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    Christopher Pierce

    Senior Analyst at Needham & Company

    Christopher Pierce is a Senior Analyst at Needham & Company, specializing in Internet Services and Transportation Technology with broad coverage of companies in the Communication Services, Consumer Cyclical, and Technology sectors. He has covered at least 35 stocks, including standouts such as Archer Aviation (ACHR), Solid Power (SLDP), and Urgent.ly (ULY), and has issued 319 price targets with an average price target met ratio of 62.87% and average potential upside of 44.99%, achieving his best single-stock return of 10.71% in one day. Pierce began his finance career as a trader, spending ten years at Ascend Capital LLC and four years at Balyasny Asset Management trading TMT and healthcare equities before joining Needham in 2020. He holds a B.B.A. in Marketing from UMASS-Amherst and an M.B.A. from Pepperdine University.

    Christopher Pierce's questions to Urgent.ly (ULY) leadership

    Christopher Pierce's questions to Urgent.ly (ULY) leadership • Q1 2025

    Question

    Christopher Pierce asked for details on the progress with new partners, the strategy for re-entering the mid-market insurance vertical via a 'Champion Challenger' model, and the potential impact on gross margins. He also inquired about the remaining potential for OpEx leverage and the timing and mechanics of the dual-source insurance model.

    Answer

    CEO Matthew Booth clarified that a recent major renewal was with a large fleet management company, not a new OEM. He stated that after 18 months of improving unit economics, Urgently is now well-positioned to re-enter the insurance market. CFO Timothy Huffmyer added that while major Otonomo-related cost reductions are complete, further OpEx efficiencies are expected in 2025, albeit at a slower pace. Booth also explained that the dual-source model is already in use with some clients and he expects the trend to accelerate as large customers seek vendor redundancy.

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    Christopher Pierce's questions to Urgent.ly (ULY) leadership • Q3 2024

    Question

    Christopher Pierce inquired about the net revenue impact of gaining three new partners while losing one, the business categories of the new partners, and whether the new contracts were won competitively. He also asked for clarification on the Q1 2025 revenue comparison, considering the previously announced customer nonrenewal, and questioned the drivers behind the sequential gross margin improvement in Q3.

    Answer

    CEO Matt Booth stated that the three new partners—a mix of fleets, insurance, and B2B2C clients won through competitive processes—will more than offset the revenue from the lost partner with equal or better margins. CFO Tim Huffmyer confirmed that Q1 2025 will still be a challenging year-over-year comparison due to the prior customer loss. Regarding gross margins, CEO Matt Booth attributed the sequential strength to a favorable job mix, despite typical seasonal pressures.

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    Christopher Pierce's questions to Archer Aviation (ACHR) leadership

    Christopher Pierce's questions to Archer Aviation (ACHR) leadership • Q1 2025

    Question

    Christopher Pierce of Needham & Company asked about Archer's manufacturing capability for the new Anduril aircraft and the potential use cases for a longer-range hybrid VTOL in regional air travel.

    Answer

    CEO Adam Goldstein expressed confidence in their manufacturing ability, explaining the new hybrid aircraft is designed for dual-use and will reuse significant components from the Midnight program, allowing it to be built on the same flexible production line in Georgia. For potential use cases, Goldstein noted applications like servicing oil rigs and cargo, and suggested that for civil passenger travel, the market would likely be defined by passenger comfort on longer flights rather than the aircraft's maximum range.

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    Christopher Pierce's questions to Archer Aviation (ACHR) leadership • Q4 2024

    Question

    Christopher Pierce of Needham & Company asked how Archer is prioritizing its order book between existing orders, new 'Launch Edition' international partners, and defense contracts, and whether the company anticipates being supply-constrained.

    Answer

    CEO Adam Goldstein clarified that the Launch Edition program serves as a 'precursor' to the main order book. It allows international partners to begin operations with a small number of aircraft, building out the necessary ecosystem (pilot training, maintenance, route planning) to support larger fleet deliveries in the future. He emphasized this de-risks the larger orders and that initial deliveries will be a handful of aircraft per partner, scaling from there.

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    Christopher Pierce's questions to ACV Auctions (ACVA) leadership

    Christopher Pierce's questions to ACV Auctions (ACVA) leadership • Q1 2025

    Question

    Christopher Pierce from Needham & Company asked about the competitive landscape, particularly regarding moves by CarMax and Carvana, and how sophisticated dealers are leveraging ACV's real-time data. He also requested clarification on the year-to-date performance of the dealer wholesale market.

