Why ChargePoint Stock Just Dropped 6%
File this story under the heading "All good things must come to an end." After a strong, Fed-news-inspired, two-day run that added more than 30% to its share price, electric vehicle charging company ChargePoint (NYSE: CHPT) is taking a breather on Friday.
Taking as its excuse a lowered (but still optimistic) price target from analysts at DA Davidson this morning, ChargePoint shares retreated 6.2% through noon ET.
I wouldn't call this "bad news," exactly. For one thing, Davidson apparently didn't give a whole lot of detail as to why it changed its price target on ChargePoint stock. All we know from StreetInsider.com, which covered the story today, is that Davidson analyst Matt Summerville has lowered his price target on ChargePoint from $10 a share to $4.
Source Fool.com
