CHPT - Should You Buy ChargePoint Stock on the Dip for 2024?
2023-12-07 09:24:48 ET
2023 has been a brutal year for ChargePoint Holdings (NYSE: CHPT) . Despite growing sales, the electric vehicle (EV) charging infrastructure company has suffered big losses and burned through cash rapidly. The biggest blow, though, came in November when ChargePoint's CEO and CFO abruptly left the company, leaving investors worried about the company's future. ChargePoint stock crashed, plunging below $2 a share.
Since then, all eyes have been on ChargePoint's fiscal third-quarter earnings report, with impatient investors hoping the company will shed some light on its plans to turn around. Turns out, ChargePoint failed to execute in the third quarter by its own admission, although new CEO Rick Wilmer expects things to improve going forward. Since Wilmer was the chief operating officer at ChargePoint for 18 months before taking over as the CEO, he is familiar with the business and claims to have introduced several initiatives to revamp the company. Should investors then keep their faith alive and buy ChargePoint stock while it's still languishing?
ChargePoint had already warned investors that its third quarter will be a soft one. One look at this chart, and it is evident where the company is flailing.
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Should You Buy ChargePoint Stock on the Dip for 2024?