ChargePoint Q3 Results Some Restructuring Benefits, Analysts Say: Expect ‘Return To Growth In 2025’
Shares of ChargePoint Holdings Inc (NYSE:CHPT) were up 6.15% at last check Thursday, after the company posted upbeat third-quarter revenues.
Here are some key analyst takeaways from the company’s earnings report.
- RBC Capital Markets analyst Christopher Dendrinos maintained a Sector Perform rating, while reducing the price target from $2.50 to $2.00.
- Benchmark analyst Mickey Legg reiterated a Buy rating and price target of $3.
- Stifel analyst Stephen Gengaro reaffirmed a Hold rating on the stock.
- Needham analyst Chris Pierce reiterated a Hold rating on the stock.
- JPMorgan analyst Bill Peterson maintained an Underweight rating.
Check out other analyst stock ratings.
RBC Capital Markets: ChargePoint’s third-quarter revenues hovered at around $100 million. That’s higher than consensus of $91 million. Sales and marketing initiatives, as well as subscription revenue, drove the upside. Transaction charges also benefited other revenue, Dendrinos said in a note. Gross margins missed expectations due to pressure on charging network margins.
Margins were impacted by “incremental freight charges for moving raw materials from the U.S. to Asia, although these should be one-time charges,” Dendrinos stated. The company guided to fourth-quarter revenues in the range of $95 million to 105 million, below Street expectations and representing a 14% year-on-year decline at …
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