Why Shares of ChargePoint Are Tumbling Lower Today
While a dangerous winter storm brings frigid temperatures to large swaths of the country today, investors are turning a cold shoulder to shares of ChargePoint (NYSE: CHPT). The electric vehicle (EV) charging company inched less than 1% higher yesterday compared to Wednesday's close, but an analyst's bearish take on the stock today is giving back that meager gain -- and then some.
As of 11:34 a.m. ET, shares of ChargePoint are down 8.8%.
Maintaining a neutral rating, Kashy Harrison, an analyst at Piper Sandler, reduced the price target on ChargePoint's stock to $13 from $16. According to The Fly, Harrison is more bullish on the prospects of the utility-scale solar market in the U.S. as a way to benefit from the recent passage of the Inflation Reduction Act.
Source Fool.com
