ChargePoint Sees Unusually Large Options Volume (NYSE:CHPT)

ChargePoint Holdings, Inc. (NYSE:CHPT) was the target of unusually large options trading activity on Tuesday. Stock traders bought 69,757 call options on the company. This represents an increase of 97% compared to the typical daily volume of 35,425 call options.

ChargePoint Stock Up 4.1 %

CHPT stock opened at $1.39 on Wednesday. ChargePoint has a twelve month low of $1.20 and a twelve 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 market cap of $597.74 million, a PE ratio of -1.40 and a beta of 1.70. The business’s 50-day simple moving average is $1.40 and its 200 day simple moving average is $1.62.

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

Insider Buying and Selling

In other news, CAO Henrik Gerdes sold 26,288 shares of the firm’s stock in a transaction 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 completion of the sale, the chief accounting officer now directly owns 390,596 shares of the company’s stock, valued at $515,586.72. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this link. In other 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 sale, the chief accounting officer now owns 390,596 shares in the company, valued at $515,586.72. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CFO Mansi Khetani sold 23,409 shares of ChargePoint stock in a transaction that occurred on Monday, September 23rd. The stock was sold at an average price of $1.35, for a total transaction of $31,602.15. Following the transaction, the chief financial officer now owns 849,084 shares in the company, valued at approximately $1,146,263.40. The trade was a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 100,803 shares of company stock worth $135,295 in the last ninety days. 3.50% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On ChargePoint

Several institutional investors and hedge funds have recently made changes to their positions in CHPT. Vanguard Group Inc. raised its position in ChargePoint by 26.3% in the 1st quarter. Vanguard Group Inc. now owns 36,688,672 shares of the company’s stock valued at $69,708,000 after purchasing an additional 7,645,210 shares during the last quarter. Point72 Asset Management L.P. bought a new stake in ChargePoint during the 2nd quarter worth about $13,007,000. Skandinaviska Enskilda Banken AB publ increased its position in ChargePoint by 62.0% in the 2nd quarter. Skandinaviska Enskilda Banken AB publ now owns 1,623,836 shares of the company’s stock valued at $2,452,000 after acquiring an additional 621,536 shares in the last quarter. Bank of New York Mellon Corp raised its stake in shares of ChargePoint by 60.1% in the second quarter. Bank of New York Mellon Corp now owns 1,298,289 shares of the company’s stock worth $1,960,000 after acquiring an additional 487,262 shares during the last quarter. Finally, AQR Capital Management LLC acquired a new position in shares of ChargePoint during the second quarter worth approximately $1,310,000. Institutional investors and hedge funds own 37.77% of the company’s stock.

Analyst Ratings Changes

A number of equities analysts have recently weighed in on CHPT shares. Wolfe Research began coverage on shares of ChargePoint in a research note on Thursday, September 5th. They issued a “peer perform” rating on the stock. Stifel Nicolaus cut 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. UBS Group reduced their price target on ChargePoint from $1.80 to $1.50 and set a “neutral” rating for the company in a report on Tuesday, October 15th. Royal Bank of Canada cut their price objective on shares of ChargePoint from $3.00 to $2.50 and set a “sector perform” rating on the stock in a research report on Thursday, September 5th. Finally, JPMorgan Chase & Co. downgraded shares of ChargePoint from an “overweight” rating to an “underweight” rating in a research report on Thursday, October 3rd. Two investment analysts have rated the stock with a sell rating, thirteen have given a hold rating, four have issued a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat.com, the company 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.