Traders Purchase High Volume of ChargePoint Put Options (NYSE:CHPT)

ChargePoint Holdings, Inc. (NYSE:CHPT) was the recipient of some unusual options trading on Thursday. Investors acquired 53,715 put options on the stock. This is an increase of approximately 21% compared to the typical daily volume of 44,483 put options.

Insider Buying and Selling at ChargePoint

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

Institutional Trading of ChargePoint

A number of institutional investors have recently added to or reduced their stakes in CHPT. Balentine LLC acquired a new position in shares of ChargePoint during the 4th quarter worth $26,000. CIBC Asset Management Inc boosted its holdings in ChargePoint by 50.7% in the second quarter. CIBC Asset Management Inc now owns 17,145 shares of the company’s stock worth $26,000 after purchasing an additional 5,770 shares in the last quarter. CreativeOne Wealth LLC acquired a new position in ChargePoint during the first quarter worth $30,000. PDS Planning Inc bought a new position in ChargePoint during the first quarter valued at about $31,000. Finally, Delap Wealth Advisory LLC acquired a new stake in shares of ChargePoint in the second quarter worth about $31,000. 37.77% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

A number of brokerages recently weighed in on CHPT. Royal Bank of Canada dropped their price target on ChargePoint from $3.00 to $2.50 and set a “sector perform” rating on the stock in a research note on Thursday. B. Riley upgraded shares of ChargePoint to a “hold” rating in a report on Tuesday, June 25th. TD Cowen lowered shares of ChargePoint from a “buy” rating to a “hold” rating and decreased their price objective for the stock from $3.00 to $2.00 in a research note on Thursday. Needham & Company LLC cut their target price on shares of ChargePoint from $3.00 to $2.00 and set a “buy” rating on the stock in a research note on Thursday. Finally, Wolfe Research initiated coverage on ChargePoint in a research report on Thursday. They issued a “peer perform” rating for the company. One analyst has rated the stock with a sell rating, fourteen have assigned a hold rating and five have issued a buy rating to the company. Based on data from MarketBeat.com, ChargePoint currently has a consensus rating of “Hold” and a consensus price target of $3.92.

ChargePoint Stock Performance

Shares of CHPT stock opened at $1.39 on Friday. ChargePoint has a fifty-two week low of $1.21 and a fifty-two week high of $7.41. The stock’s 50-day moving average is $1.86 and its two-hundred day moving average is $1.77. 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 firm has a market cap of $586.35 million, a P/E ratio of -1.17 and a beta of 1.70.

ChargePoint (NYSE:CHPT) last released its quarterly earnings data on Wednesday, June 5th. The company reported ($0.16) EPS for the quarter, topping analysts’ consensus estimates of ($0.19) by $0.03. The firm had revenue of $107.04 million for the quarter, compared to the consensus estimate of $106.09 million. ChargePoint had a negative return on equity of 127.18% and a negative net margin of 93.05%. Analysts predict that ChargePoint will post -0.53 earnings per share for the current fiscal year.

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.