ChargePoint Holdings, Inc. (NYSE:CHPT) shares are trading relatively flat on Wednesday.
Stifel analyst Stephen Gengaro maintained a Hold rating on ChargePoint, lowering the price forecast from $3 to $2.
The company has launched the ChargePoint Essential cloud plan, providing an alternative to standard cloud subscriptions. This plan features a competitively priced software fee that is funded by driver payments for charging.
"Innovative new offerings like ChargePoint's Essential cloud plan lower the barrier to entry by shouldering ongoing costs and deploying the $699 CPF50 charger to minimize upfront investment," said Rick Wilmer, CEO of ChargePoint.
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Any revenue generated beyond this fee is returned to the station owner on a monthly basis, and the activation of the stations is included at no additional cost under the Essentials plan.
According to Benzinga Pro, CHPT stock has lost over 48% in the past year.
The ChargePoint Essential cloud plan, available with the company's most affordable Level 2 charging solution, allows customers to benefit from ChargePoint's premier software platform without the burden of software subscriptions or renewals.
This plan is especially suited for scenarios where chargers are publicly accessible but come with certain restrictions.
Additionally, the plan's power-sharing capabilities enable site hosts to add extra stations without overloading the location's electrical capacity, helping to keep installation costs low and minimizing the need for substantial upfront investment.
Price Action: CHPT shares are trading lower by 0.74% to $1.271 at last check Wednesday.
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