Shares of Voltas, Inc. (VLTA) declined 6% in the extended trading session on Wednesday after the company posted disappointing results for the third quarter of 2021. The company engages in commerce-centric EV charging networks.
The company reported a quarterly loss of $0.58 per share, wider than the estimated loss of $0.15 per share. In the prior-year quarter, Voltas had recorded a loss of $1.56 per share. (See Voltas stock charts on TipRanks)
Quarterly revenue of $8.5 million increased 77.1% year-over-year. However, the figure fell short of analysts’ expectations of $10.1 million. The upside can be largely attributed to higher revenue within Behavior and Commerce unit, which grew to $7.4 million from $2.2 million a year ago on the back of increased sales of media campaigns with national brands.
The company connected 2,137 stalls in the quarter, up 50% year-over-year. Notably, its stalls generated over 238,000 estimated charging sessions per month.
The Founder and CEO of Voltas, Scott Mercer, said, “Since announcing our business combination with Tortoise in February, we have continued growing our Network Development partner relationships across multiple sectors and flagship community locations, while further strengthening our Behavior and Commerce customer base. I couldn’t be more excited about Volta’s future. Our significant pipeline provides a strong foundation for future growth that will further compound the value of our network.”
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For 2021, the company expects to post revenues in the range of $32 million to $36 million. Also, total signings are anticipated to be in the range of 600 sites to 700 sites. VLTA expects total operational stalls between 2,300 to 2,500, with over 1,300 stalls in the construction queue.
Wall Street’s Take
The rest of the Street is optimistic about the stock and has a Strong Buy consensus rating based on 4 unanimous Buys. The average Voltas price target of $13.63 implies 32% upside potential to current levels.
Positive Investor Sentiment
TipRanks’ Stock Investors tool shows that investors currently have a Very Positive stance on Voltas, with 100.4% of investors on TipRanks increasing their exposure to VLTA stock over the past 30 days.
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