CHPT - Why ChargePoint Sank This Week
2023-10-06 14:36:51 ET
Shares of ChargePoint (NYSE: CHPT) sank this week, falling roughly 15% at noon ET Friday, according to data from S&P Global Market Intelligence .
There wasn't much in the way of new company-specific news on this EV charging station producer this week, but some industry and financial markets events may have had a detrimental effect on the stock. First, there were some data points suggesting electric vehicle sales continued slowing in the third quarter. But perhaps more importantly, long-term bond yields surged, putting pressure on any stock with a questionable balance sheet that may need to raise money.
While ChargePoint is a leader in its space, its ongoing losses pose risks, especially if capital markets remain closed (or expensive).
For further details see:
Why ChargePoint Sank This Week