ChargePoint: Buy, Sell, or Hold?

Wall Street loves a good story. However, sometimes, the story is better than the company, so you have to be careful when you invest in story stocks. ChargePoint Holdings (NYSE: CHPT) had a great story when it joined the public market in March 2021 via a reverse merger with a special purpose acquisition company (SPAC), and the stock posted some strong gains in the months that followed. Since then, though, it has fallen by more than 95% from its highs. Is this company a buy, sell, or hold today?

ChargePoint sells products and services that allow for the charging of electric vehicles (EVs). There's no question that infrastructure of the type it provides will be necessary to support the widespread adoption of EVs as the world shifts away from dirtier and carbon-emitting energy sources like gasoline. That's the big-picture narrative backing the company's long-term story.