Why ChargePoint Stock Is Falling Today
Shares of ChargePoint Holdings (NYSE: CHPT) are down Wednesday as investors adjust to the news that U.S. inflation shows no signs of ebbing. In response to the June Consumer Price Index readout, the market has bid down growth stocks in general. But that isn't the only factor leading some to unplug from the electric vehicle (EV) charging stock. An insider transaction is also motivating traders to click the sell button.
As of 1 p.m. ET, shares of ChargePoint were down 0.8%, having largely recovered from an earlier slide of as much as 5.7%.
U.S. inflation soared to a new four-decade high of 9.1% in June. Investors, consequently, are betting that higher prices will likely deter people from purchasing new vehicles -- namely, EVs. If that's true, EV-charging infrastructure companies like ChargePoint will see lower demand for their services.
Source Fool.com
