Traders Purchase Large Volume of Call Options on ChargePoint (NYSE:CHPT)

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

Insider Buying and Selling at ChargePoint

In related news, CFO Mansi Khetani sold 3,943 shares of ChargePoint 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 transaction, the chief financial officer owned 130,363 shares in the company, valued at approximately $911,237.37. The trade was a 2.94% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, insider Jagdeep Ca Singh sold 4,832 shares of the company’s stock in a transaction on Tuesday, December 23rd. The stock was sold at an average price of $6.99, for a total transaction of $33,775.68. Following the completion of the transaction, the insider directly owned 124,627 shares of the company’s stock, valued at $871,142.73. This represents a 3.73% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold a total of 12,670 shares of company stock worth $88,534 over the last 90 days. Insiders own 3.50% of the company’s stock.

Hedge Funds Weigh In On ChargePoint

A number of institutional investors and hedge funds have recently made changes to their positions in CHPT. Focus Partners Wealth purchased a new stake in shares of ChargePoint during the 1st quarter valued at about $27,000. Rothschild Investment LLC grew its position in ChargePoint by 233.3% in the fourth quarter. Rothschild Investment LLC now owns 5,000 shares of the company’s stock worth $33,000 after acquiring an additional 3,500 shares in the last quarter. Corient Private Wealth LLC increased its stake in ChargePoint by 57.1% during the second quarter. Corient Private Wealth LLC now owns 67,345 shares of the company’s stock worth $47,000 after acquiring an additional 24,470 shares during the last quarter. Pilgrim Partners Asia Pte Ltd raised its position in ChargePoint by 56.4% during the fourth quarter. Pilgrim Partners Asia Pte Ltd now owns 8,600 shares of the company’s stock valued at $57,000 after purchasing an additional 3,100 shares during the period. Finally, Jump Financial LLC purchased a new stake in ChargePoint during the second quarter valued at approximately $66,000. 37.77% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

Several brokerages recently issued reports on CHPT. B. Riley Financial decreased their target price on ChargePoint from $11.00 to $6.00 and set a “neutral” rating on the stock in a research note on Friday. The Goldman Sachs Group reiterated a “sell” rating and set a $5.00 price objective on shares of ChargePoint in a research report on Thursday, January 15th. Weiss Ratings reissued a “sell (e+)” rating on shares of ChargePoint in a report on Wednesday, January 21st. Roth Mkm set a $8.50 price target on shares of ChargePoint and gave the company a “neutral” rating in a report on Friday, December 5th. Finally, Royal Bank Of Canada decreased their price target on shares of ChargePoint from $9.00 to $6.50 and set a “sector perform” rating on the stock in a research note on Thursday, March 5th. One research analyst has rated the stock with a Buy rating, seven have assigned a Hold rating and three have assigned a Sell rating to the company’s stock. Based on data from MarketBeat.com, ChargePoint presently has a consensus rating of “Reduce” and a consensus price target of $10.11.

ChargePoint Price Performance

Shares of CHPT stock traded up $0.07 on Monday, reaching $5.41. The company’s stock had a trading volume of 267,782 shares, compared to its average volume of 491,751. The stock’s fifty day simple moving average is $6.31 and its 200-day simple moving average is $8.50. ChargePoint has a 1 year low of $5.23 and a 1 year high of $17.78. The company has a market capitalization of $127.83 million, a price-to-earnings ratio of -0.58 and a beta of 1.40. The company has a current ratio of 1.59, a quick ratio of 0.93 and a debt-to-equity ratio of 8.38.

ChargePoint Company Profile

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.