ChargePoint Sees Unusually High Options Volume (NYSE:CHPT)

ChargePoint Holdings, Inc. (NYSE:CHPT) was the recipient of unusually large options trading activity on Tuesday. Investors purchased 79,522 call options on the company. This represents an increase of approximately 99% compared to the average volume of 39,861 call options.

ChargePoint Price Performance

CHPT opened at $1.36 on Tuesday. ChargePoint has a 1-year low of $1.21 and a 1-year high of $10.10. The company has a quick ratio of 1.65, a current ratio of 2.25 and a debt-to-equity ratio of 0.87. The company has a fifty day moving average price of $1.84 and a two-hundred day moving average price of $2.23.

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. The firm had revenue of $115.83 million during the quarter, compared to the consensus estimate of $126.48 million. ChargePoint had a negative net margin of 90.32% and a negative return on equity of 125.19%. Analysts expect that ChargePoint will post -0.63 earnings per share for the current year.

Insiders Place Their Bets

In other ChargePoint news, CEO Richard Wilmer sold 25,376 shares of the stock in a transaction that occurred on Thursday, March 21st. The shares were sold at an average price of $1.87, for a total transaction of $47,453.12. Following the transaction, the chief executive officer now owns 2,359,462 shares in the company, valued at approximately $4,412,193.94. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. In other news, CEO Richard Wilmer sold 25,376 shares of the company’s stock in a transaction that occurred on Thursday, March 21st. The shares were sold at an average price of $1.87, for a total transaction of $47,453.12. Following the completion of the sale, the chief executive officer now owns 2,359,462 shares of the company’s stock, valued at approximately $4,412,193.94. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, Director Michael Linse sold 100,000 shares of the company’s stock in a transaction that occurred on Thursday, March 7th. The stock was sold at an average price of $1.94, for a total transaction of $194,000.00. Following the sale, the director now directly owns 1,209,867 shares of the company’s stock, valued at approximately $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 quarter. Corporate insiders own 12.90% of the company’s stock.

Institutional Investors Weigh In On ChargePoint

Several hedge funds and other institutional investors have recently made changes to their positions in CHPT. Balentine LLC purchased a new position in ChargePoint during the fourth quarter worth about $26,000. RWA Wealth Partners LLC purchased a new position in ChargePoint during the fourth quarter worth about $31,000. Ingalls & Snyder LLC purchased a new position in ChargePoint during the fourth quarter worth about $33,000. Sigma Planning Corp purchased a new position in ChargePoint in the fourth quarter valued at about $33,000. Finally, TCG Advisory Services LLC purchased a new position in ChargePoint in the fourth quarter valued at about $33,000. 37.77% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In

A number of analysts have recently weighed in on CHPT shares. The Goldman Sachs Group reaffirmed a “sell” rating and set a $1.50 price target (down previously from $2.00) on shares of ChargePoint in a report on Tuesday, April 9th. Needham & Company LLC reissued a “buy” rating and issued a $3.00 price objective on shares of ChargePoint in a research note on Thursday, April 4th. R. F. Lafferty dropped their price objective on shares of ChargePoint from $4.00 to $3.00 and set a “hold” rating for the company in a research note on Wednesday, March 6th. Benchmark reissued a “buy” rating and issued a $4.25 price objective on shares of ChargePoint in a research note on Wednesday, March 6th. Finally, Royal Bank of Canada reissued a “sector perform” rating and issued a $3.00 price objective (down previously from $3.50) on shares of ChargePoint in a research note on Wednesday, March 6th. One investment analyst has rated the stock with a sell rating, thirteen have issued a hold rating and six have given a buy rating to the company’s stock. Based on data from MarketBeat.com, the company presently has an average rating of “Hold” and a consensus price target of $6.14.

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.