ChargePoint Holdings Inc. (NYSE: CHPT), a provider of electric car charging stations, is to release its second fiscal quarter report next week. Wall Street analysts’ expectations are largely optimistic, and several have even raised their price targets for the company’s shares.
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According to ChargePoint Holdings Inc. (CHPT) management, sales will increase by 80% year on year in the second fiscal quarter. However, it should be noted that the corporation has been outperforming its own predictions in recent quarters.
JP Morgan analysts recently increased their target price for ChargePoint Holdings shares from $18 to $20. At the same time, analysts warn that inflation will continue to erode the company’s margins. The newly enacted US President Joe Biden On Reducing Inflation Act will provide some incentive to industry (Inflation Reduction Act).
The law provides substantial tax benefits to anyone who purchases compatible electric automobiles. It is expected that this would help the industry’s development and assist big companies such as ChargePoint Holdings.
Previously, Bank of America analysts boosted the target price of ChargePoint Holdings Inc. (CHPT) shares from $14 to $15.5 per share, citing the aforementioned law. The investment bank also forecasts that ChargePoint Holdings would benefit from the new anti-inflationary policies.
CHPT has more than 188,000 charging outlets for electric vehicles as of the end of the first fiscal quarter. The firm is one of the top specialists in the field of electric car charging technology and continues to make large-scale expenditures in network growth, which makes profit impossible.
This company’s volume is now resting at 7.04 million, but it has maintained an average daily volume of 10.16 million. Year to date, this stock has had an average volume of $9.74 million, with a 20-day volume of $9.03 million. The number of shares outstanding for this publicly listed business is presently 370.82 million, with a float of 325.62 million. The organization’s market capitalization is present $5.82 billion.
