ChargePoint Holdings Inc (NYSE: CHPT) finished at $18.67 in the most recent trading session on Monday, March 28, representing a 1.08% increase and a 4.19% increase over the past five days.
On March 29, the leading electric vehicle (EV) charging network announced a collaboration with Goldman Sachs Renewable Power (GSRP), the strategic, long-term investor in sustainable energy projects.
In particular, ChargePoint and GSRP are collaborating to provide new customized financing alternatives as part of the ChargePoint as a Service (CPaaS) product family to lower the upfront costs of electric vehicle charging technology for qualified clients.
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The firm has a head start in the fast-growing electric vehicle market, as well as a huge and expanding network of independently owned charging stations.
If ChargePoint is able to retain its competitive stance by building on the latest announcement while growing at a quick pace, it has the potential to deliver extremely attractive returns for investors at the present share price level.
ChargePoint chart analysis
In the last month, CHPT has been trading between $13.74 – $19.14 and is currently trading near the highs of this range. In addition, considerably lower trading volume has been observed in the last couple of days.
Currently, the company’s stock is trading above its 20-day simple moving average (SMA), indicating the emergence of an uptrend. Given the recent performance, with the stock up +4.15 (28.58%) in the last month and a price above the 20-day SMA, the firm’s short-term momentum appears bullish.
Some doubts are observed in the medium-term time frame, but recent action for the short term looks positive.
Different trend lines and significant moving averages in multiple time periods combine to produce a support zone spanning from $16.81 to $16.93. Whereas there is resistance between $18.68 and $18.75 is observed.
Wall Street analysts predict CHPT
It’s worth mentioning that 12 Wall Street analysts have provided 12-month price estimates for CHPT in the past three months. In general, a median price goal of $24.50 is expected, with a high prediction of $34 and a low projection of $16 forecasted. The average price objective indicates a 31.23% upside over the stock’s most recent trading price of $18.67.
In the last three months, eight TipRanks experts have given their ‘Buy‘ recommendations for ChargePoint, while four have advised to ‘Hold.‘ Notably, none of the analysts recommend selling CHPT.
As a result, most experts believe that ChargePoint is a ‘Moderate Buy,’ with a rise of 31.23% upside from its most recent price.
ChargePoint and its partnerships
The company’s most recent unique partnership with Goldman Sachs Renewable Power enables qualified clients to pick the CPaaS solution that best suits their requirements, which now offers both financed and turnkey billing options.
Customers may now pay for charging infrastructure as an operating expenditure via the new funded option, and users that provide public charging can host a station at no additional cost to themselves through the turnkey option. Overall, clients will be able to deploy a better EV charging solution at no additional cost.
Recently, Toyota Motors (NYSE: TM) also announced an established partnership with ChargePoint to provide charging solutions to consumers at their homes and in public places.
At the same time, Toyota will introduce its all-new bZ4X battery-electric SUV, which will go on sale later this year. Specifically, bZ4X drivers will be able to make use of ChargePoint’s enormous network of public chargers located across North America while also providing ChargePoint chargers at its dealerships.
In light of the recent partnerships announced and the CHPT stock recently forming a double bottom before beginning its upward trajectory past the 20-day simple moving average, ChargePoint may well be a company worth keeping an eye on in the wake of recent developments and current share prices, among other things.
Disclaimer: The content on this site should not be considered investment advice. Investing is speculative. When investing, your capital is at risk.
