Shares of ChargePoint (NYSE:CHPT) slipped in after-hours trading after the EV infrastructure company reported earnings for its first quarter of Fiscal Year 2025 and provided disappointing guidance. Earnings per share came in at -$0.17, which beat analysts’ consensus estimate of -$0.19 per share.
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Sales decreased by 17.7% year-over-year, with revenue hitting $107.04 million. This also beat analysts’ expectations by $1.4 million.
Looking forward, management now expects revenue for Q2 2024 to be between $108 million and $118 million. For reference, the analysts’ consensus was $122.74 million. Furthermore, ChargePoint anticipates becoming adjusted EBITDA positive by the end of the fiscal year.
What Is the Target Price for CHPT Stock?
Turning to Wall Street, analysts have a Moderate Buy consensus rating on CHPT stock based on six Buys, four Holds, and one Sell assigned in the past three months, as indicated by the graphic below. After an 82% decline in its share price over the past year, the average CHPT price target of $3.42 per share implies 104.18% upside potential.
Interestingly, when it comes to “smart money,” money managers seem to be growing more confident in CHPT stock. Indeed, hedge funds increased their holdings in the stock by 3.4 million shares in the past quarter. As a result, they have a Very Positive confidence signal, as demonstrated below.
However, it’ll be interesting to see how the opinions of both analysts and hedge funds will change following today’s earnings results.
