ChargePoint Holdings Inc (NASDAQ:CHPT) shares are trading lower by 6.3% to $1.86 Tuesday afternoon after UBS analyst Robert Jamieson downgraded the stock from Buy to Neutral and lowered the price target from $9 to $2.25.
ChargePoint shares have marked new all-time lows throughout November, down 43% since November 15th’s session, after the company reported preliminary third-quarter results and announced a new CEO.
What Happened Earlier In November?
In the third quarter of fiscal year 2024, ChargePoint reported lower-than-expected revenue due to several factors like market pressures, delivery delays, and economic conditions in North America and Europe. Their revenue is anticipated to range between $108 million to $113 million, significantly below the initial forecast of $150 million to $165 million.
The new CEO, Rick Wilmer, plans to enhance operations by adjusting inventory and strengthening the business. Preliminary figures show a revenue decline, non-cash impairment charges affecting gross margins, and adjustments in operating expenses.
ChargePoint says the company’s cash position and credit facilities appear stable, but these results might change as quarter-end financial procedures finalize, potentially leading to significant alterations in the reported numbers.
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According to data from Benzinga Pro, CHPT has a 52-week high of $13.65 and a 52-week low of $1.95.
