ChargePoint Stock Is Moving Lower Thursday: What's Driving The Action?
Portfolio Pulse from Adam Eckert
ChargePoint Holdings Inc (NYSE:CHPT) shares fell after reporting disappointing Q2 results, with revenue below estimates and a significant year-over-year decline. The company announced a 15% workforce reduction to save costs and aims for positive EBITDA by 2026. Analyst Chris Pierce maintained a Buy rating but lowered the price target.
September 05, 2024 | 1:28 pm
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NEGATIVE IMPACT
ChargePoint's Q2 revenue missed estimates, leading to a 14.8% drop in stock price. The company announced a 15% workforce reduction to save costs and aims for positive EBITDA by 2026. Analyst Chris Pierce maintained a Buy rating but lowered the price target.
ChargePoint's Q2 revenue was below expectations, leading to a significant stock price drop. The company's decision to cut 15% of its workforce indicates cost-saving measures, which could be seen as a negative signal in the short term. The analyst's lowered price target further supports a negative short-term outlook.
CONFIDENCE 95
IMPORTANCE 90
RELEVANCE 100