ChargePoint stock is up over 30% for the year as Wall Street digests a slew of March automotive sales data.
Chris Versace, co-portfolio manager for Action Alerts PLUS broke down how infrastructure hopes and electric vehicle sales data drove ChargePoint higher Monday.
ChargePoint is a holding in the Action Alerts PLUS portfolio. Find out how the AAP team is approaching the stock here.
FULL VIDEO TRANSCRIPT BELOW:
Katherine Ross: When I looked at the Action Alerts PLUS portfolio this morning, one thing I noticed was that ChargePoint is up over 4%. It’s 10:04 AM. The stock is up about 30% in the past month. What’s fundamentally driving this name, Chris?
Chris Versace: There’s been several things, Katherine. When we take a look at all the positive announcements that they had over the last couple of weeks with new partnerships, including Toyota, but also too today in particular, we’re getting a lot of March auto sales data from a variety of companies, whether it’s the EV companies, or Ford, or Volvo. And pretty much across the board, what we’re seeing is EV growth year over year is robust.
I think that’s getting people to realize if we’re selling more EVs, we need more charging stations. Pretty simple, I think, concept there. But also too, Katherine, we’re continuing to look for forward progress on the infrastructure bill. That’s the real, again, I have to say it, Katherine, the real turbo charge for what we’re looking for when it comes to shares of ChargePoint.
Head to Action Alerts PLUS today for the latest actions and analysis from Versace and co-portfolio manager Bob Lang.