ChargePoint Target of Unusually High Options Trading (NYSE:CHPT)

ChargePoint Holdings, Inc. (NYSE:CHPT) saw unusually large options trading on Tuesday. Stock traders bought 79,522 call options on the company. This represents an increase of 99% compared to the average volume of 39,861 call options.

Wall Street Analyst Weigh In

Several brokerages recently commented on CHPT. Needham & Company LLC reiterated a “buy” rating and set a $3.00 target price on shares of ChargePoint in a report on Thursday, April 4th. Benchmark reissued a “buy” rating and issued a $4.25 price target on shares of ChargePoint in a report on Wednesday, March 6th. The Goldman Sachs Group reissued a “sell” rating and issued a $1.50 price target (down previously from $2.00) on shares of ChargePoint in a report on Tuesday, April 9th. DA Davidson reaffirmed a “buy” rating and set a $4.00 target price on shares of ChargePoint in a research note on Wednesday, March 6th. Finally, R. F. Lafferty cut their target price on ChargePoint from $4.00 to $3.00 and set a “hold” rating on the stock in a research note on Wednesday, March 6th. One research analyst has rated the stock with a sell rating, thirteen have given a hold rating and six have issued a buy rating to the company’s stock. Based on data from MarketBeat, ChargePoint has an average rating of “Hold” and a consensus target price of $6.14.

ChargePoint Stock Performance

Shares of NYSE CHPT opened at $1.29 on Thursday. The stock’s fifty day simple moving average is $1.80 and its 200 day simple moving average is $2.21. The company has a quick ratio of 1.65, a current ratio of 2.25 and a debt-to-equity ratio of 0.87. ChargePoint has a 52-week low of $1.21 and a 52-week high of $10.10. The stock has a market capitalization of $539.26 million, a price-to-earnings ratio of -1.04 and a beta of 1.62.

ChargePoint (NYSE:CHPT) last announced its quarterly earnings results on Tuesday, March 5th. The company reported ($0.19) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.20) by $0.01. ChargePoint had a negative return on equity of 125.19% and a negative net margin of 90.32%. The company had revenue of $115.83 million during the quarter, compared to analysts’ expectations of $126.48 million. As a group, sell-side analysts forecast that ChargePoint will post -0.63 earnings per share for the current fiscal year.

Insider Transactions at ChargePoint

In other news, Director Michael Linse sold 100,000 shares of the firm’s stock in a transaction dated Thursday, March 7th. The stock was sold at an average price of $1.94, for a total value of $194,000.00. Following the transaction, the director now directly owns 1,209,867 shares in the company, valued at approximately $2,347,141.98. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. In related news, CFO Mansi Khetani sold 19,035 shares of the firm’s stock in a transaction dated Thursday, March 21st. The stock was sold at an average price of $1.87, for a total transaction of $35,595.45. Following the sale, the chief financial officer now directly owns 421,500 shares in the company, valued at approximately $788,205. The sale was disclosed in a document filed with the SEC, which is accessible through this link. Also, Director Michael Linse sold 100,000 shares of the firm’s stock in a transaction dated Thursday, March 7th. The shares were sold at an average price of $1.94, for a total value of $194,000.00. Following the sale, the director now owns 1,209,867 shares in the company, valued at $2,347,141.98. The disclosure for this sale can be found here. Insiders have sold a total of 154,846 shares of company stock worth $296,562 in the last three months. 12.90% of the stock is currently owned by company insiders.

Institutional Trading of ChargePoint

A number of institutional investors and hedge funds have recently made changes to their positions in CHPT. Balentine LLC acquired a new position in shares of ChargePoint during the 4th quarter worth about $26,000. QRG Capital Management Inc. acquired a new position in shares of ChargePoint during the 3rd quarter worth about $58,000. Hollencrest Capital Management acquired a new position in shares of ChargePoint during the 3rd quarter worth about $60,000. M&T Bank Corp acquired a new position in shares of ChargePoint during the 3rd quarter worth about $62,000. Finally, RWA Wealth Partners LLC acquired a new position in shares of ChargePoint during the 4th quarter worth about $31,000. Institutional investors and hedge funds own 37.77% 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 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.