Investors Purchase Large Volume of ChargePoint Call Options (NYSE:CHPT)

ChargePoint Holdings, Inc. (NYSE:CHPT) saw some unusual options trading on Tuesday. Stock traders bought 69,757 call options on the stock. This is an increase of 97% compared to the typical daily volume of 35,425 call options.

ChargePoint Stock Performance

Shares of ChargePoint stock traded up $0.04 during midday trading on Tuesday, hitting $1.37. The company had a trading volume of 6,346,202 shares, compared to its average volume of 13,351,875. The stock has a market cap of $591.26 million, a price-to-earnings ratio of -1.38 and a beta of 1.70. ChargePoint has a 12-month low of $1.20 and a 12-month high of $3.54. The company has a quick ratio of 1.32, a current ratio of 2.03 and a debt-to-equity ratio of 1.24. The company has a fifty day simple moving average of $1.40 and a 200 day simple moving average of $1.62.

ChargePoint (NYSE:CHPT) last posted its quarterly earnings data on Wednesday, September 4th. The company reported ($0.15) EPS for the quarter, hitting 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 the consensus estimate of $114.15 million. As a group, analysts predict that ChargePoint will post -0.56 earnings per share for the current fiscal year.

Insider Buying and Selling

In other ChargePoint news, CEO Richard Wilmer sold 27,252 shares of the stock in a transaction that occurred on Monday, September 23rd. The shares were sold at an average price of $1.35, for a total value of $36,790.20. Following the transaction, the chief executive officer now directly owns 2,304,489 shares in the company, valued at approximately $3,111,060.15. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. In other ChargePoint news, CAO Henrik Gerdes sold 26,288 shares of the company’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 value of $34,700.16. Following the completion of the transaction, the chief accounting officer now directly owns 390,596 shares in the company, valued at $515,586.72. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, CEO Richard Wilmer sold 27,252 shares of the firm’s stock in a transaction on Monday, September 23rd. The shares were sold at an average price of $1.35, for a total transaction of $36,790.20. Following the sale, the chief executive officer now owns 2,304,489 shares in the company, valued at $3,111,060.15. The trade was a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders sold 100,803 shares of company stock worth $135,295. 3.50% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

Hedge funds have recently modified their holdings of the company. CreativeOne Wealth LLC purchased a new position in shares of ChargePoint during the first quarter worth $30,000. CIBC Asset Management Inc grew its position in ChargePoint by 50.7% during the 2nd 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 during the period. Delap Wealth Advisory LLC purchased a new position in shares of ChargePoint during the 2nd quarter valued at about $31,000. Financial Advocates Investment Management acquired a new position in shares of ChargePoint in the 3rd quarter valued at about $29,000. Finally, Perennial Investment Advisors LLC grew its holdings 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 and hedge funds.

Analysts Set New Price Targets

A number of research firms have commented on CHPT. JPMorgan Chase & Co. cut ChargePoint from an “overweight” rating to an “underweight” rating in a report on Thursday, October 3rd. Royal Bank of Canada lowered their price target on ChargePoint from $3.00 to $2.50 and set a “sector perform” rating on the stock in a report on Thursday, September 5th. Benchmark reaffirmed a “buy” rating and set a $3.00 price objective on shares of ChargePoint in a report on Thursday, September 5th. The Goldman Sachs Group lowered their target price on shares of ChargePoint from $1.50 to $1.25 and set a “sell” rating on the stock in a report on Friday, September 6th. Finally, Needham & Company LLC decreased their price target on shares of ChargePoint from $3.00 to $2.00 and set a “buy” rating on the stock in a research note on Thursday, September 5th. 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 MarketBeat, the stock currently has an average rating of “Hold” and an average price target of $2.61.

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.