CHPT - 3 Red Flags For ChargePoint Holdings' Future
2023-11-20 06:15:00 ET
ChargePoint (NYSE: CHPT) disappointed a lot of investors after it went public by merging with a special purpose acquisition company (SPAC) in March 2021. It initially impressed the bulls with the expansion of its electric vehicle (EV) charging networks, but it lost its luster as its growth slowed down, it racked up steep losses, and rising interest rates popped its bubbly valuations.
ChargePoint's stock closed at $30.11 on its first day as a public company, and it eventually rose to a post-merger high of $35.69 on June 29, 2021. But today, the stock trades at about $2. It also plummeted 35% on Nov. 17 in response to a triple whammy of bad news. Let's review those three red flags to see if it's finally time to pull the plug on ChargePoint's stock.
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3 Red Flags For ChargePoint Holdings' Future