Shares of Pod Point Group Holdings PLC (GB:PODP) surged almost 7% following the company’s favourable trading update for the full year 2023. This came as a ray of hope for investors after the stock lost more than 60% of its value in the last 12 months.
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Pod Point is the leader in electric vehicle charging within the UK, offering solutions for residential clients and commercial organizations.
2023 Performance on Track
For the full year, Pod Point anticipates that its numbers will align with the previously provided guidance. Revenue is expected to be at least £63 million, while the adjusted EBITDA loss is projected to remain below £16 million. As of December 31, 2023, net cash stood at £48.7 million, slightly surpassing the guidance of at least £47 million.
Separately, Pod Point also announced the appointment of the new CEO, Melanie Lane, effective May 1, 2024. Lane will be succeeding Andy Palmer, who has been serving as the company’s interim CEO since July 6, 2023. Lane comes from Shell Recharge Solutions and is known for successful turnaround strategies and delivering operational profitability. The company is confident in Lane’s experience in the EV charging sector and her proven record of establishing thriving businesses in fiercely competitive markets.
Is Pod a Good Stock to Buy?
On TipRanks, PODP stock has received a Moderate Buy consensus rating based on one Buy recommendation from Canaccord Genuity. The Pod share price target is 60p, which implies a huge upside of 243% from the current price level.
