BUZZ-ChargePoint slumps after downbeat Q1 rev forecast

Reuters
03/06
BUZZ-ChargePoint slumps after downbeat Q1 rev forecast

** Shares of ChargePoint Holding CHPT.N down 11.2% to $5.78 on Thurs after EV charging network operator's current qtr rev forecast disappoints Wall Street

** CHPT shares on course for steepest daily pct drop since Jul

** Campbell, California-based firm late Weds said it expects Q1 rev of $90-$100 mln, below LSEG estimate of $104.1 mln

** "While the broader market remains dynamic, our focus on execution, efficiency, and strategic partnerships positions us well as charging demand continues to grow," CEO Rick Wilmer said in statement

** Last week, CHPT and Ford F.N announced new collaboration to offer specialized home, depot, and workplace EV charging solutions for Ford Pro's commercial fleet customers in Germany and the UK

** Co's Q4 rev grew 7% y/y to $109 mln, topping consensus view of $104.7 mln, while it posted adj EBITDA loss of $18.4 mln, up 6% from $17.3 mln in year-ago period

** TD Cowen cut its PT by $4 to $7 and maintained 'hold', saying co continues to execute well on several fronts, but "the story lacks a clear path to positive EBITDA"

** 8 of 11 brokerages rate the stock "hold", 1 rates "buy" and 2 recommend "sell"; median PT $8 - LSEG

** With move on the session, stock down 13% YTD and off 60% over the past 12 months. Stock hit record intraday low of $5.53 on Feb 3

(Lance Tupper is a Reuters market analyst. The views expressed are his own)

((lance.tupper@tr.com 1-646-279-6380))

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