Why ChargePoint Charged 37% Higher in March
Many growth stocks in the electric vehicle (EV) sector started 2022 poorly. Investors shifted from many aggressive names into cyclical and more valued-oriented stocks. Shares in EV charging network company ChargePoint Holdings (NYSE: CHPT) weren't spared from that rotation. ChargePoint stock was down nearly 25% through the first two months of the year. But March was a different story entirely, with ChargePoint shares rocketing 36.9% higher, according to data from S&P Global Market Intelligence.
On March 2, ChargePoint reported its fourth-quarter and full-year fiscal 2022 results for the period ended Jan. 31, and investors liked what they saw. In addition to exceeding previously raised revenue guidance, the company thrilled investors with the growth it expects for fiscal 2023.
Image source: ChargePoint Holdings.
Source Fool.com
