Here’s a quick fact: Approximately every two seconds or less, two drivers plug into the ChargePoint (NYSE:CHPT) network. Clearly, the company is a strong competitor in the electric vehicle (EV) charging station niche — but are you ready to take a chance on CHPT stock?

You’d be hard-pressed to find a better stock to wager on in this category. The shares are affordable, the trading volume is high and the market capitalization is quite respectable at nearly $10 billion.

Plus, ChargePoint provides over 112,000 places to charge on its network in North America and Europe. Still, not everyone is convinced of ChargePoint’s value proposition.

That’s perfectly fine — the data should convince the doubters, and the U.S. government’s ambitious electric vehicle (EV) infrastructure plan bodes well for ChargePoint’s many stakeholders.

CHPT Stock at a Glance

Prior to early March of this year, traders could bet on ChargePoint through “SBE” stock. That represented the shell company known as Switchback Energy Acquisition.

SBE stock disappeared, and CHPT stock commenced trading on the New York Stock Exchange after the reverse merger went through.

With that, according to ChargePoint, it became the first publicly traded global EV charging company.

At that time, the shares were available for around $30. Bear in mind that the stock price was around $10 in mid-2020, before the public knew about the proposed reverse merger.

CHPT stock has remained steady in mid-2021, as it traded at $29 and change on June 15. Its 52-week high is $49.48, so the bulls should target $38 before eyeing the important $50 resistance level.

Charging the Nation

Recently, it was reported that Capitol Hill insiders expect President Joseph Biden’s massive national infrastructure bill to pass.

As it currently stands, the bill includes provisions for roads and bridges, care for senior citizens, climate research — and electric vehicle charging stations.

It’s no secret that President Biden wants to promote eco-friendly initiatives, including vehicle electrification. Earlier this year, he promised to have at least 500,000 electric vehicle charging stations installed across the U.S. by 2030.

The Department of Energy estimated that there are around 41,400 electric vehicle charging stations in the U.S. currently.

So, the nation would need to build out its charging station infrastructure quickly, year after year, in order to achieve Biden’s objective.

Moreover, as ChargePoint CEO Pasquale Romano observes, “The answer is not one size fits all. You’re going to need an entire universe of charging infrastructure that is easy to use and accessible for the different scenarios to kind of play out.”

Scaling Up

Of course, what Romano’s implying is that ChargePoint can fulfill the demand for easy-to-use chargers in multiple environments.

And indeed, the data suggests that ChargePoint can step up to the plate as the demand for electric vehicle infrastructure increases.

For the first quarter of ChargePoint’s fiscal year 2022, the company reported a record number of new customers, bringing the total to more than 5,000.

Hence, scaling up isn’t a problem for ChargePoint. On top of that, the company reported $40.5 million in quarterly revenues, a 24% increase from the $32.8 million posted for the prior fiscal year’s first quarter.

Plus, ChargePoint’s networked charging revenues for the quarter totaled $26.8 million. That signifies a very impressive 36% year-over-year improvement.

Furthermore, if you’re concerned about ChargePoint’s liquidity position, there’s no need to worry. As of April 30, the company reported having $609.8 million worth of cash on its balance sheet.

Looking ahead, the company’s guidance is markedly optimistic. Specifically, ChargePoint expects revenues of $46 million to $51 million for its second quarter, ending July 31, 2021.

In addition, the company offers a revenue outlook of $195 million to $205 million for the fiscal year ending on Jan. 31, 2022.

The Takeaway

Even without President Biden’s infrastructure objectives, ChargePoint is moving forward in terms of securing customers and generating revenues.

Still, it’s likely that the U.S. will continue to pursue an ambitious clean-energy plan. And that certainly wouldn’t be a bad thing for ChargePoint.

On the date of publication, neither Louis Navellier nor the InvestorPlace Research Staff member primarily responsible for this article held (either directly or indirectly) any positions in the securities mentioned in this article.

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