Shares of ChargePoint Holdings, Inc. (NYSE:CHPT – Get Free Report) have been given an average rating of “Reduce” by the eleven analysts that are presently covering the company, MarketBeat.com reports. Three analysts have rated the stock with a sell recommendation and eight have given a hold recommendation to the company. The average 12 month target price among brokerages that have updated their coverage on the stock in the last year is $6.9286.
Several brokerages recently weighed in on CHPT. UBS Group reissued a “neutral” rating and issued a $8.00 price objective (up from $7.00) on shares of ChargePoint in a report on Tuesday, June 23rd. Weiss Ratings reiterated a “sell (e+)” rating on shares of ChargePoint in a research note on Friday, July 17th. B Riley reissued a “neutral” rating on shares of ChargePoint in a research report on Friday. Oppenheimer restated a “market perform” rating on shares of ChargePoint in a research note on Thursday. Finally, B. Riley Financial raised their price objective on shares of ChargePoint from $6.00 to $8.00 and gave the stock a “neutral” rating in a report on Friday.
View Our Latest Research Report on ChargePoint
ChargePoint News Roundup
- 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
Insider Buying and Selling
In other news, insider Jagdeep Singh sold 9,719 shares of the firm’s stock in a transaction on Tuesday, June 23rd. The stock was sold at an average price of $7.14, for a total value of $69,393.66. Following the completion of the transaction, the insider directly owned 187,846 shares of the company’s stock, valued at $1,341,220.44. This trade represents a 4.92% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, 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 the stock in a transaction dated Tuesday, June 23rd. The stock was sold at an average price of $7.13, for a total value of $29,033.36. Following the sale, the insider directly owned 171,507 shares in the company, valued at $1,222,844.91. This trade represents a 2.32% decrease in their position. The disclosure for this sale is available in the SEC filing. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Insiders sold 29,164 shares of company stock valued at $208,037 over the last three months. Insiders own 4.20% of the company’s stock.
Hedge Funds Weigh In On ChargePoint
Several hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Focus Partners Wealth purchased a new stake in shares of ChargePoint in the 1st quarter valued at about $27,000. Rothschild Investment LLC grew its holdings in shares of ChargePoint by 233.3% during the fourth quarter. Rothschild Investment LLC now owns 5,000 shares of the company’s stock worth $33,000 after purchasing an additional 3,500 shares in the last quarter. Corient Private Wealth LLC increased its position in shares of ChargePoint by 57.1% in the second quarter. Corient Private Wealth LLC now owns 67,345 shares of the company’s stock worth $47,000 after purchasing an additional 24,470 shares during the last quarter. R Squared Ltd bought a new position in shares of ChargePoint in the first quarter worth approximately $59,000. Finally, Jump Financial LLC purchased a new stake in ChargePoint in the second quarter valued at approximately $66,000. 37.77% of the stock is currently owned by hedge funds and other institutional investors.
ChargePoint Stock Performance
Shares of ChargePoint stock opened at $9.97 on Friday. The business’s fifty day simple moving average is $5.95 and its 200 day simple moving average is $6.17. The company has a current ratio of 1.15, a quick ratio of 0.56 and a debt-to-equity ratio of 10.73. ChargePoint has a 12 month low of $4.44 and a 12 month high of $12.61. The firm has a market capitalization of $243.47 million, a P/E ratio of -1.39 and a beta of 1.77.
ChargePoint (NYSE:CHPT – Get Free Report) last announced its quarterly earnings data on Wednesday, September 2nd. The company reported ($1.35) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($1.57) by $0.22. ChargePoint had a negative return on equity of 723.17% and a negative net margin of 40.59%.The firm had revenue of $116.08 million during the quarter, compared to the consensus estimate of $105.21 million. As a group, analysts anticipate that ChargePoint will post -5.48 EPS for the current year.
About ChargePoint
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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