Benzinga | Sep 2, 2021 07:47AM EDT

Why ChargePoint Holdings Shares Are Trading Higher Today

ChargePoint Holdings, Inc. (NYSE:CHPT) shares are trading higher after the company reported better-than-expected second-quarter financial reasults and raised its full-year guidance.

ChargePoint Holdings reported quarterly sales of $56.12 million which beat the analyst consensus estimate of $49.06 million.

The company raised its full-year 2022 sales guidance from a range of $195 million - $205 million to $225 million - $235 million which is above the estimate of $206.6 million.

The company also issued third-quarter sales guidance in the range of $60 million - $65 million which is also above the estimate of $54.6 million.

"We achieved record revenue, significantly grew our commercial, fleet and residential businesses, launched a charging integration with Mercedes, announced our agreement to acquire e-mobility technology provider has*to*be and acquired eBus and commercial vehicle management provider ViriCiti," said Pasquale Romano, President and CEO of ChargePoint.

ChargePoint Holdings Inc operates electric vehicle charging networks.

ChargePoint's stock was trading about 12.5% higher at $23.89 per share on Thursday at the time of publication. The stock has a 52-week high of $49.48 and a 52-week low of $10.19.