Shares of EV charging solutions provider ChargePoint Holdings (NYSE:CHPT) are inching upward today after the company made NACS (North American Charging Network) connector options available for customers.
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The options will be available for new orders as well as customers of CP6000, CPE 250, and Express Plus offerings. The combination of NACS solutions and Combined Charging Systems solutions means any electric vehicle can now be charged in any parking space!
The company’s mobile app enables drivers to access over 743,000 active as well as roaming ports. Its DC product offerings as well as the new CP6000 product are expected to be able to reconfigure with NACS connector options beginning later this year and in early 2024.
The move by ChargePoint comes fresh on the heels of EV maker Rivian (NASDAQ:RIVN) adopting NACS earlier this month as well. The company is adopting NACS even as it continues to set up its Rivian Adventure Network.
Overall, the Street has a $15.40 consensus price target on CHPT alongside a Moderate Buy consensus rating. Shares of the company have tanked nearly 52% over the past year while short interest in the stock still remains elevated at about 21% at present.
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