Investors Buy Large Volume of Put Options on ChargePoint (NYSE:CHPT)

ChargePoint Holdings, Inc. (NYSE:CHPT) was the target of some unusual options trading on Monday. Stock investors purchased 128,615 put options on the stock. This represents an increase of 312% compared to the typical volume of 31,200 put options.

ChargePoint Price Performance

Shares of CHPT opened at $1.50 on Wednesday. The firm has a market capitalization of $635.04 million, a PE ratio of -1.27 and a beta of 1.74. The company has a debt-to-equity ratio of 1.02, a current ratio of 2.13 and a quick ratio of 1.45. The company’s 50-day moving average is $1.64 and its 200-day moving average is $1.91. ChargePoint has a fifty-two week low of $1.21 and a fifty-two week high of $9.23.

Analysts Set New Price Targets

Several research analysts recently commented on the stock. The Goldman Sachs Group restated a “sell” rating and set a $1.50 target price (down previously from $2.00) on shares of ChargePoint in a report on Tuesday, April 9th. Oppenheimer restated a “market perform” rating on shares of ChargePoint in a report on Wednesday, March 6th. Royal Bank of Canada reiterated a “sector perform” rating and set a $3.00 target price (down previously from $3.50) on shares of ChargePoint in a report on Wednesday, March 6th. Needham & Company LLC reissued a “buy” rating and set a $3.00 price target on shares of ChargePoint in a research report on Thursday, June 6th. Finally, DA Davidson reaffirmed a “buy” rating and set a $4.00 price target on shares of ChargePoint in a research report on Wednesday, March 6th. One equities research analyst has rated the stock with a sell rating, twelve have issued a hold rating and six have assigned a buy rating to the company. Based on data from MarketBeat, the stock has a consensus rating of “Hold” and an average target price of $4.96.

Insider Activity at ChargePoint

In other news, CEO Richard Wilmer sold 25,376 shares of the stock in a transaction on Thursday, March 21st. The shares were sold at an average price of $1.87, for a total transaction of $47,453.12. Following the completion of the sale, the chief executive officer now owns 2,359,462 shares of the company’s stock, valued at $4,412,193.94. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. In other ChargePoint news, CFO Mansi Khetani sold 19,035 shares of the business’s stock in a transaction that occurred on Thursday, March 21st. The stock was sold at an average price of $1.87, for a total value of $35,595.45. Following the sale, the chief financial officer now owns 421,500 shares in the company, valued at approximately $788,205. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, CEO Richard Wilmer sold 25,376 shares of the company’s stock in a transaction that occurred on Thursday, March 21st. The stock was sold at an average price of $1.87, for a total value of $47,453.12. Following the transaction, the chief executive officer now directly owns 2,359,462 shares of the company’s stock, valued at approximately $4,412,193.94. The disclosure for this sale can be found here. In the last three months, insiders sold 54,846 shares of company stock worth $102,562. 3.50% of the stock is owned by company insiders.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently bought and sold shares of the stock. Vanguard Group Inc. increased its position in ChargePoint by 26.3% during the 1st quarter. Vanguard Group Inc. now owns 36,688,672 shares of the company’s stock worth $69,708,000 after buying an additional 7,645,210 shares during the period. Norges Bank bought a new position in ChargePoint during the fourth quarter worth about $9,733,000. Wellington Management Group LLP raised its stake in ChargePoint by 418.2% in the 3rd quarter. Wellington Management Group LLP now owns 2,522,247 shares of the company’s stock worth $12,536,000 after purchasing an additional 2,035,496 shares in the last quarter. Cadian Capital Management LP bought a new stake in ChargePoint in the 3rd quarter valued at about $4,970,000. Finally, Quadrature Capital Ltd acquired a new position in shares of ChargePoint during the 4th quarter worth approximately $1,257,000. Institutional investors and hedge funds 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.