ChargePoint: Buy, Sell, or Hold?
ChargePoint (NYSE: CHPT) was one of the hottest stocks when it went public in 2021 through a special purpose acquisition company (SPAC). Investor enthusiasm for electric vehicle (EV) stocks was at a fever pitch, and many rushed to buy the charging station company in pursuit of a hundred-billion-dollar market opportunity.
The stock reached as high as $38.50 following its merger but hasn't come close to that price ever since. The company faces significant headwinds from slowing EV demand, and its cash burn is a primary concern among investors. Although the stock is down 95% from its post-merger high, investors should consider the following before scooping up shares of the stock.
According to data from the U.S. Department of Energy last year, ChargePoint operates 31,000 charging stations with 56,000 ports, making it the largest EV public charging network in the U.S., ahead of and Blink Charging.
Source Fool.com
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