What Happened?
Shares of EV charging solutions provider ChargePoint Holdings (NYSE: CHPT) jumped 5.6% in the afternoon session after the company announced a partnership to deliver EV charging for a licensee of Avis Budget Group in Wisconsin.
ChargePoint disclosed it was working with Midwestern Wheels to install new public charging stations at its rental car locations in Appleton and Madison. The goal was to provide reliable charging for both rental customers and local communities.
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What Is The Market Telling Us
ChargePoint’s shares are extremely volatile and have had 54 moves greater than 5% over the last year. In that context, today’s move indicates the market considers this news meaningful but not something that would fundamentally change its perception of the business.
The biggest move we wrote about over the last year was about 2 months ago when the stock gained 26.8% on the news that the company reported third-quarter results that beat Wall Street's revenue expectations and showed improving profitability.
Revenue grew 6.1% year-on-year to $105.7 million, exceeding analyst estimates by over 10%. The company's gross margin also showed significant improvement, expanding to 30.7% from 23.8% in the same quarter last year. While its GAAP loss per share of $2.23 slightly missed analyst forecasts, it marked a substantial improvement from a loss of $3.56 per share in the prior year. Looking ahead, ChargePoint provided an optimistic revenue forecast for the next quarter, with its guidance of $105 million at the midpoint also coming in above Wall Street's projections.
ChargePoint is down 2.2% since the beginning of the year, and at $6.89 per share, it is trading 65.9% below its 52-week high of $20.20 from January 2025. Investors who bought $1,000 worth of ChargePoint’s shares 5 years ago would now be looking at an investment worth $8.69.
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