According to Pierce, the company's negative Q3 2024 pre-announcement highlights ongoing challenges with order delays and macro uncertainty. The slowing fleet and commercial electric vehicle (EV) deliveries have negatively impacted revenue timing. However, despite these setbacks, Pierce remains optimistic about EV adoption at both the consumer and fleet levels. The analyst points to government incentives and the lower total cost of ownership compared to internal combustion engine vehicles as factors that will continue to drive demand for EVs.
In addition to Pierce's rating update, there were other notable analyst actions on CHPT on November 17, 2023. RBC Capital's Chris Dendrinos lowered their price target by -44.4%, from $9 to $5, while maintaining a Buy rating on the stock. JP Morgan's Bill Peterson also lowered their price target, but by -37.5%, from $8 to $5, and maintained a Strong Buy rating.
Currently, 75% of top-rated analysts view CHPT as a Strong Buy or Buy, while 25% consider it a Hold. No analysts recommend or strongly recommend selling the stock.
Looking at CHPT's stock performance, it has seen a significant decline since its last quarterly report on July 31, 2023. The stock price is down 63.9% and down 75.7% year-over-year. During the same period, CHPT has underperformed the S&P 500, which is down 14%.
It's worth noting that Chris Pierce, the Needham analyst who updated their rating on CHPT, is ranked in the bottom 2% out of 4,399 Wall Street analysts by WallStreetZen. Pierce has an average return of -25.2% and a 30% win rate. Their areas of specialization include the Industrials and Technology sectors, among others.
ChargePoint Holdings, founded in 2007 and headquartered in Campbell, CA, provides EV charging stations and networks in the U.S. and internationally. The company offers hardware, software, and services for commercial, fleet, and residential customers.
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