ChargePoint Holdings (CHPT)

Nov 18, 2021Trade Ideas

With the EV boom accelerating, EV charging stocks – like ChargePoint Holdings (CHPT) could push higher. In fact, if CHPT can break above double top resistance around $28.24, the stock could potentially race back to $37, near-term.

Helping, the $1 trillion infrastructure bill “allocates $5 billion to expand EV-charging stations along highways and an additional $2.5 billion for other charging alternatives such as hydrogen-fueling infrastructure. President Joe Biden said the funding could help build more than 500,000 charging stations, and help make 50% of vehicles electric by 2030,” according to Barron’s.

Two, with EV demand still accelerating, we could see thousands of charging stations across the U.S. Three, there’s a good deal of growth at the company. In its most recent earnings release, the company reported that quarterly revenue increased 61% year over year. Full-year revenue guidance was raised 15% to $225 – $235 million. CHPT also activated ports exceeded 118,000 as of July 31 with over 5,400 in Europe and over 3,700 DC fast charge ports.

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