ChargePoint (NYSE:CHPT – Free Report) had its price objective hoisted by B. Riley Financial from $6.00 to $8.00 in a research note released on Friday morning,Benzinga reports. B. Riley Financial currently has a neutral rating on the stock.
Other research analysts also recently issued research reports about the company. UBS Group reissued a “neutral” rating and issued a $8.00 price target (up from $7.00) on shares of ChargePoint in a report on Tuesday, June 23rd. B Riley restated a “neutral” rating on shares of ChargePoint in a report on Friday. Oppenheimer reaffirmed a “market perform” rating on shares of ChargePoint in a research report on Thursday. Royal Bank Of Canada reiterated a “sector perform” rating and set a $6.50 target price on shares of ChargePoint in a research note on Thursday, June 4th. Finally, TD Cowen reissued a “hold” rating on shares of ChargePoint in a research report on Thursday. Eight equities research analysts have rated the stock with a Hold rating and three have given a Sell rating to the company. Based on data from MarketBeat.com, the company presently has a consensus rating of “Reduce” and a consensus price target of $6.93.
Check Out Our Latest Analysis on CHPT
ChargePoint Stock Performance
ChargePoint (NYSE:CHPT – Get Free Report) last posted its quarterly earnings data on Wednesday, September 2nd. The company reported ($1.35) earnings per share for the quarter, beating analysts’ consensus estimates of ($1.57) by $0.22. ChargePoint had a negative net margin of 40.59% and a negative return on equity of 723.17%. The company had revenue of $116.08 million during the quarter, compared to analysts’ expectations of $105.21 million. On average, research analysts anticipate that ChargePoint will post -5.48 earnings per share for the current fiscal year.
Insider Transactions at ChargePoint
In other ChargePoint news, insider Jagdeep Singh sold 9,719 shares of the stock in a transaction that occurred on Tuesday, June 23rd. The stock was sold at an average price of $7.14, for a total transaction of $69,393.66. Following the transaction, the insider owned 187,846 shares of the company’s stock, valued at $1,341,220.44. This trade represents a 4.92% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, insider John Vice sold 4,072 shares of ChargePoint stock in a transaction that occurred on Tuesday, June 23rd. The stock was sold at an average price of $7.13, for a total value of $29,033.36. Following the completion of the transaction, the insider owned 171,507 shares of the company’s stock, valued at approximately $1,222,844.91. The trade was a 2.32% decrease in their position. 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 have sold a total of 29,164 shares of company stock valued at $208,037 over the last ninety days. 4.20% of the stock is currently owned by company insiders.
Hedge Funds Weigh In On ChargePoint
Several large investors have recently added to or reduced their stakes in CHPT. Goldman Sachs Group Inc. boosted its holdings in ChargePoint by 61.8% in the first quarter. Goldman Sachs Group Inc. now owns 3,790,823 shares of the company’s stock worth $2,293,000 after purchasing an additional 1,448,114 shares during the period. AQR Capital Management LLC raised its holdings in shares of ChargePoint by 6,429.1% during the first quarter. AQR Capital Management LLC now owns 2,679,217 shares of the company’s stock worth $1,553,000 after purchasing an additional 2,638,182 shares during the period. Invesco Ltd. raised its holdings in shares of ChargePoint by 18.4% during the second quarter. Invesco Ltd. now owns 2,483,139 shares of the company’s stock worth $1,746,000 after purchasing an additional 385,258 shares during the period. Bank of America Corp DE lifted its position in shares of ChargePoint by 5.3% in the 2nd quarter. Bank of America Corp DE now owns 773,162 shares of the company’s stock worth $544,000 after buying an additional 38,667 shares during the last quarter. Finally, Brevan Howard Capital Management LP bought a new position in shares of ChargePoint in the 2nd quarter worth about $517,000. 37.77% of the stock is currently owned by institutional investors.
ChargePoint News Summary
Here are the key news stories impacting ChargePoint this week:
- Positive Sentiment: Better-than-expected earnings: ChargePoint reported quarterly revenue of approximately $116.1 million, up 17.7% year over year and above analysts’ expectations near $105 million. The adjusted loss was also narrower than expected, while the GAAP loss improved substantially from the prior year. ChargePoint Skyrockets 74% as Revenue Beat and Narrower Loss Clear Estimates
- Positive Sentiment: Improving margins and outlook: Management highlighted stronger gross margins, new charging products, improving European momentum and a path toward positive EBITDA. Third-quarter revenue guidance of $105 million to $115 million was broadly better than expected, supporting the view that demand may be stabilizing. CHPT Q2 Deep Dive: New Products and European Momentum Offset North America Uncertainty
- Positive Sentiment: CEO reinforces momentum: CEO Rick Wilmer characterized the recent rally as the beginning of a longer-term momentum phase, adding to bullish sentiment around a potential EV-charging turnaround. Elevated short interest and unusually high call-option activity may have amplified the move. ChargePoint CEO Says Stock Surge Is the Beginning of the Momentum
- Neutral Sentiment: Mixed analyst signals: B. Riley raised its price target from $6 to $8 but maintained a Neutral rating. Needham also reaffirmed its Hold rating, while the broader analyst consensus remains cautious, with an average Reduce recommendation. ChargePoint Receives Average Reduce Recommendation
- Negative Sentiment: Demand concerns remain: RBC Capital Markets warned that ChargePoint needs a recovery in EV-charging demand to meet its longer-term outlook, particularly amid uncertainty in North America. The company remains unprofitable, with significant leverage and a negative earnings outlook, creating substantial execution and financing risks. ChargePoint Outlook Weighed Down by Slowing Charging Demand
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.
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