Why ChargePoint Holdings Stock Climbed 24% in October
Electric vehicle (EV) charging network stocks have garnered much interest as EVs look to take a significantly larger share of the transportation sector. But there are still questions about whether these companies can become sustainably profitable. That concern has led to a decline in ChargePoint Holdings (NYSE: CHPT), which has dropped more than 38% year to date. But that wasn't the case in October, when ChargePoint shares soared 24%, according to data from S&P Global Market Intelligence. And there's a reason that spike may continue into November.
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Investors have been anticipating passage of the bipartisan infrastructure bill that has been at the center of political debate recently. The bill contains $7.5 billion allocated toward building out an electric vehicle charging infrastructure, as well as another $5 billion dedicated to replacing buses, including school buses, with zero-emission vehicles. Investors bid up stocks, including sector leader ChargePoint, hoping the bill would pass, and that has now become reality.
Source Fool.com
