ChargePoint (CHPT)

Jun 20, 2022Trade Ideas

ChargePoint is a buy, says B. Riley Securities analyst Christopher Souther.

In fact, he initiated coverage of the stock with a buy rating, with a $20 price target. He cited the company’s “dominant market share, first-mover advantage in public charging, and growth strategy to expand its fleet and residential home charging” as reasons for the buy rating.

In addition, with EV demand still accelerating, the company could see thousands of charging stations across the U.S. Three, according to the company:

The electrification of mobility is happening at record rates, presenting a tremendous addressable market for ChargePoint
EVs projected to be 9.9% of new vehicles sold in 2025 and 29.2% 2030 in the U.S. and Europe (compared to 2.6% in 2019)
Cumulative EV charging infrastructure investment in U.S. and Europe projected to be ~$60 billion by 2030 and ~$192B by 2040

Also, after dropping from about $16 to $12, the stock is starting to rebound. From a current price of $14.03, we’d like to see the CHPT stock refill its bearish gap around $21, near-term. And in December 2021, Director Susan Heystee bought 12,500 shares for $250,000.

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