CHPT - ChargePoint Is Jumping Today but Still Down 95% From Its High -- Is It Time to Buy the Stock?
2024-02-14 15:43:20 ET
ChargePoint (NYSE: CHPT) stock is jumping Wednesday. The electric vehicle (EV) charging specialist's share price was up 11.7% as of 3 p.m. ET, according to data from S&P Global Market Intelligence .
ChargePoint stock is gaining ground in conjunction with better-than-expected preliminary fourth-quarter results from Blink Charging . While Blink is a rival, the company's preliminary Q4 results are actually signaling that the industry backdrop for ChargePoint may be more favorable than many investors had previously thought.
Blink Charging released preliminary Q4 and full-year results before the market opened this morning and posted numbers that came in well ahead of Wall Street's target. The company expects to report revenue of more than $42 million for the fourth quarter, trouncing the average analyst estimate's call for sales of $34.3 million. For the full year, management expects revenue of more than $140 million -- beating its previous guidance for sales to be between $128 million and $133 million. The preliminary results have pushed the stock up roughly 30% as of this writing.
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ChargePoint Is Jumping Today, but Still Down 95% From Its High -- Is It Time to Buy the Stock?