Is ChargePoint Stock a Millionaire Maker Stock?
ChargePoint (NYSE: CHPT) hasn't minted any millionaires since its public debut. The builder of electric vehicle (EV) charging stations went public by merging with a special purpose acquisition company (SPAC) on March 1, 2021, and its stock opened at $32.30 with an enterprise value of nearly $9 billion.
But today, ChargePoint's stock trades at just over $1 a share with an enterprise value of about $550 million. It lost more than 90% of its value as its growth stalled out, it faced tougher competitors, and its losses widened. Rising interest rates also popped its bubbly valuations.
Could this unloved green energy stock recover over the next few years and generate some millionaire-making gains? Or is it destined to drop even lower and fade away?
Source Fool.com
