Investors Buy Large Volume of Call Options on ChargePoint (NYSE:CHPT)

ChargePoint Holdings, Inc. (NYSE:CHPT) was the recipient of some unusual options trading activity on Wednesday. Investors purchased 72,235 call options on the stock. This is an increase of approximately 60% compared to the typical daily volume of 45,076 call options.

ChargePoint Trading Up 4.7 %

NYSE CHPT opened at $1.34 on Thursday. The stock has a market cap of $567.30 million, a P/E ratio of -1.14 and a beta of 1.70. The stock’s fifty day moving average price is $1.84 and its 200-day moving average price is $1.75. ChargePoint has a 12 month low of $1.21 and a 12 month high of $6.11. The company has a current ratio of 2.13, a quick ratio of 1.45 and a debt-to-equity ratio of 1.02.

Analysts Set New Price Targets

Several research analysts recently commented on the company. Royal Bank of Canada reduced their price target on ChargePoint from $3.00 to $2.50 and set a “sector perform” rating for the company in a research report on Thursday, September 5th. Needham & Company LLC dropped their price target on shares of ChargePoint from $3.00 to $2.00 and set a “buy” rating on the stock in a research report on Thursday, September 5th. B. Riley upgraded ChargePoint to a “hold” rating in a research note on Tuesday, June 25th. TD Cowen downgraded shares of ChargePoint from a “buy” rating to a “hold” rating and decreased their price objective for the company from $3.00 to $2.00 in a report on Thursday, September 5th. Finally, The Goldman Sachs Group cut their price objective on shares of ChargePoint from $1.50 to $1.25 and set a “sell” rating for the company in a research report on Friday, September 6th. One research analyst has rated the stock with a sell rating, thirteen have issued a hold rating and five have issued a buy rating to the company’s stock. According to MarketBeat, the company has a consensus rating of “Hold” and an average price target of $3.39.

Insider Buying and Selling at ChargePoint

In related news, CAO Henrik Gerdes sold 43,596 shares of the business’s stock in a transaction on Thursday, June 20th. The stock was sold at an average price of $1.50, for a total value of $65,394.00. Following the sale, the chief accounting officer now owns 438,004 shares of the company’s stock, valued at approximately $657,006. The sale was disclosed in a legal filing with the SEC, which is available through this link. In other ChargePoint news, CAO Henrik Gerdes sold 43,596 shares of the business’s stock in a transaction dated Thursday, June 20th. The stock was sold at an average price of $1.50, for a total transaction of $65,394.00. Following the completion of the sale, the chief accounting officer now directly owns 438,004 shares of the company’s stock, valued at approximately $657,006. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CFO Mansi Khetani sold 19,007 shares of the company’s stock in a transaction that occurred on Friday, June 21st. The shares were sold at an average price of $1.40, for a total transaction of $26,609.80. Following the completion of the sale, the chief financial officer now directly owns 402,493 shares of the company’s stock, valued at approximately $563,490.20. The disclosure for this sale can be found here. Insiders have sold 95,099 shares of company stock valued at $137,498 in the last 90 days. 3.50% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On ChargePoint

Several institutional investors and hedge funds have recently made changes to their positions in the company. Sanctuary Advisors LLC purchased a new stake in ChargePoint in the second quarter worth approximately $138,000. Point72 Asset Management L.P. purchased a new stake in shares of ChargePoint during the 2nd quarter valued at about $13,007,000. Creative Planning lifted its stake in shares of ChargePoint by 152.3% in the 2nd quarter. Creative Planning now owns 188,363 shares of the company’s stock worth $284,000 after purchasing an additional 113,699 shares during the period. Algert Global LLC purchased a new position in shares of ChargePoint in the second quarter worth approximately $58,000. Finally, The Manufacturers Life Insurance Company bought a new stake in ChargePoint during the second quarter valued at approximately $231,000. Institutional investors 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.