CHPT - Why Electric Vehicle Stocks Were Stalling This Week
2023-11-10 17:01:21 ET
The electric vehicle (EV) sector has generally been hot since its inception, which is why it's a bit jarring that some of its top stocks recently grew cold. This week, more than a few manufacturers and associated businesses turned in uninspiring performances on the market.
Among the EV stocks thrown into reverse were vehicle producers Nikola (NASDAQ: NKLA) and Fisker (NYSE: FSR) . According to data compiled by S&P Global Market Intelligence , both stocks saw declines at around the 15% mark over the period. Charging station company ChargePoint Holdings (NYSE: CHPT) also got stung, with a nearly 12% drop in share price in the Monday-Friday stretch.
There were scattered news items from individual EV companies that contributed to some of their declines. For example, on Wednesday Fisker announced a delay in publishing its latest set of quarterly results. The following Monday, ChargePoint was hit with a drastic price target cut from analyst Christopher Souther at B. Riley (to $5 per share from $11, although Souther did maintain his buy recommendation).
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Why Electric Vehicle Stocks Were Stalling This Week