Revenue Miss, Disappointing Forecast Drags ChargePoint Stock

RBC downgraded the stock after earnings

Laura McCandless

Deputy Editor

Mar 6, 2024 at 11:00 AM

CHPT

ChargePoint Holdings Inc (NYSE:CHPT) stock is sliding today, after the electric vehicle (EV) charging name posted a fourth-quarter revenue miss and disappointing current-quarter revenue forecast. RBC downgraded the shares to "sector perform" from "outperform" after the event, while Needham cut its price target to $3 from $4.

At last glance, CHPT was down 8% at $1.83, nearing its Jan. 19 record low of $1.56. The security slipped into penny stock territory for the first time this past September, down 82% since this time last year.

Over in the options pits, 24,000 calls and 13,000 puts have exchanged hands -- volume that is four times the intraday average amount. The weekly 3/8 2-strike call is the most popular, followed by the March 2 call.

It's worth noting that CHPT has plenty of short interest built up. The 89.65 million shares sold short account for 24.3% of the stock's available float, or over five days' worth of pent-up buying power.

Follow @Schaeffers

Two High-Octane Trade Ideas. One Simple Goal: Intraday Profits.

Dynamite Day Trading Signals delivers two same-day options trades every week — powered by proprietary intraday analysis and 43+ years of trading expertise.

But this isn’t just another stream of alerts.

It’s a structured plan with clear entry and exit points – designed for traders who want to act fast, trade smart, and wrap up gains before the closing bell.

No guesswork. No overnight exposure – Just two well-researched setups per week — whether you prefer buying premium or selling it.

And the results speak for themselves: subscribers have locked in +245.8% total profit over the last six months (since inception!).

👉 Start your one-month trial now for just $10, and be ready for the next trade alert.