EVGO - ChargePoint's Management Is Too Optimistic About The Future
2024-06-10 09:16:11 ET
Summary
- ChargePoint Holdings, Inc. reported a decline in revenue for three consecutive quarters, largely due to headwinds in their networked charging systems.
- Commercial sales are falling as customers defer purchases, citing infrastructure and construction challenges.
- Despite strategic initiatives, it will be an uphill battle for ChargePoint to return to growth in hardware sales. Strong sell recommendation with a price target of $1.54/share.
ChargePoint Holdings, Inc. ( CHPT ) reported a relatively lackluster Q1 ’25 earnings release , with 3 sequential quarters of revenue decline in total sales deriving from headwinds in their networked charging systems. On the back of waning consumer interest in electric vehicles, commercial sales appear to be falling off as customers defer purchases to later time periods, with verbiage targeted at infrastructure and construction headwinds....
ChargePoint's Management Is Too Optimistic About The Future