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ChargePoint Holdings, Inc. (NASDAQ:CHPT) shares are on watch Tuesday. Tesla, Inc. (NASDAQ:TSLA) and Rivian Automotive, Inc. (NASDAQ:RIVN) each reported second-quarter EV production and delivery figures ahead of the opening bell.
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Tesla shares are charging higher Tuesday after the company reported second-quarter deliveries that came in higher than estimates. Rivian also reported second-quarter production and delivery figures that were in-line with estimates Tuesday.
Chinese electric vehicle stocks NIO Inc (NYSE:NIO), Li Auto Inc. (NASDAQ:LI) and XPeng Inc. (NYSE:XPEV) reported monthly and quarterly delivery figures Monday that showed significant year-over-year increases in vehicle deliveries.
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ChargePoint has the potential to benefit from increased EV sales as the company develops and markets its networked electric vehicle charging system infrastructure and cloud-based services.
Last Friday, Benchmark analyst Michael Legg maintained ChargePoint with a Buy rating and lowered the price target from $4.25 to $3.
According to data from Benzinga Pro, shares are trading in-line with the stock’s 50-day moving average of $1.61 and 26.19% of available shares are being sold short.
Equity research analysts on and off Wall Street typically use earnings growth and fundamental research as a form of valuation and forecasting. But many in trading turn to technical analysis as a way to form predictive models for share price trajectory.
Some investors look to trends to help forecast where they believe a stock could trade at a certain point in the future. Looking at ChargePoint, an investor could make an assessment about a stock's long term prospects using a moving average and trend line. If they believe a stock will remain above the moving average, which many believe is a bullish signal, they can extrapolate that trend into the future using a trend line. For ChargePoint Holdings, the 200-day moving average sits at $2.29, according to Benzinga Pro, which is above the current price of $1.60. For more on charts and trend lines, see a description here.
Traders believe that when a stock is above its moving average, it is a generally bullish signal, and when it crosses below, it is a more negative signal. Investors could use trend lines to make an educated guess about where a stock could trade at a later date if conditions remain stable.
CHPT Price Action: According to Benzinga Pro, ChargePoint shares are down 1.47% at $1.01 at the time of publication Tuesday.
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