![]() “The EV charging space has endured significant headwinds this year - evidenced by recent weak prints from other hardware/network providers - and despite being a leader CHPT is not immune.” “Big changes we did not see coming,” said TD Cowen analyst Gabe Daoud. Given the scope and deeply negative implications of the organizational shift and financial update, analysts are predictably blasting CHPT stock. Analysts surveyed by FactSet anticipate Q3 sales of $157 million as well.ĬhargePoint will report Q3 earnings and update its guidance for the current quarter and year on Dec. ![]() That’s well short of the previous guidance calling for between $150 million and $165 million. “Overall macroeconomic conditions, along with fleet- and commercial-vehicle delivery delays, impacted anticipated deployments with government, auto dealership and workplace customers,” said Wilmer.Īdding to the misery, ChargePoint - which provides EV charging station networks - stated that its upcoming third-quarter revenue tally would land between $108 million and $113 million. Still, the sudden and dramatic shift in leadership is failing to quell rising concerns about the viability of CHPT stock. Per MarketWatch, Rick Wilmer has now stepped into the CEO role. Notably, Romano had served at the helm of the company since 2011. Taking that along with a revenue downgrade, investors have now decided to rush for the exits, sparking a sour analyst assessment over CHPT stock.Īccording to Bloomberg, ChargePoint announced Thursday afternoon that it had replaced CEO Pasquale Romano and Chief Financial Officer Rex Jackson. Yesterday after the market close, management announced a sudden shift at ChargePoint’s top executive levels. Capping off what has been an ugly time broadly for the electric vehicle (EV) industry this week, charging infrastructure specialist ChargePoint (NYSE: CHPT) is suffering a hideous 35% collapse on Friday. ![]()
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