ChargePoint Holdings (CHPT)

Nov 9, 2021Trade Ideas

Electrified by the new infrastructure bill, EV charging stocks are booming.

As part of the $1 trillion infrastructure bill, $5 billion will be used to expand EV-charging stations on highways – which, according to President Biden, could help build more than 500,000 charging stations, and help make 50% of all vehicles electric by 2030.

On that news, keep an eye on ChargePoint Holdings (CHPT).

After breaking above double top resistance around $26.68, CHPT could challenge $35.06 next. All as the EV boom accelerates. Even better, CHPT earnings and guidance have been strong. In fact, quarterly revenue jumped 61% year over year. CHPT raised revenue guidance by 15% to a new range of $225 million to $245 million.

“ChargePoint’s strong second quarter results demonstrate our continued growth and leadership in the electric revolution,” said Pasquale Romano, President and CEO of ChargePoint, as quoted in a company press release. “We achieved record revenue, significantly grew our commercial, fleet and residential businesses, launched a charging integration with Mercedes, announced our agreement to acquire e-mobility technology provider has·to·be and acquired eBus and commercial vehicle management provider ViriCiti.”


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