ChargePoint (NYSE:CHPT) Given New $0.50 Price Target at The Goldman Sachs Group

ChargePoint (NYSE:CHPT) had its price objective lowered by equities research analysts at The Goldman Sachs Group from $0.75 to $0.50 in a report issued on Thursday,Benzinga reports. The firm presently has a “sell” rating on the stock. The Goldman Sachs Group’s price target would indicate a potential downside of 15.54% from the company’s current price.

A number of other brokerages have also recently issued reports on CHPT. UBS Group set a $1.50 target price on ChargePoint in a report on Wednesday, March 5th. Needham & Company LLC reissued a “hold” rating on shares of ChargePoint in a research note on Wednesday, March 5th. Evercore ISI downgraded ChargePoint from an “outperform” rating to an “in-line” rating and decreased their price objective for the stock from $4.00 to $1.00 in a report on Monday, March 31st. Finally, Stifel Nicolaus dropped their target price on shares of ChargePoint from $2.00 to $1.00 and set a “hold” rating on the stock in a report on Monday, March 10th. Two investment analysts have rated the stock with a sell rating, eight have assigned a hold rating, one has issued a buy rating and one has given a strong buy rating to the stock. According to MarketBeat, ChargePoint currently has a consensus rating of “Hold” and a consensus price target of $1.63.

ChargePoint Price Performance

CHPT stock traded down $0.00 during trading on Thursday, hitting $0.59. The stock had a trading volume of 7,722,142 shares, compared to its average volume of 17,290,151. ChargePoint has a 1-year low of $0.51 and a 1-year high of $2.44. The company’s 50 day moving average price is $0.70 and its two-hundred day moving average price is $1.03. The company has a debt-to-equity ratio of 1.65, a quick ratio of 1.24 and a current ratio of 1.94. The stock has a market cap of $271.25 million, a price-to-earnings ratio of -0.80 and a beta of 2.05.

ChargePoint (NYSE:CHPT) last announced its quarterly earnings results on Tuesday, March 4th. The company reported ($0.09) earnings per share (EPS) for the quarter, missing the consensus estimate 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 firm had revenue of $101.89 million for the quarter, compared to analyst estimates of $100.99 million. On average, sell-side analysts forecast that ChargePoint will post -0.57 EPS for the current fiscal year.

Hedge Funds Weigh In On ChargePoint

Several institutional investors have recently bought and sold shares of CHPT. Geode Capital Management LLC raised its stake in ChargePoint by 4.6% in the third quarter. Geode Capital Management LLC now owns 9,072,168 shares of the company’s stock worth $12,432,000 after buying an additional 399,070 shares in the last quarter. Jones Financial Companies Lllp grew its position in ChargePoint by 61.1% during the fourth quarter. Jones Financial Companies Lllp now owns 45,021 shares of the company’s stock valued at $48,000 after buying an additional 17,075 shares during the period. Corient Private Wealth LLC boosted its position in ChargePoint by 96.9% during the fourth quarter. Corient Private Wealth LLC now owns 65,765 shares of the company’s stock worth $70,000 after purchasing an additional 32,364 shares in the last quarter. Raymond James Financial Inc. purchased a new stake in ChargePoint in the 4th quarter worth $354,000. Finally, Franklin Resources Inc. purchased a new position in ChargePoint in the 3rd quarter valued at $117,000. Institutional investors own 37.77% of the company’s stock.

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.