ChargePoint Upgraded to Buy by Bank of America, Shares Jump 5% in Premarket Trading
New Carrollton, Maryland – ChargePoint, the electric vehicle charging station company, received a major boost on Tuesday morning after Bank of America upgraded the stock to buy. The Wall Street firm called ChargePoint a best-in-class way to play the EV charging theme, highlighting the company’s scale and diversity as keys to sustainable growth. As a result, shares of ChargePoint jumped 5% in premarket trading.
The upgrade comes as the electric vehicle market continues to grow rapidly, with more and more consumers opting for environmentally-friendly vehicles. ChargePoint is well-positioned to benefit from this trend, with its network of charging stations across the United States and Europe.
In addition to its existing network, ChargePoint is also expanding into new markets. Last month, the company announced a partnership with Mercedes-Benz to provide charging solutions for the automaker’s electric vehicles in Europe. ChargePoint is also working with the city of New York to install 4,000 charging stations across the five boroughs.
The company’s growth prospects have not gone unnoticed by investors. ChargePoint went public in March through a merger with special purpose acquisition company Switchback Energy Acquisition Corp. Since then, the stock has gained more than 30%.
ChargePoint’s CEO, Pasquale Romano, said in a statement that the company is “excited about the future” and “committed to delivering on our mission to accelerate the adoption of electric mobility.”
Other Companies Making Moves in Premarket Trading
ChargePoint was not the only company making moves in premarket trading on Tuesday. Here are some of the other notable developments:
Ford Motor – Shares of the automaker rose more than 2% after Jefferies upgraded the stock and said the automaker has a strong plan and management that can help it close the gap with rivals. The analyst also raised his price target on the shares, implying they could rally more than 30%.
Tesla – Shares gained 3% premarket. On Monday, Reuters reported a private jet used by CEO Elon Musk arrived in China. Musk is expected to meet with senior Chinese officials and visit Tesla’s Shanghai plant, Reuters said. Last Thursday, Tesla and Ford announced a partnership giving Ford owners access to Tesla Superchargers.
Coinbase – Shares gained 4% in premarket trading. On Tuesday, Atlantic Equities upgraded Coinbase to overweight from neutral. Analyst Simon Clinch maintained his $70 price target, implying 23% upside from Friday’s close.
Nvidia – Shares continued to near $1 trillion in market value, up 3.7% in premarket trading. The artificial intelligence semiconductor company has been soaring since its blockbuster earnings report last Wednesday.
C3.ai – AI stocks built on their post-Nvidia earnings gains, with C3.ai up 8.7%. UiPath gained 6.4% and Palantir Technologies was ahead 6.2%. C3.ai reports its next quarterly results Wednesday.
Advanced Micro Devices – Semiconductor stocks continued to move higher after Nvidia’s earnings last week. AMD added 3.4%, Qualcomm gained 2% and Broadcom was 1.8% higher. Intel, which initially dropped on Nvidia’s earnings, gained 3%.
Paramount Global – The media stock rose 2.4% Tuesday morning, extending a gain of nearly 6% from Friday. The company’s majority shareholder National Amusements announced a $125 million preferred equity investment from BDT Capital Partners last week.
Overall, it was a busy morning for investors as they weighed the latest developments in a range of industries. With the electric vehicle market continuing to grow, ChargePoint’s upgrade to buy by Bank of America is likely to be seen as a positive sign for the industry as a whole.
Source: cnbc.com