ChargePoint slumps after downbeat Q1 rev forecast

Shares of ChargePoint Holding CHPT.N down 11.2% to $5.78 on Thurs after EV charging network operator's current qtr rev forecast disappoints Wall Street

CHPT shares on course for steepest daily pct drop since Jul

Campbell, California-based firm late Weds said it expects Q1 rev of $90-$100 mln, below LSEG estimate of $104.1 mln

"While the broader market remains dynamic, our focus on execution, efficiency, and strategic partnerships positions us well as charging demand continues to grow," CEO Rick Wilmer said in statement

Last week, CHPT and Ford F.N announced new collaboration to offer specialized home, depot, and workplace EV charging solutions for Ford Pro's commercial fleet customers in Germany and the UK

Co's Q4 rev grew 7% y/y to $109 mln, topping consensus view of $104.7 mln, while it posted adj EBITDA loss of $18.4 mln, up 6% from $17.3 mln in year-ago period

TD Cowen cut its PT by $4 to $7 and maintained 'hold', saying co continues to execute well on several fronts, but "the story lacks a clear path to positive EBITDA"

8 of 11 brokerages rate the stock "hold", 1 rates "buy" and 2 recommend "sell"; median PT $8 - LSEG

With move on the session, stock down 13% YTD and off 60% over the past 12 months. Stock hit record intraday low of $5.53 on Feb 3