “buy” rating on the stock in a research note on Thursday, July 20th. Royal Bank of Canada initiated coverage on shares of ChargePoint in a research report on Friday, September 8th. They issued an “outperform” rating and a $9.00 target price for the company. Finally, JPMorgan Chase & Co. reduced their price target on shares of ChargePoint from $8.00 to $5.00 and set an “overweight” rating on the stock in a research report on Friday. Nine investment analysts have rated the stock with a hold rating and eight have given a buy rating to the company. According to data from MarketBeat.com, the company presently has an average rating of “Hold” and a consensus target price of $10.40.

ChargePoint Stock Performance

Shares of CHPT stock traded down $1.06 on Friday, reaching $2.07. The stock had a trading volume of 52,897,519 shares, compared to its average volume of 11,494,502. ChargePoint has a 12 month low of $1.95 and a 12 month high of $13.65. The company has a quick ratio of 1.61, a current ratio of 2.03 and a debt-to-equity ratio of 1.07. The firm has a market capitalization of $745.30 million, a price-to-earnings ratio of -1.93 and a beta of 1.81. The firm’s 50-day moving average is $3.92 and its two-hundred day moving average is $6.75.

ChargePoint (NYSE:CHPT) last released its quarterly earnings data on Wednesday, September 6th. The company reported ($0.35) EPS for the quarter, missing the consensus estimate 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%. ChargePoint’s revenue for the quarter was up 39.0% on a year-over-year basis. During the same quarter in the prior year, the firm earned ($0.27) earnings per share. On average, research analysts expect that ChargePoint will post -0.96 EPS for the current fiscal year.

Insider Activity

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

Institutional Investors Weigh In On ChargePoint

Hedge funds and other institutional investors have recently made changes to their positions in the business. International Assets Investment Management LLC increased its holdings in ChargePoint by 42.9% during the 2nd quarter. International Assets Investment Management LLC now owns 23,108 shares of the company’s stock worth $203,000 after purchasing an additional 6,933 shares in the last quarter. Prime Capital Investment Advisors LLC purchased a new position in ChargePoint during the 1st quarter worth $217,000. Perpetual Ltd bought a new stake in shares of ChargePoint in the 2nd quarter worth $466,000. Van ECK Associates Corp raised its holdings in shares of ChargePoint by 12.9% in the second quarter. Van ECK Associates Corp now owns 96,411 shares of the company’s stock valued at $847,000 after purchasing an additional 11,047 shares during the last quarter. Finally, Olympiad Research LP lifted its position in shares of ChargePoint by 58.5% during the second quarter. Olympiad Research LP now owns 21,866 shares of the company’s stock valued at $192,000 after purchasing an additional 8,074 shares in the last quarter. 45.01% of the stock is owned by institutional investors.

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.