ChargePoint Holdings, Inc. (CHPT) shares are down today as analyst Bill Peterson from J.P.Morgan expects third-quarter guidance to fall below consensus due to industry headwinds. While the analyst maintains an Overweight rating, he emphasizes the need for management to clarify its profitability path in a challenging market.
ChargePoint Holdings Inc. (CHPT) shares witnessed a significant decline of 6.3% on Monday, trading at $1.28. The broader electric vehicle (EV) sector has been experiencing a downturn, largely attributed to Tesla’s decision to reduce vehicle prices in major markets and Rivian Automotive Inc.’s recent workforce cutbacks due to industry slowdown. The sector has also been impacted by Tesla’s recent layoffs of around 10% of its workforce.
