A ChargePoint charging plug sits connected to an electric vehicle at a station in Los Angeles.
Dania Maxwell/Bloomberg
Shares of ChargePoint Holdings were falling Wednesday after the electric-vehicle-charging company boosted revenue guidance but reported a fiscal third-quarter loss wider than a year earlier.
ChargePoint (ticker: CHPT) posted a quarterly loss of $69.4 million, which was wider than analysts’ estimates and a year-earlier loss of $40.9 million. Revenue in the quarter rose 79% to $65 million, at the high end of the company’s guidance. A year earlier, revenue was $36.4 million.
Adjusted gross margin in the quarter was 27% vs. 20% in the year-earlier period.
ChargePoint said it had activated ports of about 163,000 as of Oct. 31, with about 45,000 in Europe.
For the fourth quarter, ChargePoint said it expects revenue of $73 million to $78 million. Fiscal-year revenue was forecast at $235 million to $240 million, above its previous guidance of $225 million to $235 million.
ChargePoint fell 4.4% to $20.82 on Wednesday. It has declined 46% in 2021.
Analysts at Evercore reiterated their Outperform rating on the stock. They have a $34 price target on shares of ChargePoint.
“CHPT enjoys differentiated scale as a first mover in EV charging and a strong market share position in the U.S. and Europe,” the analysts wrote in a note. “We continue to believe the company is viewed as an index for charging and investors look to it first for exposure to the sector given its scale, transatlantic reach, and role as the ‘arms dealer’ for the industry.”
Analysts surveyed by FactSet, on average, rate the stock at Overweight with a price target of $31.59.
Read more: EV-Charging Stocks Have Surged. Increased Price Targets Hadn’t Kept Pace.
Write to Joe Woelfel at [email protected]
