ChargePoint hits record low after top mgmt change, downbeat forecast

Evgo

17/11/2023 15:12

(Updates)
    ** Shares of EV charging network ChargePoint Holdings
 CHPT.N  tumble almost 37% to a record low of $1.98 after CEO
and CFO exit, co issues downbeat Q3 revenue forecast 
    ** At least 4 brokerages cut PT; median PT at $8.63
    ** Brokerage Roth MKM slashes PT to $2 from $11, downgrades
to "neutral" from "buy"
    ** Recent capital raise insufficient to support path to
profitability; cash burn to continue as CHPT, investors could be
impacted by future ability to access capital- Roth MKM
    ** JP Morgan cuts PT to $5 from $8, TD Cowen lowers PT to $3
from $5, and RBC to $5 from $9
    ** Big changes we did not see coming- surprise leadership
change and sizeable Q3 rev miss - TD Cowen 
    ** ChargePoint lowers Q3 revenue expectations to $108
mln-$133 mln, vs $150 mln-$165 mln expected earlier, hurt by a
tough macro and vehicle delivery delays
    ** Out of 22 brokerages tracking the stock, 16 rate it "buy"
or higher, and 6 "hold" 
    ** CHPT drags its peers Blink Charging  BLNK.O  down 10.2%
and EVgo  EVGO.O  slips 0.7%
    ** CHPT down ~79% YTD

 (Reporting by Pranav Kashyap in Bengaluru)