ChargePoint (CHPT) is on the move.

After a disastrous 2022, the EV charging stock is showing signs of life, bouncing from double bottom support around $8.20.  It’s also jumping on a volume spike to 11.28 million shares, as compared to daily average volume of 8.78 million.

Recent earnings weren’t so hot, but guidance was.  As noted by Barron’s, “Prior full year sales guidance was $450 million to $500 million. New guidance is $475 million to $480 million. The midpoint of guidance is a little higher and implies $160 million to $170 million in fourth-quarter sales. Wall Street currently projects Q4 sales of $161 million.”

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We also have to consider the EV boom should send charging stocks higher, too.

In fact, according to McKinsey & Company:  “The goal is to install 500,000 public chargers—publicly accessible charging stations compatible with all vehicles and technologies—nationwide by 2030. However, even the addition of half a million public chargers could be far from enough. In a scenario in which half of all vehicles sold are zero-emission vehicles (ZEVs) by 2030—in line with federal targets—we estimate that America would require 1.2 million public EV chargers and 28 million private EV chargers by that year. All told, the country would need almost 20 times more chargers than it has now.”

Globally, an estimated 290 million charging points will be required globally by 2040, according to the Alliance, and that would require a global investment of $500 billion, according to the World Economic Forum. 

All of which is where a company like ChargePoint Holdings (CHPT) comes into play.

Sincerely,

Ian Cooper