    Answer

    CEO George Chamoun positioned ACV as a "neutral partner" for dealers, contrasting with competitors who are also retailers. He detailed how top dealers use ACV's AI tools for automated pricing, sourcing cars from service lanes, and receiving dynamic retail price recommendations. Chamoun clarified that the dealer wholesale market was up "low single digits" in Q1, which aligns with the company's "flattish" full-year outlook.

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    Christopher Pierce's questions to ACV Auctions (ACVA) leadership • Q4 2024

    Question

    Christopher Pierce questioned the conservative 'flat market volumes' forecast for 2025 given reports of strong January auction volumes, and asked about the competitive impact of tech updates from rivals like CarMax and Carvana.

    Answer

    CEO George Chamoun explained that while January was strong for ACV, February data appears mixed, and given various market crosswinds like interest rates, it is prudent to forecast a flat market. He emphasized that ACV's guidance range accounts for potential upside. Regarding competition, he reiterated that ACV has always faced competition but feels confident in its broad value proposition, including its marketplace, transport, capital, and pricing tools, which positions them as a strong partner for dealers.

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    Christopher Pierce's questions to ACV Auctions (ACVA) leadership • Q3 2024

    Question

    Christopher Pierce inquired about the revenue mix between the auction and assurance segments within the ARPU metric and the long-term competitive implications if large retailers like Carvana grow their own wholesale operations.

    Answer

    CFO Bill Zerella advised against analyzing auction and assurance revenue separately, noting that GAAP accounting can distort trends. CEO George Chamoun addressed the competitive dynamic, explaining that ACV's strategy is to empower the thousands of franchise and independent dealers with technology like AI-driven appraisal and sourcing tools, enabling them to effectively compete against larger, consolidated players.

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    Christopher Pierce's questions to Blue Bird (BLBD) leadership

    Christopher Pierce's questions to Blue Bird (BLBD) leadership • Q2 2025

    Question

    Christopher Pierce asked about the levers that led to the reopening of EPA funding portals for rounds 2 and 3, whether the company has pricing power on EVs if new subsidies flow through, and how investors should think about the remaining share buyback program.

    Answer

    CFO Razvan Radulescu explained they were confident rounds 2 and 3 would proceed due to the legal obligations associated with the awards already being made, which differs from the unawarded round 4. He noted it's too early to discuss pricing for future rounds given the uncertainty. Regarding capital allocation, he highlighted the recent acceleration of the buyback to $20 million in Q2 and said the company would provide updates on future plans in the next call.

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    Christopher Pierce's questions to Blue Bird (BLBD) leadership • Q1 2025

    Question

    Christopher Pierce asked about the existence of an industry working group to engage with Washington on EPA funding, sought clarification on whether the 1,000 EV unit figure was a backlog or the full-year guide, and questioned why the company isn't more aggressive with its share buyback program.

    Answer

    CEO Phil Horlock confirmed that Blue Bird is part of an influential consortium with competitors and customers that is actively engaging with lawmakers and has received strong bipartisan support for the Clean School Bus Program. CFO Razvan Radulescu clarified that the 1,000 EV units represent the total sold in Q1 plus the current backlog, which constitutes the full-year forecast. Regarding the buyback, Horlock explained the company follows a board-approved plan of $10 million per quarter and can only execute repurchases during open trading windows.

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    Christopher Pierce's questions to Blue Bird (BLBD) leadership • Q4 2024

    Question

    Christopher Pierce inquired about Blue Bird's market share gains given its growth against a declining industry forecast, the reason for pushing long-term targets from 2027 to 2028, and the status of the CEO search.

    Answer

    CEO Phil Horlock attributed the 2024 industry decline to a major competitor's significant production issues, which are now resolved, rather than Blue Bird taking share. CFO Razvan Radulescu explained the long-term targets were moved to 2028 to align with the new plant's capacity becoming fully available after its 2027 launch and ramp-up. Regarding the CEO search, Mr. Horlock confirmed a board committee is actively engaged in the process to ensure a seamless transition.

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    Christopher Pierce's questions to Solid Power (SLDP) leadership

    Christopher Pierce's questions to Solid Power (SLDP) leadership • Q1 2025

    Question

    Christopher Pierce inquired about the revenue outlook for 2025, the potential timing for a significant increase in electrolyte sales to customers, and the status of the Department of Energy (DOE) funding.

