CHPT - Why Plug Power Surged Higher While ChargePoint and Canoo Stocks Tumbled This Week
2023-10-13 08:39:45 ET
Aggressive growth stocks are having a mixed week. While shares of hydrogen fuel cell maker Plug Power (NASDAQ: PLUG) have surged by 11.5% from last Friday's closing price, two stocks in the electric vehicle (EV) sector were plummeting. Charging network company ChargePoint Holdings (NYSE: CHPT) and specialty EV maker Canoo (NASDAQ: GOEV) were lower by 17% and 19%, respectively, as of Friday morning, according to data provided by S&P Global Market Intelligence .
It isn't overly surprising that ChargePoint shares dropped this week. Two aspects of an announcement the company made on Wednesday unnerved investors. ChargePoint announced it was raising additional capital by selling about $230 million in stock to institutional investors.
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Why Plug Power Surged Higher While ChargePoint and Canoo Stocks Tumbled This Week