CHPT - Why ChargePoint Stock Jumped This Week
2024-05-02 15:57:52 ET
Shares of electric vehicle (EV) charging network company ChargePoint Holdings (NYSE: CHPT) popped this week. The stock jumped 16.5% as trading came to a close Thursday afternoon, according to data provided by S&P Global Market Intelligence .
That move brought ChargePoint shares off the lowest level of the year. And there could be more to come based on the reason for the sharp move. Before investors get too excited, though, realize that shares are still lower by 36.5% year to date.
ChargePoint's move didn't come from anything the company specifically did. There was no major news or Securities and Exchange Commission (SEC) filings from the company. But there was some seemingly major, and surprising, news from EV leader Tesla (NASDAQ: TSLA) . Tesla's Supercharger network is so dominant that its North American Charging Standard (NACS) system is becoming the official standard in North America.
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Why ChargePoint Stock Jumped This Week