Why ChargePoint Holdings Stock Rose Today
The stocks of many companies in the electric vehicle (EV) sector have had a rough time in 2021. Charging network company ChargePoint Holdings (NYSE: CHPT) has been no exception. Since the start of the year ChargePoint shares have dropped 40%. But shares are bouncing today. As of 11:45 a.m. EDT Friday, shares of the company were trading up by about 9.5%.
There's no specific news out of the company today. But ChargePoint was one of the seemingly few EV companies that went public through a special purpose acquisition company (SPAC) merger that already had an operating business and growing revenue. Investors looking to gain exposure to the sector may have decided that the 2021 drop in the stock price has brought the valuation to a point worth owning.
Image source: ChargePoint Holdings.
Source Fool.com
