It includes $225 million from Baillie Gifford, Neuberger Berman Alternatives Advisors and other institutional investors. The deal will raise about $493 million in proceeds that ChargePoint will use to expand in North America and Europe. "We believe (ChargePoint) will continue to grow its strong market position as the EV industry evolves." "The EV charging industry is accelerating and it is expected that charging infrastructure investment will be $190 billion by 2030," Switchback Chief Executive Scott McNeill said. Switchback is a special-purpose acquisition company (SPAC) that raised $300 million in an initial public offering in July 2019. In the long term, I see a situation where it rebounds and retests the resistance at $7.20.Reuters last week reported ChargePoint and Switchback were nearing a deal. Therefore, the outlook for the stock is bearish, with the next important level to watch being at $4. The shares have dropped below all moving averages, pointing to more downside. It recently dropped below the key support levels at $8.01 (December 28 low) and $7.21 (June 23rd low). The daily chart shows that the CHPT share price has been in a deep sell-off after peaking at $49.60 in 2021. I also believe that it could turn to be an acquisition target by an oil and gas company if it addresses its profitability. In the long term, however, I believe that ChargePoint will bounce back as demand for charging rises. It had an EBITDA loss of over $53 million in the quarter. Despite this, I believe that it could be a value trap for now because of its high losses. So, is this ChargePoint stock price dip a good buy? ChargePoint has become an incredibly cheap stock with a market cap of over $2 billion. Again, this guidance was weaker than expected. For the year, ChargePoint expects its revenue to be between $605 million and $630 million. It sees its gross margin coming at 22% to 25%. It expects its Q3 revenue to be between $150 million and $165 million.
SBC tends to dilute existing shareholders.įinally, ChargePoint’s guidance was softer than expected.
This amount jumped from $24 million in the first quarter to $35 million in Q2. Second, the company continued to offer stock-based compensation (SBC). Its gross margin was 3% because of a $28 million impairment charge. First, the company’s margins continued thinning in the second quarter. There are three main reasons why the ChargePoint stock price tumbled. Its subscription revenue rose to $18 million. Most of this revenue was driven by the 76% increase of its network charging systems. Its revenue jumped to $150 million, between the guidance of between $148 million and $158 million. The company published relatively mixed earnings on Wednesday. Despite this, analysts believe that the company’s demand will continue for a while. It operates one of the biggest electric vehicle charging infrastructure networks in the United States and some European countries.ĭespite this, the company is facing numerous challenges after Tesla opened its network toĪnd General Motors. In all, the stock has slipped by more than 88% from its all-time high.ĬhargePoint is a leading player in the green transition industry. The shares plunged by more than 17% and reached the lowest level on record. ChargePoint (NASDAQ: CHPT) stock price nosedived on Thursday as investors reflected on the company’s earnings.
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