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

ChargePoint Holdings, Inc. (NYSE:CHPT) was the target of some unusual options trading on Monday. Stock investors purchased 180,074 call options on the company. This represents an increase of 113% compared to the average volume of 84,536 call options.

ChargePoint Stock Performance

NYSE CHPT opened at $2.82 on Tuesday. The stock has a 50-day simple moving average of $4.59 and a two-hundred day simple moving average of $7.05. The firm has a market capitalization of $1.01 billion, a P/E ratio of -2.66 and a beta of 1.81. ChargePoint has a fifty-two week low of $2.38 and a fifty-two week high of $14.15. The company has a debt-to-equity ratio of 1.07, a quick ratio of 1.61 and a current ratio of 2.03.

ChargePoint (NYSE:CHPT) last released its quarterly earnings data on Wednesday, September 6th. The company reported ($0.35) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.13) by ($0.22). The company had revenue of $150.49 million for the quarter, compared to analysts’ expectations of $153.25 million. ChargePoint had a negative net margin of 65.71% and a negative return on equity of 106.73%. The business’s quarterly revenue was up 39.0% on a year-over-year basis. During the same quarter in the previous year, the business posted ($0.27) EPS. On average, equities analysts forecast that ChargePoint will post -0.9 earnings per share for the current year.

Analyst Ratings Changes

CHPT has been the topic of several research reports. UBS Group began coverage on ChargePoint in a report on Wednesday, September 27th. They set a “buy” rating and a $9.00 price objective on the stock. TD Cowen dropped their target price on ChargePoint from $14.00 to $11.00 and set an “outperform” rating on the stock in a research report on Thursday, September 7th. Roth Mkm dropped their target price on ChargePoint from $14.00 to $11.00 and set a “buy” rating on the stock in a research report on Thursday, September 7th. Oppenheimer dropped their target price on ChargePoint from $14.00 to $13.00 and set an “outperform” rating on the stock in a research report on Tuesday, October 17th. Finally, Bank of America dropped their target price on ChargePoint from $14.00 to $11.50 in a research report on Friday, September 8th. Five research analysts have rated the stock with a hold rating and twelve have issued a buy rating to the company’s stock. Based on data from MarketBeat, the company has an average rating of “Moderate Buy” and an average target price of $12.40.

Insider Buying and Selling at ChargePoint

In other news, Director Ekta Singh-Bushell sold 4,622 shares of the stock in a transaction that occurred on Wednesday, September 20th. The stock was sold at an average price of $5.44, for a total value of $25,143.68. Following the sale, the director now directly owns 41,215 shares in the company, valued at $224,209.60. The sale was disclosed in a document filed with the SEC, which is available at this link. In other news, insider Richard Wilmer sold 8,191 shares of the stock in a transaction that occurred on Thursday, September 21st. The stock was sold at an average price of $5.03, for a total value of $41,200.73. Following the sale, the insider now directly owns 628,840 shares in the company, valued at $3,163,065.20. The sale was disclosed in a document filed with the SEC, which is available at this link. Also, Director Ekta Singh-Bushell sold 4,622 shares of the stock in a transaction that occurred on Wednesday, September 20th. The stock was sold at an average price of $5.44, for a total value of $25,143.68. Following the completion of the sale, the director now owns 41,215 shares in the company, valued at $224,209.60. The disclosure for this sale can be found here. Insiders have sold a total of 4,366,970 shares of company stock worth $25,148,003 over the last ninety days. Company insiders own 12.90% of the company’s stock.

Hedge Funds Weigh In On ChargePoint

Several institutional investors and hedge funds have recently modified their holdings of the business. Hollencrest Capital Management boosted its holdings in ChargePoint by 162.2% in the 1st quarter. Hollencrest Capital Management now owns 3,395 shares of the company’s stock worth $36,000 after buying an additional 2,100 shares during the last quarter. Trium Capital LLP acquired a new stake in ChargePoint in the 1st quarter worth about $37,000. Ameritas Advisory Services LLC acquired a new stake in ChargePoint in the 1st quarter worth about $38,000. Dark Forest Capital Management LP acquired a new stake in ChargePoint in the 1st quarter worth about $39,000. Finally, Smithfield Trust Co acquired a new stake in ChargePoint in the 2nd quarter worth about $40,000. Hedge funds and other institutional investors own 45.01% of the company’s stock.

About ChargePoint

ChargePoint Holdings, Inc, together with its subsidiaries, provides electric vehicle (EV) charging networks and charging solutions in the United States and internationally. It offers a portfolio of hardware, software, and services for commercial, fleet, and residential customers. ChargePoint Holdings, Inc was founded in 2007 and is headquartered in Campbell, California.