ChargePoint Holdings Inc. (CHPT) Earnings Looks Solid Out of the Gate - Oppenheimer

March 12, 2021 9:15 AM EST
Get Alerts CHPT Hot Sheet
Price: $21.11 -2.36%

Rating Summary:
    2 Buy, 1 Hold, 0 Sell

Rating Trend: Up Up

Today's Overall Ratings:
    Up: 5 | Down: 14 | New: 57
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Oppenheimer analyst Colin Rusch reiterated an Outperform rating and $39.00 price target on ChargePoint Holdings Inc. (NYSE: CHPT) after the company reported 4FQ21 sales of $42.4M on GAAP gross margin
of 21.0%, vs. consensus' $43.2M and 20.4% estimates. Adj. EPS was ($1.72) vs. our expectations of ($2.37) that are based on a very wide range.

The analyst stated "CHPT posted solid 4QFY21 results and guided ahead of the Street for FY22. Given a backdrop of strong EV/PHEV growth across both passenger and commercial vehicles, we believe CHPT is seeing demand inflect higher. We are encouraged to hear commentary that utility-driven protocols and regulations are being refined as charging infrastructure density increases and expect CHPT to be a key beneficiary of these programs given its modular design that enables smoother power management at a
given location. We are also encouraged by momentum in the commercial fleet market, which we view as a key multi-year growth driver."

For an analyst ratings summary and ratings history on ChargePoint Holdings Inc. click here. For more ratings news on ChargePoint Holdings Inc. click here.

Shares of ChargePoint Holdings Inc. closed at $26.55 yesterday.

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