ChargePoint Reports 34% Surge in Charging Sessions Versus 16% Port Growth
ChargePoint’s EV charging sessions rose 34% year-over-year while new charging ports grew just 16%, reflecting accelerating usage demand that outpaces infrastructure expansion. Nearly 60% of all electric miles enabled by ChargePoint over its 18-year history occurred in the last two years, with monthly users exceeding one million drivers.
1. Demand Outpaces Infrastructure
ChargePoint’s network logged a 34% year-over-year rise in EV charging sessions, outpacing the 16% increase in new charging port installations. The company noted that nearly 60% of its total 18-year electric miles were driven in the last two years, with over one million drivers charging monthly on its platform.
2. Technical Stock Performance
Shares of ChargePoint climbed 1.11% in premarket trading following the data release, trading just above the 20-day simple moving average while remaining 10.9% below the 50-day and 39.9% below the 200-day SMAs. Key technical levels include resistance at $7.00 and support at $5.50, with the RSI at 47.8 and the MACD signaling emerging bullish momentum.
3. Earnings Estimates and Analyst Ratings
ChargePoint is scheduled to report next quarter’s earnings on March 3, with analysts projecting EPS of -$1.34 (up from -$1.40) and revenue of $104.8 million (up from $101.9 million). The consensus rating remains Hold with an average price target of $33.66, while UBS, B. Riley and Goldman Sachs have issued neutral to sell ratings with targets between $9.00 and $11.00.