Royal Bank of Canada Lowers ChargePoint (NYSE:CHPT) Price Target to $5.00

ChargePoint (NYSE:CHPT) had its price objective dropped by Royal Bank of Canada from $9.00 to $5.00 in a research report issued on Friday, Benzinga reports. The brokerage currently has an “outperform” rating on the stock. Royal Bank of Canada’s price target would suggest a potential upside of 145.10% from the stock’s current price.

A number of other brokerages have also recently issued reports on CHPT. Needham & Company LLC dropped their price objective on ChargePoint from $8.00 to $4.00 and set a “buy” rating on the stock in a research note on Friday. Fox Advisors lowered shares of ChargePoint from an “overweight” rating to an “equal weight” rating in a research report on Thursday, September 7th. Citigroup cut their price target on shares of ChargePoint from $10.80 to $8.25 and set a “neutral” rating for the company in a research note on Thursday, September 7th. UBS Group started 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. Finally, B. Riley cut their target price on shares of ChargePoint from $12.00 to $11.00 and set a “buy” rating for the company in a research note on Thursday, July 20th. Nine analysts have rated the stock with a hold rating and eight have given a buy rating to the company. Based on data from MarketBeat, the stock presently has an average rating of “Hold” and an average price target of $10.16.

ChargePoint Trading Down 34.8 %

Shares of NYSE:CHPT traded down $1.09 during trading on Friday, hitting $2.04. 72,212,313 shares of the company’s stock were exchanged, compared to its average volume of 11,595,731. The company has a current ratio of 2.03, a quick ratio of 1.61 and a debt-to-equity ratio of 1.07. The firm has a market cap of $734.50 million, a P/E ratio of -1.92 and a beta of 1.81. The firm has a 50-day moving average price of $3.92 and a two-hundred day moving average price of $6.75. ChargePoint has a 1-year low of $1.95 and a 1-year high of $13.65.

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

Insider Buying and Selling at ChargePoint

In related news, CAO Henrik Gerdes sold 5,328 shares of the firm’s stock in a transaction dated Thursday, September 21st. The shares were sold at an average price of $5.03, for a total transaction of $26,799.84. Following the transaction, the chief accounting officer now directly owns 78,210 shares of the company’s stock, valued at $393,396.30. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. In other ChargePoint news, insider Michael D. Hughes sold 58,000 shares of ChargePoint stock in a transaction on Thursday, September 14th. The stock was sold at an average price of $6.00, for a total value of $348,000.00. Following the completion of the transaction, the insider now directly owns 883,670 shares of the company’s stock, valued at approximately $5,302,020. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CAO Henrik Gerdes sold 5,328 shares of the company’s stock in a transaction on Thursday, September 21st. The shares were sold at an average price of $5.03, for a total value of $26,799.84. Following the sale, the chief accounting officer now owns 78,210 shares of the company’s stock, valued at $393,396.30. The disclosure for this sale can be found here. Insiders have sold a total of 4,316,970 shares of company stock valued at $24,767,903 in the last ninety days. 12.90% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On ChargePoint

Several hedge funds have recently bought and sold shares of the company. RHO Capital Partners Inc. bought a new position in ChargePoint in the second quarter valued at approximately $35,628,000. Amundi raised its holdings in shares of ChargePoint by 3,169.2% during the 4th quarter. Amundi now owns 2,680,629 shares of the company’s stock worth $25,915,000 after buying an additional 2,598,633 shares in the last quarter. Norges Bank bought a new stake in shares of ChargePoint during the 4th quarter worth $24,709,000. BlackRock Inc. boosted its stake in 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 buying an additional 2,345,089 shares in the last quarter. Finally, Vanguard Group Inc. grew its position in ChargePoint by 6.6% in the third quarter. Vanguard Group Inc. now owns 22,469,637 shares of the company’s stock valued at $331,652,000 after acquiring an additional 1,396,280 shares during 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.