Streetbeat News

CHPT

ChargePoint Holdings, Inc.

https://www.chargepoint.com

Industry

Specialty Retail

ChargePoint Holdings, Inc. provides electric vehicle (EV) charging networks and charging solutions in the United States and internationally. It offers a portfolio of hardware, software, and services for commercial, fleet, and residential customers. The company was founded in 2007 and is headquartered in Campbell, California.

Open

1.22

Mkt cap

492M

Volume

High

1.23

P/E Ratio

-1.18

52-wk high

3.54

Low

1.14

Div yield

N/A

52-wk low

1.14

Goldman Sachs analyst Mark Delaney has maintained a Neutral rating on ChargePoint Holdings (CHPT) but has reduced the price target from $2.5 to $2.

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Portfolio Pulse from Avi Kapoor

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Portfolio Pulse from Avi Kapoor

January 22, 2024 | 3:45 pm

The U.S. General Services Administration (GSA) has finalized authorizations for Chargie and ChargePoint (CHPT) as the first two Electric Vehicle Supply Equipment (EVSE) vendors to operate within government systems. This move aligns with the Biden-Harris administration's goals for a clean transportation future.

Portfolio Pulse from Benzinga Newsdesk

January 19, 2024 | 3:46 pm

The U.S. Transportation Department is allocating $148.8 million to refurbish or replace approximately 4,500 existing electric vehicle (EV) charging stations across 20 states. This federal funding is part of an effort to improve the nation's EV infrastructure and support the growing adoption of electric vehicles.

Portfolio Pulse from Charles Gross

January 18, 2024 | 10:10 am

ChargePoint Holdings, Inc. (NYSE:CHPT) has seen its stock price drop over 20% in the past week following a strategic reorganization announcement, which includes a 12% workforce reduction. The company anticipates $33 million in annual savings and $14 million in restructuring charges. ChargePoint maintains a strong financial position with $397 million in cash and a $150 million undrawn credit facility. The stock is trading below its 50-day moving average and has a high short interest of 22.92%.

Portfolio Pulse from Erica Kollmann

January 17, 2024 | 5:05 pm

ChargePoint Holdings Inc (NYSE:CHPT) announced a reorganization that includes a 12% workforce reduction, aiming for long-term growth. The company expects $14 million in restructuring charges but anticipates $33 million in annual operating expense savings. CEO Rick Wilmer emphasized a focus on execution, operational excellence, and efficiency. ChargePoint has $397 million in cash and equivalents and aims for positive non-GAAP adjusted EBITDA by Q4 2024. The stock rose 3.09% to $2.01 following the news.

Portfolio Pulse from Adam Eckert

January 11, 2024 | 2:10 pm

ChargePoint Holdings Inc (NYSE:CHPT) is reducing its global workforce by approximately 12% as part of a strategic reorganization aimed at improving financial performance and fostering sustainable growth. The company anticipates $14 million in restructuring charges but expects to save about $33 million annually in operating expenses. ChargePoint, with $397 million in cash and equivalents at the end of Q3 FY24, is focused on execution, operational excellence, and efficiency, while maintaining its lead in innovation. The company aims to achieve positive non-GAAP adjusted EBITDA in Q4 FY24. CHPT shares fell by 8.92% to close at $1.94 on Wednesday.

Portfolio Pulse from Shivani Kumaresan

January 11, 2024 | 11:42 am

ChargePoint, a leading electric vehicle (EV) charging network, has announced a reorganization plan that includes a workforce reduction of 12%. This move is aimed at streamlining operations and reducing costs as the company adapts to the evolving EV market. The reduction is expected to impact various departments and could lead to short-term operational disruptions but may improve long-term financial stability.

Portfolio Pulse from Benzinga Newsdesk

January 10, 2024 | 9:07 pm

Tesla, Inc. (TSLA) has significantly outpaced competitors ChargePoint Holdings, Inc. (CHPT) and EVgo Inc (EVGO) in the installation of fast chargers, adding 6,000 in 2023 while CHPT and EVGO added only 410 and 850, respectively. Tesla's unique connector design gives it a competitive edge. ChargePoint experienced a market value decline and a CEO change, with new CEO Rick Wilmer citing economic uncertainty as a reason for customers' reluctance to invest in chargers. U.S. public charging stations are behind BloombergNEF's 2023 forecast by 76%, and the U.S. is expected to trail China and Europe in charging infrastructure. CHPT and EVGO stocks are trading lower premarket, as is TSLA.

Portfolio Pulse from Nabaparna Bhattacharya

January 09, 2024 | 12:33 pm

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