CHPT - Why ChargePoint and Other EV Stocks Plunged Today
Markets are in "risk-off" mode again today with shares of companies in more speculative sectors like electric vehicles (EVs) taking some of the hardest hits. Shares of EV charging network company ChargePoint Holdings (NYSE: CHPT) , for example, were down 5.2% as of 12:05 p.m. ET. The stocks of vehicle manufacturers Lordstown Motors (NASDAQ: RIDE) and Arrival (NASDAQ: ARVL) were lower by 7.2% and 6.8%, respectively.
There was news in the industry today as well, but the outsized moves lower seem to be tied more to overall investor sentiment. Higher-risk stocks, especially for companies yet to report profits, are not getting much buyer interest. Market watchers are looking for safety as fears grow that the economy has much more downside ahead.
Image source: Lordstown Motors.
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Why ChargePoint and Other EV Stocks Plunged Today