ChargePoint (NYSE:CHPT) Stock Rating Lowered by Evercore ISI

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

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

ChargePoint Price Performance

NYSE:CHPT opened at $0.62 on Monday. The company has a debt-to-equity ratio of 1.65, a quick ratio of 1.24 and a current ratio of 1.94. ChargePoint has a 52 week low of $0.56 and a 52 week high of $2.44. The firm’s 50-day simple moving average is $0.78 and its 200 day simple moving average is $1.08. The firm has a market cap of $273.81 million, a price-to-earnings ratio of -0.84 and a beta of 1.85.

ChargePoint (NYSE:CHPT) last issued its quarterly earnings data on Tuesday, March 4th. The company reported ($0.09) EPS for the quarter, missing the consensus estimate of ($0.08) by ($0.01). The company had revenue of $101.89 million during the quarter, compared to the consensus estimate of $100.99 million. ChargePoint had a negative net margin of 72.62% and a negative return on equity of 106.28%. As a group, sell-side analysts predict that ChargePoint will post -0.57 earnings per share for the current year.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Intech Investment Management LLC bought a new stake in shares of ChargePoint in the 3rd quarter worth approximately $170,000. Charles Schwab Investment Management Inc. raised its stake in shares of ChargePoint by 7.2% in the third quarter. Charles Schwab Investment Management Inc. now owns 3,251,029 shares of the company’s stock valued at $4,454,000 after buying an additional 219,426 shares during the period. FMR LLC lifted its position in shares of ChargePoint by 23.4% during the 3rd quarter. FMR LLC now owns 150,705 shares of the company’s stock valued at $206,000 after buying an additional 28,602 shares during the last quarter. Healthcare of Ontario Pension Plan Trust Fund grew its stake in shares of ChargePoint by 8.8% during the 3rd quarter. Healthcare of Ontario Pension Plan Trust Fund now owns 489,482 shares of the company’s stock worth $671,000 after acquiring an additional 39,455 shares during the period. Finally, MetLife Investment Management LLC increased its holdings in ChargePoint by 129.1% in the 3rd quarter. MetLife Investment Management LLC now owns 228,799 shares of the company’s stock worth $313,000 after acquiring an additional 128,919 shares during the last quarter. 37.77% of the stock is currently owned by hedge funds and other institutional investors.

ChargePoint Company Profile

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.