Why Is ChargePoint Stock Gaining Today?

ChargePoint Holdings, Inc. CHPT shares are trading higher on Thursday.

The company said in a press release that it now enables drivers to charge at more than one million places across public, private, and roaming ports in North America and Europe.

The ChargePoint network has also enabled more than 10 billion electric miles to date.

“With more EVs on the road, ensuring drivers have access to reliable charging everywhere they need it is imperative,” said Rick Wilmer, CEO of ChargePoint.

With the expanding EV market, the demand for charging stations is rising. ChargePoint said its mobile app facilitates locating, using, and paying for charging across its extensive network of over one million stations, ensuring convenience wherever drivers need it.

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In the past year alone, it has supported approximately four billion of those miles, underscoring the accelerating demand for EV charging solutions.

“Enabling access to more than one million ports, on a network that has enabled more than ten billion electric miles to be driven, underscores ChargePoint’s commitment to delivering a world-class driver experience,” Wilmer added.

According to Benzinga Pro, CHPT stock has lost over 74% in the past year. Investors can gain exposure to the stock via SPDR S&P Kensho Intelligent Structures ETF SIMS and Invesco WilderHill Clean Energy ETF PBW.

Is CHPT A Good Stock To Buy?

Wall Street analysts view ChargePoint on the whole as a Buy, given the history of coverage over the past three months. Michael Legg from Benchmark in ChargePoint Hldgs is the most bearish, expecting a 29.41% fall in the stock in the coming year.

But looking at how the market as a whole thinks of the stock, you can reference historical price action for views on whether investors feel strongly about the stock one way or another. In the past 3 months, ChargePoint Hldgs rose 61.49%, which indicates that opinion improved on the business and how attractive it is to own based on either its stock price, or underlying fundamentals, like revenue, which fell 17.68% over the past year.

A complete overview of how Wall Street views individual stocks is available here, while real time updates on the latest analyst actions will be delivered via Benzinga PRO. Try it for free.

Price Action: CHPT shares are trading higher by 6.23% to $2.05 at last check Thursday.

Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.

Photo via Wikimedia Commons

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