Why ChargePoint Stock Is Zooming Higher Ahead of Earnings
ChargePoint Holdings (NYSE: CHPT) stock jumped Wednesday morning and was up a whopping 11.1% at its highest point of the session before cooling off a bit. As of 2:10 p.m. ET though, the electric vehicle (EV) charging stock was still up 6.7%.
The fiscal first-quarter numbers it reported three months ago may have disappointed the market, but expectations among investors and analysts alike are strong ahead of its fiscal second-quarter earnings release.
After doubling its revenue in its fiscal first quarter, which ended April 30, ChargePoint forecast roughly 80% year-over-year revenue growth for its Q2. The company, however, has consistently beaten sales estimates for some quarters now. Analysts are betting that pattern will continue when ChargePoint releases its numbers on Aug. 31.
Source Fool.com
