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

ChargePoint Holdings, Inc. (NYSE:CHPT) was the recipient of some unusual options trading on Monday. Investors purchased 10,248 call options on the company. This is an increase of 434% compared to the typical volume of 1,918 call options.

ChargePoint Trading Up 1.5%

NYSE CHPT opened at $5.42 on Tuesday. The company has a quick ratio of 0.93, a current ratio of 1.59 and a debt-to-equity ratio of 8.38. The stock has a market capitalization of $128.16 million, a P/E ratio of -0.58 and a beta of 1.40. ChargePoint has a 52-week low of $5.23 and a 52-week high of $17.78. The firm has a 50-day moving average price of $6.28 and a 200 day moving average price of $8.46.

Insider Buying and Selling

In other news, insider Jagdeep Ca Singh sold 4,832 shares of the business’s stock in a transaction that occurred on Tuesday, December 23rd. The shares were sold at an average price of $6.99, for a total transaction of $33,775.68. Following the completion of the sale, the insider owned 124,627 shares in the company, valued at approximately $871,142.73. The trade was a 3.73% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, CFO Mansi Khetani sold 3,943 shares of the company’s stock in a transaction on Tuesday, December 23rd. The shares were sold at an average price of $6.99, for a total transaction of $27,561.57. Following the completion of the transaction, the chief financial officer owned 130,363 shares of the company’s stock, valued at approximately $911,237.37. The trade was a 2.94% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders sold 12,670 shares of company stock valued at $88,534 over the last ninety days. 3.50% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On ChargePoint

Large investors have recently modified their holdings of the business. AQR Capital Management LLC raised its position in ChargePoint by 6,429.1% in the first quarter. AQR Capital Management LLC now owns 2,679,217 shares of the company’s stock worth $1,553,000 after acquiring an additional 2,638,182 shares in the last quarter. Goldman Sachs Group Inc. boosted its position in shares of ChargePoint by 61.8% during the 1st quarter. Goldman Sachs Group Inc. now owns 3,790,823 shares of the company’s stock worth $2,293,000 after purchasing an additional 1,448,114 shares in the last quarter. Soviero Asset Management LP purchased a new stake in shares of ChargePoint during the 2nd quarter worth $633,000. Brevan Howard Capital Management LP acquired a new position in shares of ChargePoint during the 2nd quarter worth $517,000. Finally, Qube Research & Technologies Ltd acquired a new position in shares of ChargePoint during the 2nd quarter worth $518,000. 37.77% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

A number of equities research analysts recently weighed in on CHPT shares. B. Riley Financial reduced their price target on shares of ChargePoint from $11.00 to $6.00 and set a “neutral” rating for the company in a research report on Friday. Royal Bank Of Canada dropped their price objective on ChargePoint from $9.00 to $6.50 and set a “sector perform” rating on the stock in a report on Thursday, March 5th. JPMorgan Chase & Co. cut their target price on ChargePoint from $8.00 to $5.00 and set an “underweight” rating on the stock in a research report on Thursday, March 5th. UBS Group reduced their target price on ChargePoint from $9.00 to $7.00 and set a “neutral” rating for the company in a report on Monday. Finally, Roth Mkm set a $8.50 target price on ChargePoint and gave the company a “neutral” rating in a research report on Friday, December 5th. One analyst has rated the stock with a Buy rating, seven have issued a Hold rating and three have issued a Sell rating to the company. Based on data from MarketBeat, the stock has an average rating of “Reduce” and a consensus target price of $9.89.

About ChargePoint

ChargePoint (NYSE: CHPT) is a leading provider of electric vehicle (EV) charging solutions that designs, develops and markets charging hardware, software and services. The company’s portfolio includes Level 2 AC charging stations for residential, commercial and fleet applications, as well as DC fast charging systems suited for retail, hospitality and public use. ChargePoint’s integrated platform enables site hosts to manage charging infrastructure through cloud-based monitoring, analytics and billing tools, while EV drivers access and control charging sessions via a mobile app or RFID card.

Since its founding in 2007 and headquarters in Campbell, California, ChargePoint has built one of the largest open EV charging networks in the world.