Why ChargePoint Holdings Stock Dropped Friday
Shares of ChargePoint Holdings (NYSE: CHPT) have had a volatile year of gains and losses. Over just the past two months, the stock has soared 45% before then dropping 22%. Today, the shares of North America's leading EV charging network company are making another big move, dropping as much as 10% before settling with a decline of 7.9% as of 3:30 p.m. ET.
The whipsaw movement has come as the company gave investors a promising progress report in its fiscal 2022 second-quarter financial update, raising its revenue guidance for the year by 15%. It will provide its fiscal third-quarter report next week, but the company's shares are being influenced by overriding macro sentiment in the meantime. The market is selling off many high-growth names in the EV sector today, and ChargePoint is no exception.
Image source: ChargePoint Holdings.
Source Fool.com