As previously reported, Janney Montgomery Scott analyst Thomas Meric downgraded ChargePoint to Neutral from Buy with a lowered fair value estimate to $5 after the company released preliminary Q3 results that were “well below expectations” and announced an “unanticipated and significant C-suite reorg” with the former COO replacing CEO Pasquale Romano and the CFO departing the company. The company’s products “remain industry-leading from a feature and reliability standpoint,” but in light of its estimate revisions and lack of visibility into 2024, the firm is downgrading the shares.
Elevate Your Investing Strategy:
- Take advantage of TipRanks Premium at 55% off! Unlock powerful investing tools, advanced data, and expert analyst insights to help you invest with confidence.
Published first on TheFly – the ultimate source for real-time, market-moving breaking financial news. Try Now>>
See the top stocks recommended by analysts >>
Read More on CHPT:
- C-Suite Shakeup, Analyst Revolt Sends ChargePoint (NYSE:CHPT) Plunging
- ChargePoint downgraded to Neutral from Buy at Roth MKM
- ChargePoint Stock (NYSE:CHPT) Dips 30% on CEO Rejig and Sales Warning
- ChargePoint falls 19% after cutting Q3 guidance, announcing impairment charge
- ChargePoint cuts Q3 pre-impairment gross margin view to 19%-21% from 22%-25%