    Answer

    Linda Heller (executive) clarified that 2025 revenue is dominated by collaborative arrangements, primarily with SK On, and that electrolyte sampling revenue is still minor. John Van Scoter (executive) added that while sampling demand is increasing, significant revenue from electrolytes is not expected until 2027-2028 at the earliest, with the bulk anticipated around 2030. Heller also specified the DOE funding is a grant, not a loan, and that the company received $1.5 million in Q1.

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    Christopher Pierce's questions to Solid Power (SLDP) leadership • Q1 2025

    Question

    Christopher Pierce of Needham & Company, LLC inquired about the revenue outlook for 2025, the potential timing and trajectory for significant electrolyte customer revenue beyond 2025, and the status of the Department of Energy (DOE) funding.

    Answer

    Executive Linda Heller clarified that 2025 revenue is dominated by collaborative arrangements, primarily with SK On, and government contracts, while electrolyte sampling revenue remains small. Executive John Van Scoter added that while sampling is increasing, significant electrolyte revenue is anticipated from 2027-2028, with the bulk of customers expected around 2030. Heller also corrected that the DOE funding is a grant, not a loan, and confirmed the company received $1.5 million in Q1.

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    Christopher Pierce's questions to Solid Power (SLDP) leadership • Q2 2024

    Question

    Christopher Pierce inquired about the reasons for the slower uptake in electrolyte development and asked for clarification on the pause in A1 cell deliveries to BMW, questioning if it was a normal part of resetting the joint development agreement (JDA).

    Answer

    President and CEO John Van Scoter explained that the slower electrolyte uptake is due to the nascent, early-stage nature of the all-solid-state battery market, rather than broader EV sentiment. Regarding BMW, he confirmed the pause in A1 cell deliveries was a mutual decision to refocus efforts on the imminent A2 cell's performance improvements, following successful A1 module-level testing.

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    Christopher Pierce's questions to EVgo (EVGO) leadership

    Christopher Pierce's questions to EVgo (EVGO) leadership • Q1 2025

    Question

    Christopher Pierce questioned the interplay between dynamic pricing used to boost overnight utilization and the observed increase in average selling price (ASP), asking about the company's pricing power. He also requested clarification on network throughput seasonality.

    Answer

    CEO Badar Khan explained that dynamic pricing aims to maximize margin by shifting demand to open up capacity during peak hours, which can involve raising or lowering prices. He called this a key competitive advantage and confirmed no demand signals have caused them to reconsider their pricing strategy. Regarding seasonality, Khan noted Q1 throughput was broadly flat sequentially with Q4, as expected, and anticipates sequential growth through the rest of the year, aligning with typical vehicle miles traveled patterns.

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    Christopher Pierce's questions to EVgo (EVGO) leadership • Q4 2024

    Question

    Christopher Pierce asked if EVgo plans to accelerate its NACS connector rollout and for high-level thoughts on new competition, such as the IONNA charging network, which is planning a large national deployment.

    Answer

    CEO Badar Khan confirmed plans to deploy NACS cables throughout the network, starting with retrofits, to attract Tesla drivers and grow throughput. Regarding competition, he stated that the market is not a zero-sum game and more infrastructure stimulates overall EV demand, which benefits EVgo. He noted that competitors like IONNA may have different goals than maximizing utilization, and EVgo's focus on usage at well-located sites allows it to capture a disproportionate share of charging sessions.

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    Christopher Pierce's questions to EVgo (EVGO) leadership • Q3 2024

    Question

    Christopher Pierce from Needham & Company asked how EVgo reconciles building sites in lower-income areas under the DOE loan with potentially lower initial utilization, and questioned the remaining growth potential for utilization at the company's top-performing sites.

    Answer

    CEO Badar Khan explained there is significant overlap between Justice40 communities and the rural/low-income areas where EVgo already builds and qualifies for 30C credits, so he expects no material change to unit economics. He anticipates greater operating leverage on fixed costs as the network scales. Khan also pointed to company data showing that throughput at the top 15% of sites continues to grow significantly, and emphasized that the entire network's performance is improving.

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    Christopher Pierce's questions to TrueCar (TRUE) leadership

    Christopher Pierce's questions to TrueCar (TRUE) leadership • Q1 2025

    Question

    Christopher Pierce asked if TC+ sales are additive for dealers, what the economic benefit is for TrueCar, and whether the pause in dealer sales headcount is a reaction to current dealer feedback or an anticipation of future uncertainty.

