Is ChargePoint (CHPT) Stock a Value Investment?
CHPT stock is off and running in what many investors consider to be a big year ahead for the electric vehicle sector. ChargePoint (NYSE: CHPT) has eye-popping revenue forecasts as one of the most prominent EV charging companies. However, is this innovative company a value play in the stock market?
CHPT Stock Overview
ChargePoint was founded in 2007 out of Campbell, California. But it didn’t begin making headlines until the electric vehicle boom. In 2017, the business took over 9,800 electric vehicle charging spots for General Electric (NYSE: GE).
Now, ChargePoint maintains over 114,000 charging stations across Mexico, Australia, Canada and the United States. And it’s delivered more than 82 million charges and 783,370,000 Megawatt hours (MWh) of electric fuel.
This makes ChargePoint the world’s leading and most open EV charging network. And in February of 2021, the business went public via a special-acquisition company (SPAC) reverse merger with Switchback Energy Acquisition Corporation.
“For thirteen years we have been singularly focused on our vision to move all people and goods on electricity, and that has never been more relevant than it is today,” CEO and President Pasquale Romano said in a press release. “We’ve pioneered networked charging and are resolute in our aim to usher in the transition to mass EV adoption by electrifying one parking spot at a time. Today, we are a charging market leader thanks to a winning business model, a complete portfolio and thousands of brands that have realized that EV charging is essential, good for business and aligned with their corporate and sustainability goals. Our technology charges all EVs – from passenger vehicles to delivery fleets – so there is no need to choose winners in electric mobility. We see ourselves as an index for the entire category.”
As you can see, this reverse merger was a major step for ChargePoint. And CHPT stock instantly became a popular play for long-term investors and day traders alike.
ChargePoint Stock Price History
ChargePoint is the world’s first publicly-traded global EV charging network. However, it’s had a rocky start on the market. This alone is why many experts believe now is the time to invest.
CHPT stock is trading below $25 a share after ending 2020 at $40.08. That’s a massive drop that many investors believe will be a temporary dip. Projections seem to match this sentiment.
The SPAC reverse merger closed on March 1st and the stock has steadily dropped off since. This may be a cause for concern. But analysts aren’t ready to throw in the towel.
ChargePoint is changing the EV charging world and its sales forecasts are right on target. Moreover, the Biden administration is getting in on the act. President Biden wants to help install more than $15 billion worth of charging stations across the country.
This can only be good news for ChargePoint stock. While the production of large auto manufacturers is down, the EV sector isn’t taking as much of a hit. In fact, it’s pushing forward behind the power of Tesla (Nasdaq: TSLA) and Elon Musk.
Investing in EV Stocks
EV stocks aren’t the future. They are literally in the driver’s seat of the current tech boom. This is why it’s important to consider EV stocks for your portfolio.
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Electric vehicles are changing the transportation industry for the better. In addition, it doesn’t seem like the interest in EV is going to disappear anytime soon. And ChargePoint has a commanding lead over its competitors in the EV charging space. Therefore, you may want to consider CHPT stock before it surges forward.
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ChargePoint Could Get a Massive Charge With These Catalysts
With 700 million EVs expected by 2050, charging stations will be everywhere
By Ian Cooper Apr 8, 2021, 6:45 am EDT
The last time I weighed in on ChargePoint (NYSE:CHPT), I said, “I’d use the pullback in CHPT stock as a buying opportunity. Not only is this EV charging stock over-extended on RSI, but MACD and Williams’ %R are both on the floor.”
Source: JL IMAGES / Shutterstock.com
That was on April 1, as the CHPT stock traded at $29.52. While CHPT hasn’t moved much since then, I still believe that today’s weakness is an opportunity to buy on several key catalysts.
Electric Vehicle Demand is Accelerating
Governments all around the world want far more electric vehicles on the road.
In fact, according to Wood Mackenzie, there could be up to 700 million by 2050, as I reported on April 1. In addition, “Bloomberg NEF estimates EVs will make up 10% of all vehicles sold by 2025 and increase to more than 29% by 2030,” according to a press release from ChargePoint.
Even now, we can clearly see growth. Tesla (NASDAQ:TSLA) for example delivered 184,000 EVs in the first quarter of the year. That, by the way, is up 100% year over year. Nio (NYSE:NIO) delivered 7,257 vehicles just in March. That’s up 373% year over year as well. This is just the start, though.
