Here's Why ChargePoint Stock Is a Buy Before the End of May
This unloved EV charging company might be a great contrarian investment.
ChargePoint (NYSE: CHPT), a leading builder of electric vehicle charging stations in North America and Europe, has disappointed a lot of investors. It went public by merging with a special purpose acquisition company (SPAC) just over four years ago, and it opened at $32.30 per share on its first day. Today, it trades at less than $0.60.
It's easy to see why the bears mauled ChargePoint's stock. Its top-line growth decelerated, it racked up steep losses, and it faced more competition from Tesla's (NASDAQ: TSLA) Superchargers and smaller competitors like EVgo (NASDAQ: EVGO). It's also increased its outstanding shares by 65% since its public debut to cover its stock-based compensation and secondary offerings, and it's still burning lots of cash. Its stock could even be delisted if its price stays below the $1 threshold.
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