ChargePoint (NYSE:CHPT) Releases Earnings Results

ChargePoint (NYSE:CHPT) issued its quarterly earnings data on Wednesday. The company reported ($1.35) EPS for the quarter, beating the consensus estimate of ($1.57) by $0.22, FiscalAI reports. The firm had revenue of $116.08 million during the quarter, compared to the consensus estimate of $105.21 million. ChargePoint had a negative net margin of 49.66% and a negative return on equity of 504.42%.

ChargePoint Stock Down 1.7%

Shares of CHPT stock traded down $0.09 during midday trading on Wednesday, reaching $5.21. 1,137,606 shares of the stock were exchanged, compared to its average volume of 539,324. ChargePoint has a 1 year low of $4.44 and a 1 year high of $12.61. The firm has a market cap of $127.18 million, a PE ratio of -0.60 and a beta of 1.77. The company’s 50 day moving average is $5.80 and its two-hundred day moving average is $6.12. The company has a current ratio of 1.15, a quick ratio of 0.56 and a debt-to-equity ratio of 10.73.

Wall Street Analysts Forecast Growth

A number of brokerages recently issued reports on CHPT. Needham & Company LLC restated a “hold” rating on shares of ChargePoint in a report on Thursday, June 4th. Royal Bank Of Canada reiterated a “sector perform” rating and issued a $6.50 price objective on shares of ChargePoint in a research report on Thursday, June 4th. TD Cowen reissued a “hold” rating and set a $7.50 target price (up from $7.00) on shares of ChargePoint in a research note on Wednesday, June 17th. Weiss Ratings reaffirmed a “sell (e+)” rating on shares of ChargePoint in a research note on Friday, July 17th. Finally, UBS Group reiterated 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. One equities research analyst has rated the stock with a Buy rating, six have assigned a Hold rating and three have given a Sell rating to the company’s stock. Based on data from MarketBeat, the stock currently has an average rating of “Reduce” and a consensus target price of $8.31.

Insider Transactions at ChargePoint

In related news, CFO Mansi Khetani sold 8,152 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 transaction of $58,123.76. Following the sale, the chief financial officer directly owned 179,348 shares in the company, valued at $1,278,751.24. The trade was a 4.35% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, General Counsel Eric Batill sold 4,979 shares of the company’s stock in a transaction on Tuesday, June 23rd. The stock was sold at an average price of $7.13, for a total value of $35,500.27. Following the completion of the sale, the general counsel directly owned 143,631 shares in the company, valued at approximately $1,024,089.03. The trade was a 3.35% decrease in their ownership of the stock. 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. Over the last ninety days, insiders have sold 29,164 shares of company stock valued at $208,037. Company insiders own 4.20% of the company’s stock.

Institutional Trading of ChargePoint

A number of hedge funds have recently made changes to their positions in CHPT. Focus Partners Wealth bought a new stake in ChargePoint in the first quarter worth $27,000. Corient Private Wealth LLC lifted its holdings in shares of ChargePoint by 57.1% during the second quarter. Corient Private Wealth LLC now owns 67,345 shares of the company’s stock valued at $47,000 after purchasing an additional 24,470 shares in the last quarter. Jump Financial LLC bought a new position in shares of ChargePoint during the second quarter valued at $66,000. Hudson Bay Capital Management LP purchased a new stake in shares of ChargePoint during the second quarter valued at $72,000. Finally, EFG International AG purchased a new stake in shares of ChargePoint during the 4th quarter valued at about $72,000. 37.77% of the stock is owned by institutional investors.

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.