What's Going On With ChargePoint Holdings Stock?

Zinger Key Points
  • ChargePoint shares are trading lower Wednesday, and the stock has dropped more than 20% over the past week.
  • The stock is trading below its 50-day moving average of $2.37 and 22.92% of available shares are being sold short.

ChargePoint Holdings, Inc. CHPT shares are trading lower Wednesday, and the stock has dropped more than 20% over the past week. Here’s a look at what’s going on.

What To Know:

Last Wednesday, ChargePoint announced a strategic reorganization designed to improve financial performance and position itself for long-term growth which included an approximately 12% reduction of the ChargePoint global workforce.

ChargePoint expects the action to result in annual operating expense savings of approximately $33 million and approximately $14 million in restructuring charges, including severance and related expenses.

The company restated its financial position of approximately $397 million in cash and access to an additional $150 million through a revolving credit facility, which remains undrawn. ChargePoint also reiterated its goal of achieving positive non-GAAP adjusted EBITDA in the fourth quarter of calendar year 2024.

ChargePoint shares have fallen more than 20% following the company’s announcement. According to data from Benzinga Pro, the stock is trading below its 50-day moving average of $2.37 and 22.92% of available shares are being sold short.

Related News: Why Rivian Automotive Stock Is Moving Lower

CHPT Price Action: According to Benzinga Pro, ChargePoint Holdings shares are down 4.72% at $1.715 at the time of publication.

Image: Paul Brennan from Pixabay

Market News and Data brought to you by Benzinga APIs
Comments
Loading...
Posted In: NewsMovers & Shakerselectric vehicleswhy it's moving
Benzinga simplifies the market for smarter investing

Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.

Join Now: Free!