CHPT - Why ChargePoint Stock Tumbled 27% in November
2023-12-04 17:48:29 ET
Shares of electric vehicle (EV) charging network operator ChargePoint (NYSE: CHPT) took a dive last month after the company reported disappointing third-quarter preliminary results, named a new CEO, and said that its CFO was stepping down.
The news added to the perception that ChargePoint is in disarray as a number of carmakers have adopted Tesla 's North American Charging Standard (NACS) this year, forcing the company to adapt its chargers. As a result of the preliminary update and executive changes, the stock finished the month down 27%, according to data from S&P Global Market Intelligence .
As you can see from the chart below, the stock fell sharply in the middle of the month when that news came out, and it didn't recover.
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Why ChargePoint Stock Tumbled 27% in November