ChargePoint Sees Unusually High Options Volume (NYSE:CHPT)

ChargePoint Holdings, Inc. (NYSE:CHPT) was the target of unusually large options trading activity on Wednesday. Stock traders acquired 72,235 call options on the stock. This is an increase of 60% compared to the average volume of 45,076 call options.

Insider Transactions at ChargePoint

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

Institutional Trading of ChargePoint

A number of hedge funds have recently modified their holdings of CHPT. Sanctuary Advisors LLC bought a new stake in ChargePoint during the 2nd quarter worth approximately $138,000. Point72 Asset Management L.P. bought a new stake in ChargePoint in the 2nd quarter valued at $13,007,000. Creative Planning boosted its stake in 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 bought a new position in ChargePoint during the 2nd quarter worth about $58,000. Finally, The Manufacturers Life Insurance Company acquired a new stake in shares of ChargePoint in the 2nd quarter valued at about $231,000. 37.77% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

CHPT has been the topic of a number of recent analyst reports. Evercore ISI cut their price objective on ChargePoint from $6.00 to $4.00 and set an “outperform” rating on the stock in a research note on Thursday, September 5th. Wolfe Research assumed coverage on shares of ChargePoint in a research note on Thursday, September 5th. They issued a “peer perform” rating for the company. The Goldman Sachs Group dropped their target price on shares of ChargePoint from $1.50 to $1.25 and set a “sell” rating on the stock in a report on Friday, September 6th. TD Cowen downgraded ChargePoint from a “buy” rating to a “hold” rating and lowered their price target for the company from $3.00 to $2.00 in a research report on Thursday, September 5th. Finally, Benchmark reiterated a “buy” rating and set a $3.00 price target on shares of ChargePoint in a report on Thursday, September 5th. One research analyst has rated the stock with a sell rating, thirteen have assigned a hold rating and five have assigned a buy rating to the company’s stock. According to MarketBeat.com, the stock presently has an average rating of “Hold” and a consensus price target of $3.39.

ChargePoint Trading Down 1.2 %

Shares of CHPT traded down $0.02 during trading hours on Wednesday, hitting $1.27. 6,825,203 shares of the stock traded hands, compared to its average volume of 13,963,152. The firm has a market capitalization of $535.55 million, a PE ratio of -1.11 and a beta of 1.70. The company has a current ratio of 2.13, a quick ratio of 1.45 and a debt-to-equity ratio of 1.02. ChargePoint has a 1-year low of $1.21 and a 1-year high of $6.11. The business has a fifty day moving average of $1.85 and a 200-day moving average of $1.75.

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.