ChargePoint Sees Unusually High Options Volume (NYSE:CHPT)

ChargePoint Holdings, Inc. (NYSE:CHPT) was the target of unusually large options trading on Thursday. Traders purchased 91,436 call options on the company. This represents an increase of 181% compared to the average daily volume of 32,509 call options.

ChargePoint Price Performance

Shares of NYSE CHPT opened at $1.50 on Thursday. The firm has a market cap of $635.04 million, a P/E ratio of -1.27 and a beta of 1.74. The business’s 50 day moving average is $1.64 and its 200-day moving average is $1.91. 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 $9.23.

Institutional Inflows and Outflows

Several large investors have recently added to or reduced their stakes in the company. Vanguard Group Inc. boosted its position in shares of ChargePoint by 12.9% in the third quarter. Vanguard Group Inc. now owns 29,162,249 shares of the company’s stock valued at $144,936,000 after acquiring an additional 3,325,694 shares during the period. Ingalls & Snyder LLC acquired a new stake in ChargePoint in the 4th quarter worth about $33,000. Wellington Management Group LLP grew its position in shares of ChargePoint by 418.2% during the 3rd quarter. Wellington Management Group LLP now owns 2,522,247 shares of the company’s stock worth $12,536,000 after purchasing an additional 2,035,496 shares in the last quarter. M&T Bank Corp grew its position in shares of ChargePoint by 484.7% during the 4th quarter. M&T Bank Corp now owns 73,396 shares of the company’s stock worth $172,000 after purchasing an additional 60,843 shares in the last quarter. Finally, Kestra Advisory Services LLC increased its holdings in shares of ChargePoint by 160.8% during the third quarter. Kestra Advisory Services LLC now owns 111,982 shares of the company’s stock worth $557,000 after purchasing an additional 69,044 shares during the period. Institutional investors own 37.77% of the company’s stock.

Wall Street Analyst Weigh In

Several research firms have weighed in on CHPT. Needham & Company LLC reaffirmed a “buy” rating and set a $3.00 price target on shares of ChargePoint in a research report on Thursday, June 6th. The Goldman Sachs Group reaffirmed a “sell” rating and set a $1.50 price target (down from $2.00) on shares of ChargePoint in a research report on Tuesday, April 9th. 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 report on Wednesday, March 6th. TD Cowen dropped their target price on shares of ChargePoint from $4.00 to $3.00 and set a “buy” rating on the stock in a report on Thursday, June 6th. Finally, Oppenheimer reiterated a “market perform” rating on shares of ChargePoint in a report on Wednesday, March 6th. One analyst has rated the stock with a sell rating, twelve have given a hold rating and six have given a buy rating to the company’s stock. Based on data from MarketBeat, the stock presently has a consensus rating of “Hold” and a consensus price target of $4.96.

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.