ChargePoint (NYSE:CHPT) stock is in the news Wednesday after JPMorgan Chase offered up new coverage of the electric vehicle (EV) charging company’s shares.
According to a note from JPMorgan analyst Bill Peterson, ChargePoint is likely to miss revenue estimates when it releases its Q2 earnings report next month. Even so, the analyst believes in the long-term potential of the company.
Despite that belief, Peterson says that 2024 revenue is also likely to come in below estimates. As such, he dropped the firm’s price target for CHPT stock from $15 per share to $13 per share. That still represents a potential upside of 79.6% while being below the analysts’ consensus price prediction of $16.20 per share.
To go along with that, the JPMorgan analyst also reiterated his “overweight” rating for CHPT stock. To put that in perspective, the analysts’ consensus rating for CHPT shares is “moderate buy” based on 12 opinions.
How This Affects CHPT Stock on Wednesday
Investors in CHPT stock will note that the shares aren’t seeing much movement this morning. As of this writing, only about 551,000 shares have changed hands. That’s still a ways off from its daily average trading volume of about 10.7 million shares.
While movement is slow today, CHPT stock is likely to see increased activity when Sept. 6 rolls around. That’s when the company intends to release its earnings report for the second quarter of 2023.
CHPT stock is largely unmoved as of Wednesday morning. However, the company’s shares are down 20.6% year-to-date.
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On the date of publication, William White did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.
