ChargePoint Stock Rises On Strong Guidance As Sales Beat| Investor’s Business Daily

National Financial Solution > Business Report > ChargePoint Stock Rises On Strong Guidance As Sales Beat| Investor’s Business Daily

ChargePoint (CHPT) reported mixed first-quarter results and guided Q2 revenue high, after inking an EV charging deal with General Motors (GM). ChargePoint stock rose.


Founded in 2007, the company had 132,000 charging ports in North America and Europe as of March.

ChargePoint Earnings

Estimates: Analysts expect a loss of 11 cents per share on revenue of $37.18 million for fiscal Q1, which ended in April, according to Zacks Investment Research. The report is ChargePoint’s second as a publicly traded company.

Results: Loss of 17 cents a share on revenue of $40.5 million.

In its Q4 report, adjusted losses widened to $33.6 million from $32.5 million a year ago, as revenue slipped 2% to $42.4 million. For 2020, adjusted losses narrowed to $117.8 million from $129.9 million a year ago as revenue rose 1.4% to $146.5 million.

Outlook: The company sees Q2 revenue of $46 million-$51 million, above consensus of $45.2 million.

ChargePoint backed its forecast full-year revenue of $195 million-$205 million, a gain of 36.5% at the midpoint vs. last year. Wall Street analysts see 2021 revenue of $203.4 million.

IBD Live: A New Tool For Daily Stock Market Analysis

ChargePoint Stock

Shares rose 4% late after closing down 3.8% at 26.27 in Thursday’s stock market trading. ChargePoint stock is back above the 50-day and 200-day lines but has almost halved from January highs, according to MarketSmith charts analysis. Blink Charging (BLNK) stock rose 0.8%. Climate Change Crisis Real Impact I Acquisition (CLII), which is taking EVgo public, popped 7%.

Battery maker QuantumScape (QS) lost 1.3%, and Romeo Power (RMO) gained 4%.

In April, General Motors teamed up with several major EV charging networks to give customers access to nearly 60,000 plugs. Tie-ups included ChargePoint, Blink and EVgo. GM plans to only produce electric vehicles by 2035.

ChargePoint also expanded or struck partnerships last quarter with Volvo and Polestar, as well as LeasePlan USA, a fleet management company.

Also in April, President Biden pushed a $174 billion plan to spur the adoption of electric vehicles. He’s earmarking $15 billion to build a national network of 500,000 charging stations.

The EV charging market will be worth $60 billion by 2030 and $192 billion by 2040, according to ChargePoint. More than 4,000 commercial and fleet customers use its EV charging infrastructure.

ChargePoint stock debuted March 1 after the EV charging network merged with a blank-check company.

Find Aparna Narayanan on Twitter at @IBD_Aparna.


Is Tesla Stock A Buy Right Now? Here’s What Earnings, Charts Show

The Next Tesla May Emerge From This Explosion Of New EV Stocks

Why This IBD Tool Simplifies The Search For Top Stocks

Stocks To Watch: Top-Rated IPOs, Big Caps And Growth Stocks

Find The Latest Stocks Hitting Buy Zones With MarketSmith

Source link

Leave a Reply

Your email address will not be published. Required fields are marked *