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

ChargePoint Holdings, Inc. (NYSE:CHPT) saw some unusual options trading activity on Tuesday. Investors purchased 4,998 call options on the stock. This is an increase of approximately 130% compared to the average volume of 2,173 call options.

Hedge Funds Weigh In On ChargePoint

Several institutional investors have recently added to or reduced their stakes in CHPT. Rothschild Investment LLC lifted its position in ChargePoint by 233.3% during the fourth quarter. Rothschild Investment LLC now owns 5,000 shares of the company’s stock worth $33,000 after buying an additional 3,500 shares during the period. Pilgrim Partners Asia Pte Ltd purchased a new stake in ChargePoint in the 3rd quarter valued at about $60,000. Hsbc Holdings PLC purchased a new stake in ChargePoint in the 4th quarter valued at about $73,000. EFG International AG acquired a new position in shares of ChargePoint during the 4th quarter valued at about $72,000. Finally, Price T Rowe Associates Inc. MD purchased a new position in shares of ChargePoint during the 4th quarter worth about $125,000. 37.77% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

CHPT has been the subject of several research reports. B. Riley Financial reduced 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, March 13th. UBS Group dropped their price target on ChargePoint from $9.00 to $7.00 and set a “neutral” rating for the company in a research report on Monday, March 16th. JPMorgan Chase & Co. cut their price target on ChargePoint from $8.00 to $5.00 and set an “underweight” rating for the company in a report on Thursday, March 5th. Weiss Ratings restated a “sell (e+)” rating on shares of ChargePoint in a research report on Wednesday, January 21st. Finally, Royal Bank Of Canada decreased their price objective on 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 analyst has rated the stock with a Buy rating, six have issued a Hold rating and three have given a Sell rating to the company. According to MarketBeat, the stock has an average rating of “Reduce” and an average price target of $8.63.

ChargePoint Trading Up 6.5%

CHPT stock traded up $0.30 during midday trading on Tuesday, hitting $4.81. The stock had a trading volume of 117,220 shares, compared to its average volume of 489,395. The company’s 50-day moving average price is $5.91 and its 200 day moving average price is $8.07. The company has a debt-to-equity ratio of 8.38, a current ratio of 1.59 and a quick ratio of 0.93. The firm has a market cap of $113.64 million, a PE ratio of -0.52 and a beta of 1.40. ChargePoint has a 12-month low of $4.44 and a 12-month high of $17.78.

About ChargePoint

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.