    Answer

    Jantoon Reigersman (executive) confirmed that for the pilot dealer, TC+ has driven both a shift to online transactions and incremental sales volume. He clarified that TC+ sales are currently monetized like standard leads to facilitate testing, with plans for a different model at scale. He also stated the headcount pause is a proactive measure in anticipation of market uncertainty, not a reaction to current dealer sentiment.

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    Christopher Pierce's questions to TrueCar (TRUE) leadership • Q4 2024

    Question

    Christopher Pierce requested more detail on the consultative approach, asking how TrueCar helps dealers convert leads, and also asked about the performance and growth potential of TrueCar Marketing Solutions (TCMS).

    Answer

    Executive Jantoon Reigersman explained that the service team provides hands-on help with dynamic pricing, system engagement, and sales staff training on lead nurturing. CFO Oliver Foley added that TCMS revenue declined slightly in Q4 due to a strategic streamlining of the offering, but it is being positioned to be a major growth driver in 2025.

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    Christopher Pierce's questions to TrueCar (TRUE) leadership • Q3 2024

    Question

    Christopher Pierce sought confirmation on American Express cycling out as an affinity partner, its potential impact on unit volumes, and whether the TrueCar Marketing Solution (TCMS) is attracting new dealers or primarily serving as an add-on for existing clients.

    Answer

    Executive Jantoon Reigersman confirmed that AmEx will exit the program in April, describing it as a successful but finite partnership. He noted the company is already in discussions with other parties to replace the volume. CFO Oliver Foley quantified AmEx's contribution at roughly 5% of partner units over the last 12 months. Reigersman also clarified that TCMS is an add-on product for dealers already on the core platform and has been instrumental in fostering more strategic, senior-level conversations with dealer groups.

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    Christopher Pierce's questions to SONIC AUTOMOTIVE (SAH) leadership

    Christopher Pierce's questions to SONIC AUTOMOTIVE (SAH) leadership • Q1 2025

    Question

    Christopher Pierce of Needham & Company sought clarification on the assumptions behind the full-year used vehicle GPU guidance, which seems to imply a decline from Q1. He also asked about the EchoPark F&I per unit guidance, questioning why it also suggests a decrease from the strong Q1 result.

    Answer

    President Jeff Dyke explained that franchise used GPUs should remain in their historical $1,400-$1,600 range, while EchoPark's front-end margin is expected to improve due to better sourcing. CFO Heath Byrd added that seasonality impacts GPUs through the year. On F&I, Dyke conceded the guidance was likely conservative, attributing strong performance to better execution and cost management with third-party warranty providers, which he expects to continue.

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    Christopher Pierce's questions to SONIC AUTOMOTIVE (SAH) leadership • Q4 2024

    Question

    Christopher Pierce asked if EchoPark's aged inventory issue was widespread, inquired about the competitive environment in mature markets like Denver, and sought an explanation for the increase in EchoPark's SG&A expenses.

    Answer

    President Jeff Dyke responded that the aged inventory issue stemmed from over-forecasting Q3 demand and that in mature markets like Denver, EchoPark remains #1 and stable. CEO David Smith affirmed that the oldest markets are highly profitable. VP of IR Danny Wieland clarified that the Q4 SG&A to gross profit ratio increase was primarily driven by a $200 per unit gross profit headwind, not a significant rise in underlying expenses, after adjusting for one-time items in prior periods.

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    Christopher Pierce's questions to CARMAX (KMX) leadership

    Christopher Pierce's questions to CARMAX (KMX) leadership • Q4 2025

    Question

    Christopher Pierce asked if selling more 6- to 10-year-old vehicles due to credit spectrum expansion creates competition with a new set of dealers and if this shift provides a tailwind for gross profit per unit (GPU).

    Answer

    CEO William Nash clarified that CarMax has always sold 1- to 10-year-old cars and the focus remains on meeting their strict quality standards, which many older cars do not. EVP Jon Daniels added that CAF's full-spectrum lending is disconnected from inventory strategy, as their lending partners finance all vehicle ages. Nash confirmed that older vehicles, when reconditioned to CarMax standards, are less of a commodity and do tend to carry a higher margin.

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    Christopher Pierce's questions to CARMAX (KMX) leadership • Q3 2025

    Question

    Christopher Pierce asked if CarMax has data to support the thesis that financially pinched consumers are shifting from the new car market to the used car market.

    Answer

    CEO William Nash pointed to macro data showing the overall used car market has been depressed, particularly the 0-4 year-old segment, which he interprets as a sign that consumers are pinched. He views the eventual recovery of the market to historical norms as a significant future opportunity for CarMax.

