After struggling throughout the past month, ChargePoint (NYSE:CHPT) stock is closing out this week in the green. The electric vehicle (EV) charging company once held leader status in its sector. But throughout the past year, CHPT stock has dipped below the $5 mark and failed to make much headway toward rising back above it.
Today, though, things are looking up on news of a positive development. ChargePoint just announced the appointment of a new Chief Financial Officer and the market is reacting well. This suggests that the firm and CHPT stock may be starting a long-overdue comeback.
What’s Happening With CHPT Stock?
Since markets opened today, CHPT stock has been making steady upward progress. Shares closed up more than 13% for the day after dipping earlier this month. Despite a fair amount of volatility, CHPT has performed well overall throughout the past six months, up by more than 15%.
As noted, today’s growth is due to several key new hires. ChargePoint has named Mansi Khetani as its new CFO and Ash Chowdappa as Chief Development Officer for Software. Both of these new leaders are highly experienced in their respective fields, with Khetani being with the company since 2018 as a member of its Financial Planning and Analysis team. Additionally, Mitesh Dhruv has joined the board and will be part of its audit committee. CEO Rick Winter said the following about the additions:
“I am thrilled to have this trio of potent leaders as part of the ChargePoint team […] Each brings unique capabilities that will help us continue to make ChargePoint the platform of choice for everyone who wants to offer EV charging and they share a deep passion to build something that is better than all other alternatives. There is almost no limit to the potential of a company that recruits great people, and these three additions to our team are as great as they get.”
Given how well CHPT stock has performed, it is clear that the market is optimistic about its new leadership decisions. For months, ChargePoint has been viewed as a fairly speculative play, but even skeptics have admitted that it still has the potential to mount a comeback. Now the company is demonstrating that it is taking steps to change direction and reclaim its former place at the top of the EV charging market.
On the date of publication, Samuel O’Brient did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.
On the date of publication, the responsible editor did not have (either directly or indirectly) any positions in the securities mentioned in this article.