The Biden Administration Could Ignite Industry Growth
The Biden administration may be eying EV tax credits.
In fact, according to Yahoo Finance contributor Brian Sozzi, “The Biden administration recently laid out plans to spend nearly $200 billion over eight years to support the surging EV industry. The administration is rumored to be eyeing an expansion of the tax incentive to consumers, which could be a big tailwind to sales at Tesla and its rivals.”
Biden also wants to deploy 500,000 new public charging stations by 2030, which is a major catalyst for companies like ChargePoint.
The Fast-Charging Collaborative
At the moment, ChargePoint and NATSO, which is a national association representing travel plazas and truck stops, are moving forward with their National Highway Charging Collaborative with a goal of deploying charging stations across the U.S.
ChargePoint says it and Natso has a goal that by 2030 they will deploy charging infrastructure at 4,000 travel centers and fuel stops across the country. They also plan to focus on rural communities to build charging infrastructure and expand charging stations in FAST Act corridors.
Earnings Growth Isn’t Too Shabby
Last year’s revenue came in at $146.5 million, up from $144.5 million year over year. Losses came in at $117.8 million, falling from $129.9 million year over year, as well. In its most recent quarter, revenue did drop from $43.2 million to $42.4 million year over year. Gross margins jumped to 21% from 20.4%.
In addition, according to Pasquale Romano, president and CEO:
In 2020, we continued to strengthen our market leadership position and expect our growth to be fueled by dozens of new EV models anticipated in 2021 across a wide range of segments and price points. With a strong balance sheet and a capital light business model, ChargePoint is well positioned to create shareholder value through broad attachment to the electrification of mobility for fleet and consumer vehicle markets.
The Bottom Line on CHPT Stock
Electric vehicle growth is only accelerating, with as many as 700 million electric vehicles on the road by 2050.
Countries all over the world want millions of them on the roads. The Biden administration may be eying EV tax credits and may deploy 500,000 new public charging stations by 2030. All of these are major catalysts for companies, like ChargePoint. Plus, even major automakers are electrifying their fleets these days.
I’d use any weakness as an opportunity to buy the CHPT stock.
On the date of publication, Ian Cooper did not have (either directly or indirectly) any positions in the securities mentioned in this article.
Ian Cooper, a contributor to InvestorPlace.com, has been analyzing stocks and options for web-based advisories since 1999.
Article printed from InvestorPlace Media, https://investorplace.com/2021/04/chpt-stock-could-get-a-massive-charge-with-these-catalysts/.
©2021 InvestorPlace Media, LLC
We know that hedge funds generate strong, risk-adjusted returns over the long term. Therefore, emulating the choices they are collectively optimistic about can be a profitable strategy for retail investors. With billions of dollars in assets, smart investors must perform complex analysis, spend many resources, and use tools that are not always available to the general public. That’s not to say they don’t have occasional colossal losses; they do (like Melvin Capital’s recent GameStop losses). However, it is always a good idea to keep an eye on hedge fund activity. With that in mind, as the current round of 13F filings just ended, let’s take a look at the smart money sentiment towards Marathon Oil Corporation (NYSE: MRO).
East Marathon Oil Corporation (NYSE: MRO)a good deed to buy? Investors who know were buying. The number of long positions in hedge funds has increased by 5 lately. Marathon Oil Corporation (NYSE: MRO) was listed in 34 hedge fund portfolios at the end of June. The historical high for this statistic is 39. Our calculations have also shown that MRO is not among the 30 most popular stocks among hedge funds (click for Q2 rank). There were 29 hedge funds in our database with MRO positions at the end of the first quarter.
The reputation of hedge funds as savvy investors has been tarnished over the past decade, as their hedged returns could not keep up with the unhedged returns of stock indices. Hedge funds have over $ 3.5 trillion in assets under management, so you can’t expect all of their portfolios to beat the market with significant margins. Our research identified in advance a select group of hedge funds that have outperformed S&P 500 ETFs by more than 79 percentage points since March 2017 (see details here). So you can still find a lot of gems by following the movements of hedge funds today.
At Insider Monkey, we scour multiple sources to uncover the next big investing idea. For example, we like undervalued growth stocks that are positive for EBITDA, so we are looking at pitches like this emerging biotechnology stocks. We go through lists like the top 10 electric vehicle stocks to pick the next Tesla that will deliver 10x yield. Even though we only recommend positions in a tiny fraction of the companies we analyze, we check as many stocks as possible. We read letters from hedge fund investors and listen to equity pitches at hedge fund conferences. You can sign up for our free daily newsletter on our homepage. With all of that in mind, let’s take a look at the new hedge fund action surrounding Marathon Oil Corporation (NYSE: MRO).
