Why ChargePoint Stock Soared Today
Electric vehicle charging network company ChargePoint Holdings (NYSE: CHPT) reported its fiscal 2022 second-quarter results last night, and investors cheered the news. The company's shares jumped 12% early Thursday, and though trimming some of those gains, remained up 8.3% as of 2 p.m. EDT.
ChargePoint is one of several companies that recently went public through a merger with a special purpose acquisition company (SPAC) projecting significant growth in its business. Investors jumped in trying to get a piece of the rapidly growing electric vehicle sector. Prior to going public earlier this year, ChargePoint told prospective investors it believed its revenue would soar from about $135 million in 2020 to almost $1 billion by 2024, and to more than $2 billion in 2026. Yesterday's financial update included a boost to this year's revenue guidance, giving investors hope the company remains on track to accomplish its lofty growth estimates.
Image source: ChargePoint Holdings.
Source Fool.com
