On June 1st, &ChargePoint (NYSE:CHPT) will release its earnings report for the first quarter of 2024, and industry analysts are eagerly anticipating their results. The company has set its Q1 2024 guidance at EPS, and many investors have raised questions about whether they will exceed this number.
Currently, the average rating for the company’s stock is “Moderate Buy,” and analysts predict that the company will announce earnings of ($0.16) per share for the upcoming quarter. Experts believe that a good performance in this report could lead to a surge in stock price, which is why we anticipate many investors tuning into their conference call on June 1st via the provided link.
Previous research from industry experts indicates an optimistic outlook for ChargePoint’s future performance. JPMorgan Chase & Co., Citigroup, Janney Montgomery Scott, Stifel Nicolaus and B. Riley reviewed ChargePoint shares to end with a “buy” or “neutral” rating while advocating an average target price of $17.68 per share by May 25th, projecting market confidence.
Despite these positive predictions, recent insider movements have caused some speculation among investors. Insider Richard Wilmer sold more than four thousand shares in two separate transactions since March 21st worth over $40k in total while the CEO Pasquale Romano sold around twenty thousand shares last May 19th at $8 per stock unit.
However, it is important to note that insiders only own a fraction of the company’s total stocks while also considering there were other factors surrounding these sales’ timing beyond CHPT’s health.
So far, ChargePoint has established itself as one of the top EV charging companies globally with markets across Europe and North America; now we will be able to observe how sustainable that growth can be when they finally release their Q1 profits next week.
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ChargePoint Exceeds Q1 Earnings Expectations Despite Negative Net Margin and Lower-than-Expected Revenue
May 25, 2023 – ChargePoint (NYSE:CHPT), a leading provider of electric vehicle charging solutions, has recently released its quarterly earnings results for the first quarter of the fiscal year. The company reported an EPS of ($0.19), exceeding analysts’ estimates by $0.03. Despite the beat, ChargePoint had a negative return on equity of 82.84% and a negative net margin of 73.59%.
During the first quarter, ChargePoint generated $152.83 million in revenue, falling short of analyst expectations by roughly $11 million. Analysts now expect ChargePoint to post earnings per share (EPS) of $-1 for the current fiscal year and $0 EPS for the following fiscal year.
Upon market open on Thursday, shares of CHPT stock traded at $8.36 with a market capitalization of over $2.9 billion and a price-to-earnings ratio (PE ratio) of -8.12, indicating that the company is currently not profitable. The stock’s beta currently stands at 1.69.
ChargePoint has had a volatile past year with low points reaching as low as $7.82 and highs soaring to almost $20 per share over the course of its 52-week range.
Institutional investors have shown interest in investing in ChargePoint recently as some hedge funds modify their holdings in this growing industry leader in clean energy solutions for electric vehicles. Centaurus Financial Inc., Advisory Services Network LLC, Rockefeller Capital Management L.P., Hollencrest Capital Management, and Trium Capital LLP all made sizable investments in CHPT during Q1.
ChargePoint has been making strides towards improving its offering with multiple acquisitions and partnerships that will see their footprint grow in many different markets across various industries such as hospitality and real estate development.
With dreams so big they reach past our planet Earth to Mars where they plan to take energy solutions around EVs, ChargePoint continues to innovate and improve the landscape at a rapid pace. Their vision is one that could change the world in terms of sustainable transportation, so investors keen on sustainability should keep their eyes peeled for developments from ChargePoint.
