Why Wallbox (WBX) Shares Are Down 13% This Week

Wallbox NV WBX shares are trading lower by 3.19% to $2.73 over the trailing five sessions. The stock is falling this week in sympathy with peer EV charging company ChargePoint Holdings Inc after the company reported worse-than-expected second-quarter results.

If investors perceive that poor results from ChargePoint are indicative of broader challenges or headwinds facing companies in the electric vehicle charging space, they may become more cautious about investing in such companies, including Wallbox.

What Happened?

ChargePoint Holdings disclosed its quarterly financial performance, revealing a net loss of 24 cents per share. This figure fell short of the analyst consensus estimate of a loss of 15 cents.

Additionally, the company reported quarterly sales totaling $150.49 million, which were slightly below the analyst consensus estimate of $153.24 million by 1.79 percent.

This figure indicates a 39% increase in sales when compared to the $108.29 million reported during the same period in the preceding year...Read More

According to data from Benzinga Pro, WBX has a 52-week high of $9.60 and a 52-week low of $2.44.