ChargePoint Target of Unusually High Options Trading (NYSE:CHPT)

ChargePoint Holdings, Inc. (NYSE:CHPT) was the target of some unusual options trading on Tuesday. Traders purchased 69,757 call options on the stock. This represents an increase of approximately 97% compared to the average volume of 35,425 call options.

Analyst Upgrades and Downgrades

Several research firms have weighed in on CHPT. Wolfe Research initiated coverage on shares of ChargePoint in a report on Thursday, September 5th. They issued a “peer perform” rating on the stock. Capital One Financial raised ChargePoint to a “strong-buy” rating in a research note on Tuesday, September 17th. Benchmark reaffirmed a “buy” rating and set a $3.00 price target on shares of ChargePoint in a research report on Thursday, September 5th. Needham & Company LLC decreased their price objective on ChargePoint from $3.00 to $2.00 and set a “buy” rating for the company in a research report on Thursday, September 5th. Finally, UBS Group dropped their target price on shares of ChargePoint from $1.80 to $1.50 and set a “neutral” rating on the stock in a report on Tuesday, October 15th. Two investment analysts have rated the stock with a sell rating, thirteen have given a hold rating, four have given a buy rating and one has issued a strong buy rating to the company’s stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and an average price target of $2.61.

ChargePoint Stock Performance

CHPT opened at $1.39 on Wednesday. The company has a debt-to-equity ratio of 1.24, a quick ratio of 1.32 and a current ratio of 2.03. The business’s 50-day simple moving average is $1.40 and its 200 day simple moving average is $1.62. The firm has a market capitalization of $597.74 million, a PE ratio of -1.40 and a beta of 1.70. ChargePoint has a 52-week low of $1.20 and a 52-week high of $3.54.

ChargePoint (NYSE:CHPT) last released its earnings results on Wednesday, September 4th. The company reported ($0.15) earnings per share for the quarter, meeting the consensus estimate of ($0.15). ChargePoint had a negative net margin of 89.12% and a negative return on equity of 112.67%. The business had revenue of $108.54 million during the quarter, compared to analysts’ expectations of $114.15 million. As a group, sell-side analysts expect that ChargePoint will post -0.56 earnings per share for the current fiscal year.

Insider Activity at ChargePoint

In related news, CAO Henrik Gerdes sold 26,288 shares of the business’s stock in a transaction that occurred on Friday, October 11th. The shares were sold at an average price of $1.32, for a total transaction of $34,700.16. Following the completion of the sale, the chief accounting officer now directly owns 390,596 shares of the company’s stock, valued at $515,586.72. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at this link. In other news, CFO Mansi Khetani sold 23,409 shares of the company’s stock in a transaction dated Monday, September 23rd. The stock was sold at an average price of $1.35, for a total value of $31,602.15. Following the completion of the sale, the chief financial officer now directly owns 849,084 shares of the company’s stock, valued at $1,146,263.40. This represents a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, CAO Henrik Gerdes sold 26,288 shares of ChargePoint stock in a transaction that occurred on Friday, October 11th. The stock was sold at an average price of $1.32, for a total transaction of $34,700.16. Following the transaction, the chief accounting officer now directly owns 390,596 shares in the company, valued at $515,586.72. The trade was a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 100,803 shares of company stock worth $135,295 over the last 90 days. Insiders own 3.50% of the company’s stock.

Institutional Investors Weigh In On ChargePoint

A number of institutional investors and hedge funds have recently modified their holdings of CHPT. CIBC Asset Management Inc increased its holdings in shares of ChargePoint by 50.7% in the second quarter. CIBC Asset Management Inc now owns 17,145 shares of the company’s stock valued at $26,000 after purchasing an additional 5,770 shares during the last quarter. Financial Advocates Investment Management bought a new position in ChargePoint in the 3rd quarter valued at about $29,000. CreativeOne Wealth LLC acquired a new stake in ChargePoint during the 1st quarter worth approximately $30,000. Delap Wealth Advisory LLC bought a new stake in shares of ChargePoint in the second quarter valued at about $31,000. Finally, Perennial Investment Advisors LLC increased its position in ChargePoint by 74.4% during the second quarter. Perennial Investment Advisors LLC now owns 24,380 shares of the company’s stock worth $37,000 after acquiring an additional 10,400 shares during the period. 37.77% of the stock is owned by institutional investors.

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.