Why ChargePoint Shares Tanked Today
Electric vehicle (EV) charging network leader ChargePoint Holdings (NYSE: CHPT) shares are near the day's low as the market absorbs Tesla's (NASDAQ: TSLA) third-quarter earnings report. At 3:45 p.m. ET, ChargePoint stock was down 5.3%.
The market didn't react positively to Tesla's earnings report even though it revealed the company's second-most profitable quarter ever. Tesla's revenue was slightly below expectations, and the company admitted it would likely fall short on its EV delivery goals this year. Without any company-specific news from ChargePoint, it seems that stock is being dragged down along with Tesla.
While Tesla may come up short of the 50% annual growth threshold it aims for, what the market seems to be ignoring is that Tesla believes it will still make that goal for vehicle production. The discrepancy is coming from shipping bottlenecks that are delaying deliveries to customers. Those vehicles are sold, however, so it's not a demand issue.
Source Fool.com
