ChargePoint (NYSE:CHPT) stock is a hot topic among traders on Friday after a new price prediction paints a positive picture of the shares.
Needham is behind this news with the company reiterating its “buy” rating for CHPT stock alongside a price target of $14 per share. That represents a potential 24.3% upside from the closing price on Thursday. However, the price target is still below analysts’ consensus price target of $20.25.
Needham analyst Chris Pierce said the following about CHPT stock in a note to clients obtained by StreetInsider:
“We expect 1QF24 revenue guidance to have a short-term negative impact on the stock, but we view the guidance as more of a one time communication issue vs a company momentum issue, and note that it didn’t materially impact our long-term estimates.”
Why This CHPT Stock Price Target Matters
This bullish stance on CHPT stokc comes after the company’s latest earnings report. In the report, things didn’t go as investors may have hoped. ChargePoint reported adjusted EPS of -23 cents on revenue of $152.8 million. Both of these figures are below Wall Street’s estimates of -19 cents per share alongside revenue of $165 million.
To go along with that, CHPT stock is seeing heavy trading today. That has some 13 million shares on the move as of this writing. That’s already above its daily average trading volume of about 9.8 million shares.
CHPT stock is down 2.2% as of Friday morning.
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On the date of publication, William White did not hold (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.
