Stock Traders Buy High Volume of Call Options on ChargePoint (NYSE:CHPT)

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

Insiders Place Their Bets

In other ChargePoint news, Director Michael Linse sold 100,000 shares of the stock in a transaction dated Thursday, March 7th. The stock was 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 owns 1,209,867 shares in the company, valued at approximately $2,347,141.98. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. 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 completion of the transaction, the director now owns 1,209,867 shares in the company, valued at approximately $2,347,141.98. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CFO Mansi Khetani sold 19,035 shares of the firm’s stock in a transaction dated Thursday, March 21st. The shares were sold at an average price of $1.87, for a total value 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. In the last 90 days, insiders sold 154,846 shares of company stock worth $296,562. Corporate insiders own 12.90% of the company’s stock.

Institutional Trading of ChargePoint

Hedge funds and other institutional investors have recently modified their holdings of the stock. Legacy Capital Wealth Partners LLC bought a new stake in shares of ChargePoint in the third quarter worth $72,000. Perennial Advisors LLC lifted its holdings in ChargePoint by 44.5% in the third quarter. Perennial Advisors LLC now owns 20,595 shares of the company’s stock valued at $102,000 after buying an additional 6,347 shares during the period. Meridian Wealth Management LLC boosted its position in shares of ChargePoint by 16.3% during the 3rd quarter. Meridian Wealth Management LLC now owns 21,810 shares of the company’s stock worth $108,000 after purchasing an additional 3,060 shares in the last quarter. Pinnacle Associates Ltd. bought a new position in shares of ChargePoint during the 3rd quarter worth about $65,000. Finally, Raymond James Financial Services Advisors Inc. boosted its position in shares of ChargePoint by 49.8% during the 3rd quarter. Raymond James Financial Services Advisors Inc. now owns 210,005 shares of the company’s stock worth $1,044,000 after purchasing an additional 69,852 shares in the last quarter. Institutional investors own 37.77% of the company’s stock.

ChargePoint Stock Performance

Shares of NYSE:CHPT opened at $1.29 on Thursday. The company’s 50 day simple moving average is $1.80 and its 200 day simple moving average is $2.21. The stock has a market capitalization of $539.26 million, a price-to-earnings ratio of -1.04 and a beta of 1.62. 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 has a 1 year low of $1.21 and a 1 year high of $10.10.

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

Wall Street Analyst Weigh In

CHPT has been the subject of a number of research analyst reports. Royal Bank of Canada reiterated a “sector perform” rating and set a $3.00 price target (down previously from $3.50) on shares of ChargePoint in a report on Wednesday, March 6th. DA Davidson restated a “buy” rating and set a $4.00 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 objective on shares of ChargePoint in a research report on Thursday, April 4th. The Goldman Sachs Group restated a “sell” rating and set a $1.50 price objective (down from $2.00) on shares of ChargePoint in a research report on Tuesday, April 9th. Finally, R. F. Lafferty dropped 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. One equities research analyst has rated the stock with a sell rating, thirteen have issued a hold rating and six have assigned a buy rating to the company. According to MarketBeat.com, the company currently has a consensus rating of “Hold” and a consensus 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.