ChargePoint Holdings (NYSE: CHPT) could be one of the most electrifying stocks of 2022. That is, if we see further progress on electric vehicle (EV) charging stations.

So far, we know President Joe Biden wants to “‘build a national network [of] 500,000 electric vehicle charging stations’ on the nation’s roads,” according to CNN.

We also know that, according to ChargePoint:

• “The electrification of mobility is happening at record rates, presenting a tremendous addressable market for ChargePoint”
• “EVs projected to be 9.9% of new vehicles sold in 2025 and 29.2% 2030 in the U.S. and Europe (compared to 2.6% in 2019)”
• “Cumulative EV charging infrastructure investment in U.S. and Europe projected to be ~$60 billion by 2030 and ~$192B by 2040”

While its chart hasn’t been anything to write home about, give it time.

Once the EV boom really gets rolling and we see charging stations pop up, shares of CHPT stock could accelerate to higher highs. CHPT stock last closed Mar. 3 at $15.01. If it can break above resistance, I’d like to see CHPT test $20, near-term.

Electric Vehicle Demand is Speeding Up

Remember, global leaders want millions of EVs on the roads yesterday.

Even better, global EV sales more than doubled in 2021, year-over-year. In fact, according to Green Car Reports’ Stephen Edelstein, “Automakers sold 6.6 million plug-in vehicles in 2021, more than double the 3 million sold in 2020, and more than triple the 2.2 million sold in 2019, according to the [International Energy Agency].”

China sold about 3.4 million EVs in 2021. The U.S. sold about half a million. In Europe, sales were up about 70% to 2.3 million.

In short, the EV boom is only heating up and is showing no signs of deceleration.

ChargePoint Earnings are Racing

The company did post a 17-cent per share loss, missing estimates for a loss of 16 cents. However, sales were up to $80.7 million. Not only was that better than analyst expectations for $75.9 million, it was also better than company expectations for $75.9 million.

For fiscal year 2023, CHPT expects for sales to come in between $450 million and $500 million. That is also above expectations for $418 million in sales.

“ChargePoint delivered another outstanding quarter […] advancing our technology leadership in our commercial, fleet and residential verticals,” said Chief Executive Officer Pasquale Romano in the company’s press release. “We had numerous successes in our first year as a publicly traded company, including a 65 percent year over year increase in annual revenue, two strategic acquisitions, expansion of our activated port count by over 60 percent.”

Analysts Love CHPT Stock, Too

Cowen analysts just raised their price target on CHPT to $27 from $24. Citi analysts also raised their price target to $17 from $15.

Also, in late January, JPMorgan Chase (NYSE:JPM) upgraded the stock to overweight from neutral with a price target of $20 a share. As noted by TheFly.com, “The analyst sees a good opportunity for investors following the stock’s recent pullback. ChargePoint is well positioned to benefit from growth in all customer verticals in the U.S., and increasingly so in Europe, assuming resumed installations at work sites.”

For all of those reasons, I’d use weakness as an opportunity with CHPT stock. In fact, I’d buy it, forget about it, and check back on it in about a year.

Again, once the EV boom really gets rolling and we see charging stations pop up, shares of CHPT stock could accelerate to higher highs. CHPT stock last closed at $15.01. Plus, remember that global leaders want millions of EVs on the roads. In addition, earnings and guidance have been impressive. Analysts love the stock. With time, I’d like to see the beaten down EV charging stock race back to $20.

On the date of publication, Ian Cooper did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.