CHPT - Why ChargePoint Stock Surged 26% in December but Could Fall Back
2024-01-09 14:28:06 ET
ChargePoint Holdings ' (NYSE: CHPT) CEO and CFO abruptly quit in November 2023, and the company projected weak numbers for its third quarter. These announcements dealt a huge blow to investors' confidence and sent shares of the electric vehicle (EV) charging infrastructure company crashing.
The last month of 2023, therefore, surprised many when ChargePoint stock rebounded and surged 25.8%, according to data provided by S&P Global Market Intelligence . It turns out that the company's new management is trying to turn things around, and investors saw an opportunity to buy the beaten-down stock in December.
ChargePoint's third-quarter numbers , which came out in early December, were a bummer. Its revenue fell 12% year over year to $110 million. Management had earlier expected to generate at least $150 million in revenue during the quarter and blamed "macroeconomic conditions and execution challenges" for the shortfall.
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Why ChargePoint Stock Surged 26% in December, but Could Fall Back