ChargePoint Sees Unusually High Options Volume (NYSE:CHPT)

ChargePoint Holdings, Inc. (NYSE:CHPT) saw some unusual options trading activity on Tuesday. Traders purchased 79,522 call options on the company. This represents an increase of 99% compared to the typical volume of 39,861 call options.

ChargePoint Stock Performance

ChargePoint stock opened at $1.36 on Tuesday. The firm has a 50 day simple moving average of $1.84 and a 200-day simple moving average of $2.23. ChargePoint has a 1-year low of $1.21 and a 1-year high of $10.10. The company has a debt-to-equity ratio of 0.87, a current ratio of 2.25 and a quick ratio of 1.65.

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

Insider Activity at ChargePoint

In related news, Director Michael Linse sold 100,000 shares of the business’s stock in a transaction on Thursday, March 7th. The shares were sold at an average price of $1.94, for a total transaction of $194,000.00. Following the completion of the transaction, the director now directly owns 1,209,867 shares in the company, valued at $2,347,141.98. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. In other ChargePoint news, Director Michael Linse sold 100,000 shares of the company’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 completion of the transaction, the director now owns 1,209,867 shares in the company, valued at $2,347,141.98. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, CFO Mansi Khetani sold 19,035 shares of the company’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 completion of the transaction, the chief financial officer now owns 421,500 shares of the company’s stock, valued at approximately $788,205. The disclosure for this sale can be found here. Insiders sold 154,846 shares of company stock worth $296,562 over the last three months. Company insiders own 12.90% of the company’s stock.

Institutional Trading of ChargePoint

Several hedge funds have recently made changes to their positions in CHPT. Balentine LLC purchased a new stake in shares of ChargePoint in the 4th quarter valued at approximately $26,000. RWA Wealth Partners LLC purchased a new position in shares of ChargePoint during the 4th quarter worth approximately $31,000. Ingalls & Snyder LLC purchased a new position in shares of ChargePoint during the 4th quarter worth approximately $33,000. Sigma Planning Corp purchased a new position in shares of ChargePoint during the 4th quarter worth approximately $33,000. Finally, TCG Advisory Services LLC purchased a new position in shares of ChargePoint during the 4th quarter worth approximately $33,000. Hedge funds and other institutional investors own 37.77% of the company’s stock.

Analyst Ratings Changes

A number of research analysts have weighed in on CHPT shares. Benchmark reiterated a “buy” rating and issued a $4.25 price objective on shares of ChargePoint in a research report on Wednesday, March 6th. Needham & Company LLC restated a “buy” rating and set a $3.00 price target on shares of ChargePoint in a research report on Thursday, April 4th. R. F. Lafferty reduced their price target on shares of ChargePoint from $4.00 to $3.00 and set a “hold” rating for the company in a research report on Wednesday, March 6th. DA Davidson restated a “buy” rating and set a $4.00 price target on shares of ChargePoint in a research report on Wednesday, March 6th. Finally, The Goldman Sachs Group restated a “sell” rating and set a $1.50 price target (down previously from $2.00) on shares of ChargePoint in a research report on Tuesday, April 9th. One analyst has rated the stock with a sell rating, thirteen have given a hold rating and six have issued a buy rating to the stock. According to data from MarketBeat.com, the company presently has a consensus rating of “Hold” and an average target price of $6.14.

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.