Why ChargePoint Stock Plunged to a 52-Week Low This Week
ChargePoint Holdings (NYSE: CHPT) stock made a solid comeback in December, but it's failing miserably to hold up this year so far. Shares of the electric vehicle (EV) charging infrastructure company plunged to a 52-week low this week and were trading 13% lower as of 10:40 a.m. ET Friday this week alone, according to data provided by S&P Global Market Intelligence. The EV charging stock is now down almost 30% year to date.
With short interest as a percentage of float in ChargePoint stock rising further this week, it appears more and more people are turning bearish about the company's future. While short-term traders and speculators mostly drive short interest in a stock, a high and rising percentage of short interest could indicate widespread pessimism about the underlying company. In ChargePoint's case, the pessimism isn't unwarranted.
ChargePoint stock is currently one of the most shorted stocks in the market, with its short interest rising to 26.4% this week as of this writing, up from 22% a couple of weeks ago.
Source Fool.com
