ChargePoint Holdings Inc. CHPT shares are trading lower by 1.44% to $8.21 Monday morning. The drop follows the decline of several EV and EV-related stocks last week in response to Tesla Inc's TSLA second-quarter earnings results.
Tesla reported a 47% YoY increase in revenue to $24.93 billion, surpassing consensus estimates, with earnings of 91 cents per share, exceeding expectations of 82 cents per share. Tesla's operating margins were 9.6%, and gross margins were 18.2%, down from 25% YoY, drawing close attention due to recent price cuts.
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's 52-week high is $19.92, and its 52-week low is $7.22.
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
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