ChargePoint Holdings $CHPT Bullish Option Flow Detected

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Guerilla Stock Trading detected bullish option flow in Chargepoint Holdings $CHPT on August 31, 2022.

Bullish Option Flow In $CHPT Stock

Chpt Option Flow

Make sure to review this lesson on option flow so that you understand the image above.

Specifically, volume and open interest in the $19 call option that expires October 21, 2022, have surged higher.

Chpt Oct Call Option

ChargePoint reports second quarter fiscal year 2023 financial results

On August 30, 2022, ChargePoint Holdings, Inc. (NYSE: CHPT) reported results for its second quarter of fiscal 2023 ended July 31, 2022.

“ChargePoint delivered another strong quarter, with continued growth across all verticals and geographies,” said Pasquale Romano, President, and CEO of ChargePoint. “We continue to execute on our strategy, as demand continues to grow for our portfolio of industry-leading charging solutions for every vertical and in both North America and Europe.”

Second Quarter Fiscal 2023 Financial Overview

  • Revenue. The second quarter’s revenue was $108.3 million, up 93% from $56.1 million in the previous quarter. Networked charging systems revenue for the second quarter was $84.1 million, up 106% from $40.9 million in the prior year’s same quarter, and subscription revenue was $20.2 million, up 68% from $12.1 million in the previous year’s same quarter.
  • Gross Margin. The second quarter GAAP gross margin was 17%, down from 19% in the prior year’s same quarter, primarily due to supply chain disruptions, which affected both cost and supply availability and increased new product introduction and transition costs. Second quarter non-GAAP gross margin, which primarily excludes stock-based compensation expense and amortization from acquired intangible assets, improved sequentially to 19% but was down from 23% in the prior year’s same quarter due to the same factors.
  • Net Income/Loss. The second quarter GAAP net loss was $92.7 million, compared to $84.9 million in the same quarter of the prior year. Non-GAAP pre-tax net loss in the second quarter, which excludes $26.4 million in stock-based compensation expense, $3.0 million in amortization expense from acquired intangible assets and other items, was $62.3 million as compared to $40.3 million in the prior year’s same quarter.
  • Liquidity. As of July 31, 2022, cash and short-term investments on the balance sheet were $471.9 million.
  • Shares Outstanding. As of July 31, 2022, there were approximately 339 million shares of common stock outstanding.

Third Quarter and Full Year Guidance

For the third fiscal quarter ending October 31, 2022, ChargePoint expects revenue of $125 million to $135 million. This represents an anticipated increase of 100% at the midpoint compared to the prior year’s same quarter.

For the full fiscal year ending January 31, 2023, ChargePoint continues to expect:

  • Revenue of $450 million to $500 million. At the midpoint, this represents an anticipated increase of 96% as compared to the prior year
  • Non-GAAP gross margin of 22% to 26%
  • Non-GAAP operating expenses of $350 million to $370 million. At the midpoint, this represents an anticipated increase of 50% as compared to the prior year

Guidance for non-GAAP financial measures excludes amortization expense of acquired intangible assets, stock-based compensation expense, acquisition earn-out-related payroll tax expense, non-recurring costs, and professional services fees related to acquisitions and security offerings. ChargePoint is not able to present a reconciliation of its non-GAAP financial guidance to the corresponding GAAP measures because certain items that impact these measures are uncertain or out of its control or cannot be reasonably predicted, including stock-based compensation expense, without unreasonable effort. The amounts of such reconciling items will significantly impact ChargePoint’s GAAP gross margin and GAAP operating expenses.

ChargePoint $CHPT price target raised to $20 from $18 at JPMorgan

On August 23, 2022, JPMorgan analyst Bill Peterson raised the firm’s price target on ChargePoint to $20 from $18 and kept an Overweight rating on the shares ahead of the company’s Q2 results. The analyst raised revenue estimates for Q3 and fiscal 2023 as he expects some supply constraints to ease. However, he sees the potential for lower gross margins in the quarter and the year, given significant inflationary pressures across the supply chain. Nonetheless, with tailwinds stemming from the Bipartisan Infrastructure Law signed last year and the recently enacted Inflation Reduction Act, more robust electric vehicle growth is ahead, which will likely result in better growth for ChargePoint in the coming years.

📺 The #1 Stock Trade of September 2022: ChargePoint Holdings (CHPT) | Here’s Why

ChargePoint $CHPT Chart Technical Analysis

ChargePoint $CHPT stock is in a technical uptrend. Short-term indicators favor a continuation of that uptrend. The stock has formed a candle over candle reversal as of August 31, 2022, and looks poised to run back to test the $18 area channel resistance.

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