After markets close Wednesday, Okta, Pure Storage, Salesforce and Snowflake are on deck to report quarterly earnings. Look for Dollar General and Kroger to post quarterly results first thing Thursday morning.
Here is a preview of three companies set to report quarterly results later on Thursday.
ChargePoint
Electric vehicle charging network provider ChargePoint Holdings Inc. (NYSE: CHPT) has seen its stock price drop by nearly 40% over the past 12 months. The stock has dropped by more than 60% since its March 2021 SPAC initial public offering. Following a bounce one month after the federal Inflation Reduction Act was signed, the share price declined by 40% before bouncing slightly higher again after the November elections.
The company is still burning cash, and interest rates remain high. The less-bad news is that ChargePoint expects to double its revenue in the current fiscal year.
Analysts are bullish on the stock, with 14 of 20 brokerages having a Buy or Strong Buy rating and the other six rating the stock at Hold. At a recent price of around $11.50 a share, the stock’s implied upside based on a median price target of $20.00 is nearly 74%. At the high price target of $46.00, the implied upside is 300%.
Revenue is forecast to reach $132.12 million for the third quarter of fiscal 2023, which would be up 22% sequentially and by 103% year over year. Analysts are expecting a loss per share of $0.18, flat sequentially, and worse than the year-ago loss of $0.15 per share. For the full 2023 fiscal year ending in January, ChargePoint is expected to post a loss per share of $0.75, worse than the prior year’s per-share loss of $0.61. Forecast full-year revenue of $481.88 million is up 98.8% from last year’s actual revenue.
The company is not expected to post a profit in 2024 or 2025. Three analysts have forecast a consensus profit of $0.24 per share in 2026. ChargePoint’s enterprise value to sales multiple for 2023 is 7.8, dipping to 5.0 in 2024 and 3.3 in 2025. The stock’s 52-week trading range is $8.50 to $26.75, and the company does not pay a dividend. The total shareholder return for the past year was negative 54.8%.
Marvell Technology
Chipmaker Marvell Technology Inc. (NASDAQ: MRVL) has seen its share price drop by nearly 40% over the past 12 months. Since posting a 52-week high in early December last year, the stock had dropped more than 50%. After posting a new 52-week low in mid-October, shares have added about 21.5%. Marvell confirmed earlier this month that it will eliminate its R&D activities in China, becoming the third U.S. chipmaker (Micron and Texas Instruments are the others) to leave the country.
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