ChargePoint Sees Unusually Large Options Volume (NYSE:CHPT)

ChargePoint Holdings, Inc. (NYSE:CHPT) saw some unusual options trading activity on Thursday. Stock traders bought 50,604 call options on the company. This is an increase of approximately 87% compared to the typical daily volume of 27,094 call options.

Insider Activity

In other news, CFO Mansi Khetani sold 23,409 shares of the business’s stock in a transaction on Monday, September 23rd. The shares were sold at an average price of $1.35, for a total value of $31,602.15. Following the sale, the chief financial officer now owns 849,084 shares in the company, valued at approximately $1,146,263.40. The trade was a 2.68 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, CAO Henrik Gerdes sold 26,288 shares of the company’s stock in a transaction dated 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 owns 390,596 shares in the company, valued at approximately $515,586.72. This trade represents a 6.31 % 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 valued at $135,295 over the last 90 days. 3.50% of the stock is currently owned by company insiders.

Institutional Trading of ChargePoint

Large investors have recently bought and sold shares of the business. State Street Corp boosted its stake in shares of ChargePoint by 1.4% during the third quarter. State Street Corp now owns 10,297,421 shares of the company’s stock valued at $14,107,000 after purchasing an additional 142,767 shares in the last quarter. Geode Capital Management LLC increased its holdings in ChargePoint by 4.6% in the third quarter. Geode Capital Management LLC now owns 9,072,168 shares of the company’s stock worth $12,432,000 after purchasing an additional 399,070 shares in the last quarter. Point72 Asset Management L.P. bought a new stake in ChargePoint in the second quarter worth approximately $13,007,000. Charles Schwab Investment Management Inc. increased its holdings in shares of ChargePoint by 7.2% during the third quarter. Charles Schwab Investment Management Inc. now owns 3,251,029 shares of the company’s stock valued at $4,454,000 after acquiring an additional 219,426 shares in the last quarter. Finally, Stifel Financial Corp increased its holdings in shares of ChargePoint by 15.5% during the third quarter. Stifel Financial Corp now owns 2,055,211 shares of the company’s stock valued at $2,816,000 after acquiring an additional 275,653 shares in the last quarter. 37.77% of the stock is owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

CHPT has been the subject of several recent research reports. Wolfe Research began coverage on ChargePoint in a report on Thursday, September 5th. They set a “peer perform” rating for the company. Capital One Financial raised ChargePoint to a “strong-buy” rating in a research note on Tuesday, September 17th. Royal Bank of Canada lowered their price target on ChargePoint from $2.50 to $2.00 and set a “sector perform” rating for the company in a research note on Thursday. Evercore ISI lowered their price target on ChargePoint from $6.00 to $4.00 and set an “outperform” rating for the company in a research note on Thursday, September 5th. Finally, Stifel Nicolaus lowered their price target on ChargePoint from $3.00 to $2.00 and set a “hold” rating for the company in a research note on Wednesday, October 30th. Two analysts have rated the stock with a sell rating, ten have issued a hold rating, three have given a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat.com, the company has a consensus rating of “Hold” and an average target price of $2.47.

ChargePoint Stock Performance

NYSE:CHPT opened at $1.31 on Friday. The stock’s 50-day simple moving average is $1.26 and its 200 day simple moving average is $1.56. The firm has a market capitalization of $565.37 million, a PE ratio of -1.82 and a beta of 1.69. The company has a quick ratio of 1.32, a current ratio of 2.03 and a debt-to-equity ratio of 1.24. ChargePoint has a twelve month low of $1.05 and a twelve month high of $3.13.

ChargePoint (NYSE:CHPT) last released its quarterly earnings data on Wednesday, September 4th. The company reported ($0.15) earnings per share for the quarter, meeting the consensus estimate of ($0.15). The business had revenue of $108.54 million for the quarter, compared to analyst estimates of $114.15 million. ChargePoint had a negative return on equity of 112.67% and a negative net margin of 89.12%. On average, analysts anticipate that ChargePoint will post -0.56 EPS 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.