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ChargePoint (CHPT) stock price witnessed continued turbulence given distinct factors. CHPT stock started the week with a slight growth and then dropped again a couple of points. The American electric vehicle infrastructure company is getting affected by the factors not directly connected to the industry.
Given no notable instance took place within the EV industry, stock prices of ChargePoint Holdings and other companies experienced ups and downs given the recent instances within the overall financial market.
On Monday, the UK government went on to take a step back over the tax cut proposal. The decision despite being limited to the county potentially made impacts over the stock markets. For instance, the S&P 500 index witnessed an up of 2.7% and Nasdaq Composite raised by 3.4%.
The similar instance was expected to make the stocks of companies within the electronic vehicle space including Nio (NIO) and Rivian Automotive (RIVN) along with ChargePoint Holdings (CHPT).
Healthy Banking Performance Affecting CHPT like EV Stocks
Meanwhile the following day prominent investment bank Goldman Sachs released its finance report for Q3 2022. The report showcased better performance than what was expected by analysts for the banking giant. This was made possible given the performance of two banks—Bank of America and Bank of New York Mellon. The positive performance indications within the bank’s financial report also made EV stock prices somewhat up.
However, this did not last for long given the statement of CEO David Solomon. During an interview on Wednesday, Goldman Sachs CEO went on to say about the recession that it holds a good possibility to come. He added that there is likely to be more volatility in upcoming times.
Statements of Solomon were already enough to make the market hold its horses but Amazon CEO Jeff Bezos added more distress into it. He took the statement of Soloman over Twitter and added his thoughts agreeing with him that the probabilities in the ongoing economic situations would tell everyone to “batten down the hatches.”
Tumbling of stock prices in the border market including CHPT stocks followed the sentiment that arose after these statements. At the press time, CHPT stock is trading at 12.36 USD which is already down by about 43.8% in a month. The stock price might see a surge following the financial release in December 2022.
EV is for Long Term Rather Than Short Term
ChargePoint Holdings is a California based electric vehicle infrastructure provider founded in 2007. The company has a vast network of charging stations and ports that it touts to be around 200K across America and European countries. The overall market capitalization of CHPT is around 4.3 billion USD.
Stocks of companies falling within the electronic vehicle segment are likely to stay in good shape in the long term. Since they are in constantly increasing demand, the government schemes and campaigns support them and the market remains more or less in their favor. Still when it comes to short term factors affecting the market like inflation or recession, even the EV market is not an exception.
Andrew is a blockchain developer who developed his interest in cryptocurrencies while pursuing his post-graduation major in blockchain development. He is a keen observer of details and shares his passion for writing, along with coding. His backend knowledge about blockchain helps him give a unique perspective to his writing skills, and a reliable craft at explaining the concepts such as blockchain programming, languages and token minting. He also frequently shares technical details and performance indicators of ICOs and IDOs.
