This is Why ChargePoint is Accelerating Today


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.