ChargePoint (NYSE:CHPT) Coverage Initiated at Wolfe Research

Wolfe Research began coverage on shares of ChargePoint (NYSE:CHPT) in a research report sent to investors on Thursday morning, Marketbeat.com reports. The firm issued a peer perform rating on the stock.

A number of other research analysts have also recently commented on CHPT. Needham & Company LLC dropped their target price on shares of ChargePoint from $3.00 to $2.00 and set a buy rating for the company in a report on Thursday. TD Cowen lowered shares of ChargePoint from a buy rating to a hold rating and cut their target price for the company from $3.00 to $2.00 in a research report on Thursday. Benchmark lowered their price target on shares of ChargePoint from $4.25 to $3.00 and set a buy rating for the company in a report on Friday, June 28th. B. Riley upgraded ChargePoint to a hold rating in a research note on Tuesday, June 25th. Finally, Evercore ISI reduced their price objective on ChargePoint from $6.00 to $4.00 and set an outperform rating on the stock in a research report on Thursday. One investment analyst has rated the stock with a sell rating, thirteen have assigned a hold rating and five have assigned a buy rating to the company’s stock. According to MarketBeat.com, the company has a consensus rating of Hold and a consensus target price of $3.39.

ChargePoint Trading Down 5.8 %

Shares of CHPT opened at $1.31 on Thursday. The company has a debt-to-equity ratio of 1.02, a quick ratio of 1.45 and a current ratio of 2.13. ChargePoint has a 52-week low of $1.21 and a 52-week high of $6.33. The firm has a market cap of $554.60 million, a price-to-earnings ratio of -1.11 and a beta of 1.70. The business’s fifty day moving average is $1.86 and its 200-day moving average is $1.76.

Insiders Place Their Bets

In other news, CEO Richard Wilmer sold 27,722 shares of the company’s stock in a transaction on Friday, June 21st. The shares were sold at an average price of $1.40, for a total value of $38,810.80. Following the sale, the chief executive officer now directly owns 2,331,740 shares of the company’s stock, valued at approximately $3,264,436. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. In other news, CAO Henrik Gerdes sold 43,596 shares of the stock in a transaction on Thursday, June 20th. The shares were sold at an average price of $1.50, for a total transaction of $65,394.00. Following the completion of the sale, the chief accounting officer now directly owns 438,004 shares in the company, valued at $657,006. The transaction was disclosed in a filing with the SEC, which is available at this link. Also, CEO Richard Wilmer sold 27,722 shares of the stock in a transaction on Friday, June 21st. The stock was sold at an average price of $1.40, for a total transaction of $38,810.80. Following the sale, the chief executive officer now owns 2,331,740 shares of the company’s stock, valued at $3,264,436. The disclosure for this sale can be found here. In the last 90 days, insiders sold 95,099 shares of company stock worth $137,498. 3.50% of the stock is currently owned by insiders.

Institutional Investors Weigh In On ChargePoint

Several large investors have recently modified their holdings of the company. Sanctuary Advisors LLC acquired a new stake in shares of ChargePoint during the second quarter worth $138,000. Point72 Asset Management L.P. acquired a new stake in shares of ChargePoint during the second quarter worth $13,007,000. Creative Planning grew its holdings in ChargePoint by 152.3% in the second quarter. Creative Planning now owns 188,363 shares of the company’s stock worth $284,000 after purchasing an additional 113,699 shares during the period. Algert Global LLC bought a new stake in ChargePoint in the second quarter valued at $58,000. Finally, The Manufacturers Life Insurance Company acquired a new position in shares of ChargePoint during the second quarter valued at about $231,000. 37.77% of the stock is currently owned by institutional investors and hedge funds.

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.