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    Christopher Pierce's questions to CARMAX (KMX) leadership • Q2 2025

    Question

    Christopher Pierce asked if the CDK Global outage provided a competitive benefit to sales comps during the quarter and sought clarity on the future drivers of 'Other Gross Margin,' including potential headwinds.

    Answer

    President & CEO William Nash stated that the CDK outage had no material impact, as CarMax's sales comp cadence improved throughout the quarter. EVP & CFO Enrique Mayor-Mora explained that Other Gross Profit growth was driven by strong performance in Service and EPP, which he expects to continue. He clarified that a potential charge of up to $10 million related to logistics optimization would impact the 'other income/expense' line, not gross margin.

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    Christopher Pierce's questions to Joby Aviation (JOBY) leadership

    Christopher Pierce's questions to Joby Aviation (JOBY) leadership • Q4 2024

    Question

    Christopher Pierce inquired about the certification progress chart, asking if the gap between submitted and accepted plans indicated an FAA slowdown, and also requested guidance on production cadence to help model future operations.

    Answer

    Executive Chairman Paul Sciarra clarified that despite the chart's appearance, Joby achieved record progress in FAA documentation acceptance last quarter and that the agency remains fully engaged. Regarding production, Paul Sciarra and President of Aircraft OEM Didier Papadopoulos explained that the focus for 2025 is on increasing the volume of 'conforming' parts built to FAA specifications, rather than just total volume. They confirmed meeting the 2024 goal of producing parts equivalent to one aircraft per month and noted that over 95% of composite parts are already being made on a conforming basis.

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    Christopher Pierce's questions to Lucid Group (LCID) leadership

    Christopher Pierce's questions to Lucid Group (LCID) leadership • Q4 2024

    Question

    Christopher Pierce from Needham & Company questioned the strategy of aggressively increasing marketing spend while being production-constrained and asked how Lucid's path to positive gross margin compares to peers, considering its technological advantages.

    Answer

    Interim CEO Marc Winterhoff explained that the marketing push is a long-term strategy to build brand awareness ahead of the high-volume Midsize platform launch, using the Gravity as a key opportunity to reach a larger audience. SVP of Finance Gagan Dhingra addressed margins by noting that Lucid is taking steps to mitigate a potential 7-12% gross margin impact from tariffs and other factors through supply chain localization and other efforts, suggesting they are in a better position than some peers.

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    Christopher Pierce's questions to CarGurus (CARG) leadership

    Christopher Pierce's questions to CarGurus (CARG) leadership • Q4 2024

    Question

    Christopher Pierce asked if personalized search and comparison pages are being monetized directly and sought clarification on whether the acquisition insights report recommends specific vehicles from other wholesale platforms.

    Answer

    Jason Trevisan, CEO, clarified that direct monetization remains through the featured listings model, while personalized search improves organic results, boosting lead quality and quantity for all dealers. Sam Zales, President and COO, explained that the acquisition insights report recommends the *make and model* a dealer should source for their local market, not a specific vehicle. Trevisan added that the future vision could involve pointing dealers to specific cars on CarGurus' own wholesale platform.

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    Christopher Pierce's questions to ChargePoint Holdings (CHPT) leadership

    Christopher Pierce's questions to ChargePoint Holdings (CHPT) leadership • Q3 2025

    Question

    Christopher Pierce asked about the backward compatibility of next-generation software, the timing of the inventory drawdown relative to the new hardware launch, and the strategy behind the new Essential Cloud Plan.

    Answer

    Executive Richard Wilmer confirmed the new software is fully backward compatible with all prior and third-party hardware and that the new product transition will be managed to avoid obsolescence. He clarified the Essential Cloud Plan is a simplified licensing model that deducts fees from driver revenue, not a move to compete with customers by selling energy.

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    Christopher Pierce's questions to CARVANA (CVNA) leadership

    Christopher Pierce's questions to CARVANA (CVNA) leadership • Q3 2024

    Question

    Christopher Pierce asked for guidance on modeling the 'Other GPU' line, given its strength after one-time benefits, and inquired about the potential to re-engage with other dealers on the marketplace.

    Answer

    CFO Mark Jenkins attributed the strength in Other GPU to ongoing fundamental gains in the finance platform, including streamlined experiences, better data, and improved scoring algorithms. CEO Ernie Garcia clarified that the marketplace focus is now on large commercial sellers, not other dealers, as this approach is more scalable and better leverages the combined Carvana-ADESA capabilities.

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