ChargePoint announced disappointing fourth-quarter revenue
ChargePoint Holdings Inc (NYSE:CHPT) stock is sliding today, after the electric vehicle (EV) charging name posted a fourth-quarter revenue miss and disappointing current-quarter revenue forecast. RBC downgraded the shares to "sector perform" from "outperform" after the event, while Needham cut its price target to $3 from $4.
At last glance, CHPT was down 8% at $1.83, nearing its Jan. 19 record low of $1.56. The security slipped into penny stock territory for the first time this past September, down 82% since this time last year.
Over in the options pits, 24,000 calls and 13,000 puts have exchanged hands -- volume that is four times the intraday average amount. The weekly 3/8 2-strike call is the most popular, followed by the March 2 call.
It's worth noting that CHPT has plenty of short interest built up. The 89.65 million shares sold short account for 24.3% of the stock's available float, or over five days' worth of pent-up buying power.