ChargePoint Target of Unusually Large Options Trading (NYSE:CHPT)

Posted by Defense World Staff on Jun 6th, 2023

ChargePoint Holdings, Inc. (NYSE:CHPT – Get Rating) was the recipient of unusually large options trading activity on Monday. Traders purchased 135,240 put options on the company. This is an increase of 79% compared to the average volume of 75,429 put options.

Insiders Place Their Bets

In other ChargePoint news, insider Richard Wilmer sold 4,312 shares of the company’s stock in a transaction dated Tuesday, March 21st. The shares were sold at an average price of $9.40, for a total value of $40,532.80. Following the completion of the sale, the insider now directly owns 658,018 shares of the company’s stock, valued at approximately $6,185,369.20. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. In other ChargePoint news, insider Richard Wilmer sold 4,312 shares of the company’s stock in a transaction on Tuesday, March 21st. The stock was sold at an average price of $9.40, for a total value of $40,532.80. Following the completion of the transaction, the insider now owns 658,018 shares in the company, valued at approximately $6,185,369.20. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CEO Pasquale Romano sold 20,000 shares of ChargePoint stock in a transaction on Friday, May 19th. The stock was sold at an average price of $8.00, for a total value of $160,000.00. Following the sale, the chief executive officer now owns 4,148,054 shares in the company, valued at $33,184,432. The disclosure for this sale can be found here. Insiders have sold 429,610 shares of company stock valued at $3,676,846 in the last three months. 12.90% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

A number of institutional investors have recently added to or reduced their stakes in CHPT. Amundi boosted its holdings in ChargePoint by 3,169.2% during the 4th quarter. Amundi now owns 2,680,629 shares of the company’s stock valued at $25,915,000 after acquiring an additional 2,598,633 shares during the period. Norges Bank bought a new stake in ChargePoint during the 4th quarter valued at $24,709,000. BlackRock Inc. boosted its position in ChargePoint by 28.8% during the 3rd quarter. BlackRock Inc. now owns 10,484,565 shares of the company’s stock valued at $154,754,000 after buying an additional 2,345,089 shares during the period. Vanguard Group Inc. grew its holdings in ChargePoint by 6.6% in the 3rd quarter. Vanguard Group Inc. now owns 22,469,637 shares of the company’s stock worth $331,652,000 after acquiring an additional 1,396,280 shares during the last quarter. Finally, First Trust Advisors LP increased its position in shares of ChargePoint by 48.4% in the fourth quarter. First Trust Advisors LP now owns 3,308,582 shares of the company’s stock valued at $31,515,000 after acquiring an additional 1,078,739 shares during the period. Institutional investors own 44.87% of the company’s stock.

ChargePoint Stock Down 3.5 %

Shares of NYSE CHPT opened at $8.75 on Tuesday. The company has a current ratio of 2.48, a quick ratio of 2.23 and a debt-to-equity ratio of 0.83. The business has a 50-day moving average of $8.93 and a 200-day moving average of $10.18. The firm has a market capitalization of $3.07 billion, a price-to-earnings ratio of -8.84 and a beta of 1.68. ChargePoint has a 12 month low of $7.82 and a 12 month high of $19.92.

ChargePoint (NYSE:CHPT – Get Rating) last announced its earnings results on Thursday, June 1st. The company reported ($0.15) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.19) by $0.04. The business had revenue of $130.00 million during the quarter, compared to analyst estimates of $128.27 million. ChargePoint had a negative net margin of 64.78% and a negative return on equity of 86.26%. ChargePoint’s revenue for the quarter was up 59.3% on a year-over-year basis. During the same period in the previous year, the business posted ($0.26) earnings per share. Sell-side analysts expect that ChargePoint will post -0.7 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

A number of equities research analysts recently issued reports on CHPT shares. Stifel Nicolaus lowered their price objective on ChargePoint from $25.00 to $17.00 in a research note on Tuesday, April 25th. JPMorgan Chase & Co. lowered their price target on shares of ChargePoint from $16.00 to $15.00 and set an “overweight” rating on the stock in a research report on Friday, March 3rd. Bank of America raised shares of ChargePoint from a “neutral” rating to a “buy” rating and cut their price objective for the stock from $15.50 to $14.00 in a report on Tuesday, May 30th. Citigroup lowered their target price on shares of ChargePoint from $14.00 to $13.00 and set a “neutral” rating on the stock in a report on Monday, March 6th. Finally, DA Davidson cut their price target on ChargePoint from $18.00 to $15.00 in a report on Monday. Four analysts have rated the stock with a hold rating and eight have issued a buy rating to the stock. According to MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $16.77.

ChargePoint Company Profile

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ChargePoint Holdings, Inc provides electric vehicle (EV) charging networks and charging solutions in the United States and internationally. It offers a portfolio of hardware, software, and services for commercial, fleet, and residential customers. The company was founded in 2007 and is headquartered in Campbell, California.