#7 - ChragePoint (NYSE:CHPT)
If the nation is going to adopt electric vehicles on a mass scale, the nation will need a reliable, widespread charging network. And ChargePoint (NYSE:CHPT) has the world’s largest EV charging network with over 109,000 charging stations.
ChargePoint came public via a reverse merger with the SPAC Switchback Energy (NYSE:SBE). But since trading publicly under the CHPT ticker, the stock is down 32%.
An investment in ChargePoint comes with a belief that the company will be able to expand on its network of charging stations. Given the likelihood that the nation will need tens of thousands of new charging stations, it’s likely the company will be able to do just that. This is particularly true since the company was able to raise its cash position by $615 million which the company is likely to put towards aggressive growth.
However, it’s not a sure thing. As evidenced by Tesla, EVgo, and ChargePoint’s main competitor, Blink Charging (NASDAQ:BLNK), this space will continue to get crowded.
About ChargePoint
ChargePoint Holdings, Inc, together with its subsidiaries, provides electric vehicle (EV) charging networks and charging solutions in the North America and Europe. The company serves commercial, such as retail, workplace, hospitality, parking, recreation, municipal, education, and highway fast charge; fleet, which include delivery, take home, logistics, motor pool, transit, and shared mobility; and residential including single family homes and multi-family apartments and condominiums customers.
More about ChargePoint- Current Price
- $0.58
- Consensus Rating
- Hold
- Ratings Breakdown
- 2 Buy Ratings, 8 Hold Ratings, 2 Sell Ratings.
- Consensus Price Target
- $1.52 (162.6% Upside)
As 2021 is almost ready to enter its fourth month, the EV enthusiasts must be starting to wonder when the payoff is going to come. The political class may be wondering as well. In March, two California senators implored the Biden administration to set a firm date for phasing out gas-powered passenger cars and trucks.
This temporarily gave the sector a bump. But the sustained gains you’re looking for will require more hope than hype. The research firm Blastpoint found that EV sales increased by 30% in 2020. The report stated that 345,000 EVs were sold in the U.S. in 2020. That boosted the total number of EVs to 1.5 million higher than the 1.12 million in March of the previous year.
And the company projects a 71% increase in 2021. This corresponds to a 25% increase in charging stations in 2020.
And most of the stocks in this presentation have proven results that should ensure that they will be among the leading companies as this sector continues to mature.
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