Do hedge funds think MRO is a good stock to buy now?
Heading into the third quarter of 2021, a total of 34 of the hedge funds tracked by Insider Monkey were bullish on this stock, a 17% change from the previous quarter. Below you can see how hedge fund sentiment towards the MRO has evolved over the past 24 quarters. So let’s see which hedge funds were among the top stock holders and which hedge funds were making big moves.
According to publicly available data on hedge funds and institutional investors compiled by Insider Monkey, DE Shaw of DE Shaw holds the most valuable position in Marathon Oil Corporation (NYSE: MRO), worth nearly $ 126.8 million. of dollars, representing 0.1% of its total portfolio 13F. . Millennium Management’s Israel Englander comes in second, with a position of $ 118.9 million; the fund has 0.1% of its 13F portfolio invested in the stock. Some other bullish peers include Fisher Asset Management by Ken Fisher, Two Sigma Advisors by John Overdeck and David Siegel, and Point72 Asset Management by Steve Cohen. In terms of the portfolio weights assigned to each position, SIR Capital Management assigned the largest weight to Marathon Oil Corporation (NYSE: MRO), approximately 5.03% of its 13F portfolio. Encompass Capital Advisors is also relatively very bullish on the stock, allocating 1.78% of its 13F equity portfolio to MRO.
Therefore, specific fund managers were behind this uptrend. SIR Capital Management, managed by Vince Maddi and Shawn Brennan, has been the most valuable position in Marathon Oil Corporation (NYSE: MRO). SIR Capital Management had invested $ 34 million in the company at the end of the quarter. Anand Parekh’s Alyeska Investment Group also invested $ 14.1 million in the stock during the quarter. Other funds with brand new MRO positions are Renaissance Technologies, Key Square Capital Management by Scott Bessent and Hudson Bay Capital Management by Sander Gerber.
Let’s take a look at the activity of hedge funds in other stocks similar to Marathon Oil Corporation (NYSE: MRO). We’ll be looking at PRA Health Sciences Inc (NASDAQ: PRAH), The Scotts Miracle-Gro Company (NYSE: SMG), Deckers Outdoor Corp (NASDAQ: DECK), ChargePoint Holdings, Inc. (NYSE: CHPT), ironSource Ltd. (NYSE: IS), American Financial Group (NYSE: AFG) and Brookfield Renewable Partners LP (NYSE: BEP). All market capitalizations of these stocks correspond to the market capitalization of MRO.
[table] Ticker, number of HF with positions, total value of HF positions (x1000), change of HF position PRAH, 43.2995527.8 SMG, 32.369779, -2 DECK, 44.1473505.4 CHPT, 17.149306, – 7 IS, 32.771885, -20 AFG, 19.219952, -2 BEP, 20.232664, -4 Medium, 29.6.887517, -3.3 [/table]
Check the table here if you have formatting issues.
As you can see, these stocks had an average of 29.6 hedge funds with bullish positions and the average amount invested in these stocks was $ 888 million. That figure was $ 656 million in the case of MRO. Deckers Outdoor Corp (NASDAQ: DECK) is the most popular stock in this chart. On the other hand, ChargePoint Holdings, Inc. (NYSE: CHPT) is the least popular with only 17 bullish hedge fund positions. Marathon Oil Corporation (NYSE: MRO) isn’t the most popular stock in this group, but hedge fund interest is still above average. Our overall hedge fund sentiment score for the MRO is 67.6. Stocks with a higher number of hedge fund positions relative to other stocks as well as relative to their historical range receive a higher sentiment score. Our calculations showed that the 5 most popular stocks among hedge funds returned 95.8% in 2019 and 2020 and outperformed the S&P 500 ETF (SPY) by 40 percentage points. These stocks gained 21.8% in 2021 through October 11 and have consistently beaten the market by 4.4 percentage points. Hedge funds were also right to bet on the MRO as the stock has returned 17.6% since the end of the second quarter (through 10/11) and has outperformed the market. Hedge funds have been rewarded for their relative optimism.
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Disclosure: none. This article originally appeared on Insider Monkey.
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