Chargepoint (CHPT) Pulls Back Recently: Time to Buy?

The Chargepoint Holdings Inc (NYSE: CHPT) stock has seen considerable action in recent days and although it has fallen from its recent high, it could be a stock worth tracking.

After having hit its recent peak, the Chargepoint stock has declined by as high as 50% since, and on Thursday alone, the stock declined by 14%. However, at the same time, it is necessary to note that earlier this week the financial firm Oppenheimer started covering the stock and rated it as ‘outperform’.

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Oppenheimer went on to state that the Chargepoint stock could in fact be a viable play in electric vehicle adoption. In the note, the analyst stated that Chargepoint could in fact be the ‘leading play’ in the electric vehicle charging ecosystem space. The price target for the Chargepoint stock has been set at $39 a share and it might prove to be a tempting proposition for many investors. Despite the recent declines suffered by the stock it might be a good idea to keep an eye on Chargepoint.

Michael Rowels

Weekend Contributor. Writing for business and finance publishers has become his passion over the last decades after he completed a master's degree in Financial Management. Sharing some opinions and forecasts to thousands of readers is a routine job for him but he never promises to invest in one stock.