ChargePoint (NYSE:CHPT) Cut to Sell at Zacks Investment Research

Zacks Investment Research lowered shares of ChargePoint (NYSE:CHPT) from a hold rating to a sell rating in a report issued on Tuesday morning, Zacks.com reports.

According to Zacks, “ChargePoint Holdings Inc. provides electric vehicle charging network. The company’s cloud subscription platform and software-defined charging hardware are designed to include options for every charging scenario from home and multifamily to workplace, parking, hospitality, retail and transport fleets of all types. ChargePoint Holdings Inc., formerly known as Switchback Energy Acquisition Corporation, is based in CAMPBELL, Calif. “

Several other research analysts have also issued reports on the stock. Citigroup Inc. 3% Minimum Coupon Principal Protected Based Upon Russell initiated coverage on shares of ChargePoint in a research report on Thursday, March 25th. They issued a neutral rating and a $28.00 target price for the company. Cowen initiated coverage on shares of ChargePoint in a research report on Monday, March 15th. They issued an outperform rating and a $43.00 target price for the company. R. F. Lafferty initiated coverage on shares of ChargePoint in a research report on Friday, April 16th. They issued a buy rating and a $29.00 target price for the company. Citigroup initiated coverage on shares of ChargePoint in a research report on Thursday, March 25th. They issued a neutral rating and a $28.00 target price for the company. Finally, Oppenheimer started coverage on shares of ChargePoint in a research report on Monday, March 8th. They issued an outperform rating and a $39.00 target price for the company. One equities research analyst has rated the stock with a sell rating, two have assigned a hold rating and five have issued a buy rating to the stock. The company currently has a consensus rating of Buy and an average price target of $35.50.

CHPT opened at $28.09 on Tuesday. The firm’s fifty day moving average price is $24.90. ChargePoint has a one year low of $9.82 and a one year high of $49.48.

ChargePoint (NYSE:CHPT) last released its quarterly earnings results on Wednesday, June 2nd. The company reported ($0.18) EPS for the quarter, missing analysts’ consensus estimates of ($0.12) by ($0.06). The firm had revenue of $40.51 million for the quarter, compared to analysts’ expectations of $37.23 million. During the same period in the prior year, the business earned ($2.37) EPS. ChargePoint’s quarterly revenue was up 23.6% on a year-over-year basis. As a group, sell-side analysts anticipate that ChargePoint will post -0.56 earnings per share for the current fiscal year.

A number of institutional investors have recently bought and sold shares of the business. RHO Capital Partners Inc. bought a new stake in ChargePoint in the first quarter worth $669,000,000. Canada Pension Plan Investment Board bought a new position in shares of ChargePoint during the first quarter valued at about $367,380,000. Baillie Gifford & Co. bought a new position in shares of ChargePoint during the first quarter valued at about $106,800,000. D. E. Shaw & Co. Inc. bought a new position in shares of ChargePoint during the first quarter valued at about $53,400,000. Finally, Electron Capital Partners LLC bought a new position in shares of ChargePoint during the first quarter valued at about $49,821,000. 23.48% of the stock is owned by institutional investors and hedge funds.

About ChargePoint

ChargePoint Holdings, Inc provides electric vehicle (EV) charging networks and charging solutions in the United States. It offers a portfolio of hardware, software, and services for commercial, fleet, and residential customers. The company was founded in 2007 and is headquartered in Campbell, California.

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