From Nasdaq MarketSite: 2024-05-02 15:57:52

Shares of EV charging network company ChargePoint Holdings (NYSE: CHPT) surged 16.5% this week, bringing the stock off its lowest level of the year. Despite the jump, shares are still down 36.5% year to date. The increase was driven by news of Tesla’s Supercharger network changes, potentially benefiting third-party EV charging companies like ChargePoint.

Tesla’s unexpected layoffs in its Supercharger segment caused a stir among investors. The move could lead to third-party charging networks expanding the North American charging infrastructure. ChargePoint, facing revenue growth challenges and reliability issues, could benefit from this development. However, investors should wait for more clarity before jumping into the stock.

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Read more at Nasdaq MarketSite: Why ChargePoint Stock Jumped This Week