Traders Buy Large Volume of Call Options on ChargePoint (NYSE:CHPT)

ChargePoint Holdings, Inc. (NYSE:CHPT) was the recipient of some unusual options trading activity on Thursday. Stock investors purchased 91,436 call options on the company. This represents an increase of approximately 181% compared to the average daily volume of 32,509 call options.

Analysts Set New Price Targets

CHPT has been the subject of a number of recent analyst reports. Benchmark restated a “buy” rating and issued a $4.25 price objective on shares of ChargePoint in a research report on Wednesday, March 6th. Royal Bank of Canada restated a “sector perform” rating and issued a $3.00 price target (down from $3.50) on shares of ChargePoint in a report on Wednesday, March 6th. Oppenheimer reaffirmed a “market perform” rating on shares of ChargePoint in a research report on Wednesday, March 6th. DA Davidson reiterated a “buy” rating and issued a $4.00 price objective on shares of ChargePoint in a research report on Wednesday, March 6th. Finally, R. F. Lafferty dropped their target price on shares of ChargePoint from $4.00 to $3.00 and set a “hold” rating on the stock in a 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. According to data from MarketBeat.com, ChargePoint presently has a consensus rating of “Hold” and a consensus price target of $4.96.

Hedge Funds Weigh In On ChargePoint

A number of large investors have recently modified their holdings of CHPT. Swiss National Bank increased its stake in shares of ChargePoint by 8.1% during the 3rd quarter. Swiss National Bank now owns 660,100 shares of the company’s stock worth $3,281,000 after purchasing an additional 49,600 shares during the last quarter. Janney Montgomery Scott LLC lifted its position in shares of ChargePoint by 3.2% in the third quarter. Janney Montgomery Scott LLC now owns 199,741 shares of the company’s stock valued at $993,000 after buying an additional 6,197 shares during the last quarter. State of New Jersey Common Pension Fund D boosted its stake in shares of ChargePoint by 37.8% during the 3rd quarter. State of New Jersey Common Pension Fund D now owns 341,310 shares of the company’s stock worth $1,696,000 after acquiring an additional 93,551 shares during the period. Deutsche Bank AG increased its holdings in shares of ChargePoint by 21.7% during the 3rd quarter. Deutsche Bank AG now owns 100,347 shares of the company’s stock worth $499,000 after acquiring an additional 17,874 shares during the last quarter. Finally, Rhumbline Advisers raised its stake in ChargePoint by 3.7% in the 3rd quarter. Rhumbline Advisers now owns 366,938 shares of the company’s stock valued at $1,824,000 after acquiring an additional 12,993 shares during the period. 37.77% of the stock is currently owned by institutional investors and hedge funds.

ChargePoint Stock Performance

Shares of CHPT opened at $1.50 on Friday. The stock has a market capitalization of $632.92 million, a price-to-earnings ratio of -1.27 and a beta of 1.74. ChargePoint has a 12 month low of $1.21 and a 12 month high of $9.23. The firm has a fifty day simple moving average of $1.63 and a 200 day simple moving average of $1.90. The company has a current ratio of 2.13, a quick ratio of 1.45 and a debt-to-equity ratio of 1.02.

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.