ChargePoint (NYSE:CHPT) Cut to “In-Line” at Evercore ISI

ChargePoint (NYSE:CHPT) was downgraded by research analysts at Evercore ISI from an “outperform” rating to an “in-line” rating in a research note issued to investors on Monday, Marketbeat reports. They presently have a $1.00 target price on the stock, down from their previous target price of $4.00. Evercore ISI’s price target indicates a potential upside of 61.55% from the stock’s previous close.

A number of other equities analysts have also weighed in on CHPT. The Goldman Sachs Group decreased their target price on ChargePoint from $1.00 to $0.75 and set a “sell” rating on the stock in a research note on Thursday, February 20th. UBS Group set a $1.50 price objective on shares of ChargePoint in a research note on Wednesday, March 5th. Stifel Nicolaus decreased their price target on ChargePoint from $2.00 to $1.00 and set a “hold” rating on the stock in a research note on Monday, March 10th. Needham & Company LLC reiterated a “hold” rating on shares of ChargePoint in a report on Wednesday, March 5th. Finally, Royal Bank of Canada decreased their price objective on shares of ChargePoint from $2.50 to $2.00 and set a “sector perform” rating for the company in a report on Thursday, December 5th. Two analysts have rated the stock with a sell rating, eight have assigned a hold rating, one has assigned a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat.com, ChargePoint presently has a consensus rating of “Hold” and an average price target of $1.66.

ChargePoint Price Performance

ChargePoint stock opened at $0.62 on Monday. The firm has a market capitalization of $273.81 million, a P/E ratio of -0.84 and a beta of 1.85. ChargePoint has a one year low of $0.56 and a one year high of $2.44. The company has a debt-to-equity ratio of 1.65, a current ratio of 1.94 and a quick ratio of 1.24. The business has a fifty day moving average price of $0.78 and a 200-day moving average price of $1.08.

ChargePoint (NYSE:CHPT) last posted its earnings results on Tuesday, March 4th. The company reported ($0.09) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.08) by ($0.01). ChargePoint had a negative net margin of 72.62% and a negative return on equity of 106.28%. The company had revenue of $101.89 million for the quarter, compared to analysts’ expectations of $100.99 million. As a group, equities research analysts forecast that ChargePoint will post -0.57 EPS for the current year.

Institutional Investors Weigh In On ChargePoint

Several hedge funds have recently added to or reduced their stakes in CHPT. Toronto Dominion Bank purchased a new position in shares of ChargePoint in the 4th quarter worth about $8,746,000. Millennium Management LLC raised its holdings in ChargePoint by 13,605.0% in the fourth quarter. Millennium Management LLC now owns 2,857,349 shares of the company’s stock worth $3,057,000 after buying an additional 2,836,500 shares during the last quarter. Erste Asset Management GmbH purchased a new position in shares of ChargePoint in the third quarter worth $2,570,000. Invesco Ltd. lifted its holdings in shares of ChargePoint by 13.1% during the fourth quarter. Invesco Ltd. now owns 5,029,849 shares of the company’s stock valued at $5,382,000 after purchasing an additional 583,761 shares in the last quarter. Finally, Geode Capital Management LLC boosted its position in shares of ChargePoint by 4.6% during the third quarter. Geode Capital Management LLC now owns 9,072,168 shares of the company’s stock valued at $12,432,000 after buying an additional 399,070 shares during the last quarter. 37.77% of the stock is owned by institutional investors.

About ChargePoint

ChargePoint Holdings, Inc, together with its subsidiaries, provides electric vehicle (EV) charging networks and charging solutions in the North America and Europe. The company serves commercial, such as retail, workplace, hospitality, parking, recreation, municipal, education, and highway fast charge; fleet, which include delivery, take home, logistics, motor pool, transit, and shared mobility; and residential including single family homes and multi-family apartments and condominiums customers.