Why Plug Power Surged Higher While ChargePoint and Canoo Stocks Tumbled This Week
Aggressive growth stocks are having a mixed week. While shares of hydrogen fuel cell maker Plug Power (NASDAQ: PLUG) have surged by 11.5% from last Friday's closing price, two stocks in the electric vehicle (EV) sector were plummeting. Charging network company ChargePoint Holdings (NYSE: CHPT) and specialty EV maker Canoo (NASDAQ: GOEV) were lower by 17% and 19%, respectively, as of Friday morning, according to data provided by S&P Global Market Intelligence.
It isn't overly surprising that ChargePoint shares dropped this week. Two aspects of an announcement the company made on Wednesday unnerved investors. ChargePoint announced it was raising additional capital by selling about $230 million in stock to institutional investors.
Source Fool.com
