CHPT Stock Price Predictions: The Case for ChargePoint Hitting $14

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 its closing price on Thursday. However, it’s still below the analysts’ consensus price target of $20.25 for the shares.

Needham analysts said the following about CHPT stock in a note to clients obtained by StreetInsider.com.

“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

The bullish stance from CHPT comes after the company’s latest earnings report. Things didn’t go as investors hoped with ChargePoint reporting adjusted earnings per share of -23 cents on revenue of $152.8 million. Both of these are below Wall Street’s estimates of -19 cents per share alongside revenue of $165.1 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.

There’s even more stock market news worth reading about below!

We’ve got all of the latest stock market coverage traders need to know about for Friday! That includes what has shares of Bumble (NASDAQ:BMBL), Ardelyx (NASDAQ:ARDX), and other stocks moving today. You can find out more from the following links!

More Friday Stock Market News

• CEO Whitney Wolfe Herd Is Selling Bumble (BMBL) Stock
• Why Is Ardelyx (ARDX) Stock Up 25% Today?
• Why Are Stocks Up Today?

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.

More From InvestorPlace

• Buy This $5 Stock BEFORE This Apple Project Goes Live
• The Best $1 Investment You Can Make Today
• It doesn’t matter if you have $500 or $5 million. Do this now.

The post CHPT Stock Price Predictions: The Case for ChargePoint Hitting $14 appeared first on InvestorPlace.

InvestorPlace| InvestorPlace