{"id":15701,"date":"2023-05-30T12:04:38","date_gmt":"2023-05-30T16:04:38","guid":{"rendered":"https:\/\/ifintechworld.com\/investing\/chargepoint-stock-rallies-11-after-bofa-says-ev-charging-company-is-best-in-class\/"},"modified":"2023-05-30T12:04:39","modified_gmt":"2023-05-30T16:04:39","slug":"chargepoint-stock-rallies-11-after-bofa-says-ev-charging-company-is-best-in-class","status":"publish","type":"post","link":"https:\/\/ifintechworld.com\/?p=15701","title":{"rendered":"ChargePoint stock rallies 11% after BofA says EV charging company is \u2018best in class\u2019"},"content":{"rendered":"
\n

Shares of ChargePoint Holdings Inc. jumped more than 11% on Tuesday, on track for an eight-week high, after BofA analysts raised their rating on the shares to buy, saying that the provider of electric-vehicle chargers is \u201ca best-in-class way to play\u201d the EV charging space. <\/p>\n

ChargePoint stock
\n CHPT,
\n +11.72%<\/bg-quote>
\n was on track to close at its highest since April 4, and for the largest one-day percent increase since Aug. 31, when it rose 12.3%. <\/p>\n

\n

The BofA analysts, led by Alex Vrabel, highlighted the EV charging company\u2019s \u201canchor\u201d positions in both the U.S. and European EV charging market, saying they \u201coffer an elegant but unconcentrated way to play electrification trends, beyond the route to profitability.\u201d<\/p>\n

Don\u2019t miss:<\/strong> Ford stock rallies 7% after Tesla Supercharging deal<\/p>\n

Focusing on cash burn and ChargePoint\u2019s route to profitability, they supported the company\u2019s assertions that a \u201ccash inflection\u201d was on track for the end of next year. <\/p>\n

In addition, the stock\u2019s valuation was \u201ccompelling,\u201d with the stock recently hitting all-time lows, the analysts said.<\/p>\n

The stock upgrade also appeared to lift shares of EVgo Inc.
\n EVGO,
\n +3.65%<\/bg-quote>,<\/span>
\n which rose more than 4% on Tuesday, also outperforming the broader equity markets. <\/p>\n

See also:<\/strong> Tesla must address this question on its path to dominance: Barclays<\/p>\n

Shares of ChargePoint are nearly flat so far this year, compared with gains of about 10% for the S&P 500 index
\n SPX,
\n +0.10%<\/bg-quote>.<\/span>
\n In the last 12 months, ChargePoint stock is down 29%, versus gains of 1.3% for the index.<\/p>\n<\/p><\/div>\n<\/div>\n

Read the full article here<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

Shares of ChargePoint Holdings Inc. jumped more than 11% on Tuesday, on track for an eight-week high, after BofA analysts raised their rating on the shares to buy, saying that the provider of electric-vehicle chargers is \u201ca best-in-class way to play\u201d the EV charging space. ChargePoint stock CHPT, +11.72% was on track to close at […]<\/p>\n","protected":false},"author":1,"featured_media":15702,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"video","meta":{"footnotes":""},"categories":[239],"tags":[83],"class_list":["post-15701","post","type-post","status-publish","format-video","has-post-thumbnail","hentry","category-investing","tag-featured","post_format-post-format-video"],"yoast_head":"\nChargePoint stock rallies 11% after BofA says EV charging company is \u2018best in class\u2019 | iFintechWorld<\/title>\n<meta name=\"description\" content=\"Shares of ChargePoint Holdings Inc. jumped more than 11% on Tuesday, on track for an eight-week high, after BofA analysts raised their rating on the\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/ifintechworld.com\/?p=15701\" \/>\n<meta property=\"og:locale\" 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