Analyst Upgrade Electrifies ChargePoint Stock

Options bulls are targeting the stock in response

Laura McCandless

Deputy Editor

May 30, 2023 at 11:13 AM

CHPT

ChargePoint Holdings Inc (NYSE:CHPT) stock is up 12.4% at $9.55 at last glance, after an upgrade from BofA Global Research to "buy" from "neutral." The firm cited the electric vehicle (EV) charging name's scale and diversity as keys to sustainable growth.

Today's pop has CHPT further removing itself from its May 19 record low of $7.82. The stock is also eyeing its first close above the 40-day moving average since February, and biggest single-day percentage gain since August.

Options bulls are getting in on the surge, with 101,000 calls exchanged so far -- seven times the intraday average -- in comparison to 20,000 puts. The weekly 6/9 9.50-strike call is the most active, with new positions opening there.

This represents a shift in sentiment amongst options traders, as CHPT's 10-day put/call volume ratio of 1.45 at the International Securities Exchange (ISE), Cboe Options Exchange (CBOE), and NASDAQ OMX PHLX (PHLX) ranks higher than 98% of readings from the past year.

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