ChargePoint Holdings (CHPT) is on the move, as hoped.
Just days ago, we noted the company posted strong earnings and outlook.
For its second quarter, revenue jumped 93% to $108.3 million, which beat expectations for $103 million. It’s also the first time CHPT revenue has been above $100 million. And while gross margins did fall two percentage points to 17%, it was better than the eight-percentage point drop in the first quarter of the year. We also have to consider that ChargePoint total EV charging port installations jumped 70% year over year, and 7% sequentially.
Even better, the company expects to see 100% growth in third quarter revenue. And it’s full-year projection of $450 million to $500 million in sales tells us there’s big growth ahead. Helping, California is set to prohibit the sale of gasoline-powered calls by 2035.
Today, the CHPT stock is on the move again.
All after Credit Suisse issued a price target of $22 on the stock, with an outperform rating. “We are positive on ChargePoint, as it benefits from a capital-light growth model, first-mover advantage with integrated solutions, and an attractive valuation,” they added.
CHPT is up about 8.6% on the day on a volume spike to 10.2756 million, as compared to daily average volume of 10 million.
