What's Going On With ChargePoint Stock?
Portfolio Pulse from Erica Kollmann
ChargePoint Holdings, Inc. (NASDAQ:CHPT) shares are being closely watched as Tesla, Inc. (NASDAQ:TSLA) and Rivian Automotive, Inc. (NASDAQ:RIVN) report strong Q2 EV production and delivery figures. Chinese EV stocks NIO Inc (NYSE:NIO), Li Auto Inc. (NASDAQ:LI), and XPeng Inc. (NYSE:XPEV) also show significant year-over-year delivery increases. ChargePoint could benefit from increased EV sales, but its stock is currently trading in-line with its 50-day moving average and has a high short interest. Benchmark analyst Michael Legg maintained a Buy rating but lowered the price target to $3.
July 02, 2024 | 3:45 pm
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NEUTRAL IMPACT
ChargePoint shares are being closely watched due to strong EV delivery reports from Tesla and Rivian, and significant growth from Chinese EV stocks. Despite potential benefits from increased EV sales, the stock is trading in-line with its 50-day moving average and has a high short interest. Benchmark analyst maintained a Buy rating but lowered the price target to $3.
ChargePoint's stock is influenced by the broader EV market's performance. Strong delivery figures from Tesla and Rivian, along with growth from Chinese EV stocks, could positively impact ChargePoint. However, the stock's current trading position and high short interest suggest a neutral short-term impact.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 100
NEUTRAL IMPACT
Rivian reported Q2 production and delivery figures in-line with estimates. This neutral performance is unlikely to significantly impact the stock in the short term.
Rivian's Q2 figures meeting estimates suggest a neutral short-term impact on the stock, as there are no surprises to drive significant price movement.
CONFIDENCE 85
IMPORTANCE 70
RELEVANCE 70
POSITIVE IMPACT
Li Auto reported significant year-over-year increases in vehicle deliveries for Q2. This strong performance could positively impact the stock in the short term.
Li Auto's strong year-over-year delivery growth is a positive signal for the stock, likely leading to a short-term price increase.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 60
POSITIVE IMPACT
NIO reported significant year-over-year increases in vehicle deliveries for Q2. This strong performance could positively impact the stock in the short term.
NIO's strong year-over-year delivery growth is a positive signal for the stock, likely leading to a short-term price increase.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 60
POSITIVE IMPACT
Tesla shares are rising after reporting higher-than-estimated Q2 deliveries. This strong performance could positively impact the stock in the short term.
Tesla's better-than-expected Q2 delivery figures are a strong positive signal for the stock, likely leading to a short-term price increase.
CONFIDENCE 95
IMPORTANCE 90
RELEVANCE 80
POSITIVE IMPACT
XPeng reported significant year-over-year increases in vehicle deliveries for Q2. This strong performance could positively impact the stock in the short term.
XPeng's strong year-over-year delivery growth is a positive signal for the stock, likely leading to a short-term price increase.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 60