ChargePoint Holdings Inc CHPT shares are trading higher by 1.1% to $8.35 Friday afternoon. The stock is rising Friday, recovering following Thursday weakness, despite a lack of company-specific news. Several EV- and EV-related stocks on Thursday fell in symapthy with peer Tesla Inc after the company reported second-quarter earnings results.
What Happened With Tesla Earnings?
Tesla's second-quarter revenue rose 47% YoY to $24.93 billion, surpassing the consensus estimate of $24.48 billion. Quarterly earnings stood at 91 cents per share, exceeding the expected 82 cents per share.
Operating margins for second-quarter were 9.6%, and gross margins were 18.2%, down from 25% YoY. The market closely monitored the margin results due to recent price cuts...Read More
What Else?
High-growth companies like ChargePoint often have high expectations from investors. If Tesla's gross margins disappoint, investors may become more cautious about the growth prospects of other EV companies, including ChargePoint.
Investors may adjust their expectations for ChargePoint's financial performance, leading to a decrease in its stock price.
According to data from Benzinga Pro, CHPT has a 52-week high of $19.92 and a 52-week low of $7.22.
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
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