Home Stock ChargePoint stock forecast after announcing mixed fiscal Q3 results

ChargePoint stock forecast after announcing mixed fiscal Q3 results


Shares of the electric vehicle infrastructure company, ChargePoint Holdings Inc. (NYSE:CHPT) edged slightly lower in extended trading on Tuesday. The company announced its most recent quarterly results after markets closed, missing expectations on earnings while beating top-line estimates.

ChargePoint posted FQ3 GAAP earnings per share of -$0.21, missing the consensus analyst expectation of -$0.16. On the other hand, revenue for the quarter surged by more than 78% from the same quarter a year ago to $65.03, slightly surpassing Street expectations by $1.77 million.

The company also issued solid FQ4 revenue guidance in the range of $73 million to $78 million, exceeding the Street forecast of $72.03 million. In addition, ChargePoint expects its full-year 2022 revenue to be between $235 million and $240 million, topping the average analyst estimate of $231.75 million.

ChargePoint shares have plummeted by more than 40% this year.

ChargePoint looks overvalued

From an investment perspective, ChargePoint shares trade at a steep P/S ratio of 78.54, thus making the stock too expensive for value investors.

However, analysts are optimistic about its growth prospects, forecasting its EPS to improve by more than 93% this year before growing by another 23.10% next year.

Therefore, growth investors could find the stock as an exciting option for their portfolios.

Source – TradingView

Technically, ChargePoint shares seem to be trading within a descending channel formation in the intraday chart. However, the stock recently bounced back to recover from the oversold conditions of the 14-day RSI.

Therefore, investors could target extended rebound profits at about $24.25, or higher at $26.17, while $19.78 and $17.68 are crucial support zones.

The post ChargePoint stock forecast after announcing mixed fiscal Q3 results appeared first on Invezz.

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