The Goldman Sachs Group Cuts ChargePoint (NYSE:CHPT) Price Target to $0.75

ChargePoint (NYSE:CHPT) had its price target cut by The Goldman Sachs Group from $1.00 to $0.75 in a research report report published on Thursday,Benzinga reports. They currently have a sell rating on the stock.

A number of other research firms have also recently commented on CHPT. Needham & Company LLC reissued a “hold” rating on shares of ChargePoint in a research note on Thursday, December 5th. Benchmark reaffirmed a “buy” rating and set a $3.00 price objective on shares of ChargePoint in a research note on Wednesday, November 20th. Royal Bank of Canada dropped their price objective on shares of ChargePoint from $2.50 to $2.00 and set a “sector perform” rating for the company in a research note on Thursday, December 5th. UBS Group dropped their price objective on shares of ChargePoint from $1.50 to $1.30 and set a “neutral” rating for the company in a research note on Tuesday, December 10th. Finally, Stifel Nicolaus dropped their price objective on shares of ChargePoint from $3.00 to $2.00 and set a “hold” rating for the company in a research note on Wednesday, October 30th. Two equities research analysts have rated the stock with a sell rating, nine have given a hold rating, three have given a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat, the company presently has an average rating of “Hold” and a consensus price target of $2.41.

ChargePoint Stock Down 3.8 %

CHPT opened at $0.76 on Thursday. ChargePoint has a fifty-two week low of $0.66 and a fifty-two week high of $2.44. 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 company has a fifty day moving average of $1.01 and a two-hundred day moving average of $1.26. The stock has a market capitalization of $336.18 million, a price-to-earnings ratio of -1.03 and a beta of 1.70.

Insider Buying and Selling at ChargePoint

In other news, CAO Henrik Gerdes sold 28,536 shares of the company’s stock in a transaction that occurred on Monday, December 23rd. The shares were sold at an average price of $1.14, for a total value of $32,531.04. Following the transaction, the chief accounting officer now directly owns 362,060 shares in the company, valued at approximately $412,748.40. This represents a 7.31 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, CFO Mansi Khetani sold 22,038 shares of the company’s stock in a transaction that occurred on Monday, December 23rd. The stock was sold at an average price of $1.14, for a total transaction of $25,123.32. Following the completion of the transaction, the chief financial officer now owns 1,230,305 shares in the company, valued at approximately $1,402,547.70. This represents a 1.76 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 87,148 shares of company stock worth $99,349 in the last ninety days. 3.50% of the stock is owned by insiders.

Hedge Funds Weigh In On ChargePoint

Several large investors have recently made changes to their positions in CHPT. Perennial Advisors LLC acquired a new position in shares of ChargePoint in the 4th quarter worth approximately $26,000. Brevan Howard Capital Management LP purchased a new stake in ChargePoint during the 4th quarter worth approximately $27,000. Financial Advocates Investment Management purchased a new stake in ChargePoint during the 3rd quarter worth approximately $29,000. Cibc World Markets Corp purchased a new stake in ChargePoint during the 4th quarter worth approximately $40,000. Finally, Callan Family Office LLC purchased a new stake in ChargePoint during the 4th quarter worth approximately $45,000. 37.77% of the stock is currently owned by institutional investors and hedge funds.

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.