CHPT - ChargePoint is defended at Gabelli after post-earnings decline

2023-06-05 13:41:00 ET

ChargePoint Holdings ( NYSE: CHPT ) was defended by Gabelli portfolio manager Brian Sponheimer after a post-earnings sell-off .

Sponheimer said ChargePoint's ( CHPT ) first quarter was positive with revenue coming in at the high end of previous guidance, opex continuing to be flat quarter-over-quarter, and the company indicating it expects to cut the EBITDA loss from Q1 by two-thirds in Q4 of this year. "The negative reaction to the earnings report is likely due to a lower-than-expected 2Q guide, which we think is overblown," noted Sponheimer.

The view from Gabelli is that the thesis for CHPT as a top pick in the space the stock still holds after the earnings report. CHPT is called a well-run company with strong competitive advantages. Gabelli thinks that as CHPT continues its path to inflect cash flow positive in 2024 the stock will perform well. Of note, Gabelli has a $14 2024 private market value, which represents almost 50% upside from the current price.

Shares of ChargePoint ( CHPT ) fell 2.44% in Monday afternoon trading to $8.85. The electric vehicle battery stock is down around 10% over the last week,

More on ChargePoint:

• ChargePoint: Cheap, With Product Launches, But Also With Some Risks
• ChargePoint earnings call transcript
• Stock performance of ChargePoint compared to sector peers
• Seeking Alpha's Quant Rating for ChargePoint

For further details see: