ChargePoint (NYSE:CHPT) shares plunged significantly on Thursday after the company missed second quarter earnings and revenue expectations.
The electric vehicle infrastructure company reported a loss per share of $0.35, $0.22 worse than the analyst estimate of a loss of $0.13 per share after the close on Wednesday. Revenue for the quarter came in at $150.5 million versus the consensus estimate of $153.53 million.
ChargePoint shares fell as much as 30% following the report. At the time of writing, the stock is down 20% at $5.61 per share.
Reacting to the news, Citi analysts lowered the CHPT price target to $8.25 from $10.80, maintaining a Neutral rating.
"We expect the shares to come under pressure from these results, mainly on the H2 revenue guide," wrote the analysts. "As we noted after Q1, macro risks & valuation require forming greater conviction around a revenue inflection, a view we continue to hold with guided H2 revenue suggesting a worse macro impact than expected."
Despite the negatives, the analysts contend that a likely reset of near-term expectations "could conceivably improve risk/reward heading into 2024," as they noted pent-up demand is building while the company is accelerating cost cuts.