ChargePoint Holdings Inc CHPT shares are trading higher by 11.8% to $2.80 Thursday morning despite a lack of company-specific news for the session. The stock may be rising amid broader strength in the EV sector. The stock may also be trading higher amid overall market strength following Wednesday's Federal Reserve decision.
ChargePoint's stock has otherwise experienced a substantial 40% decline in the past month. This decline was largely triggered by the company's announcement regarding commitments from institutional investors, notably the lead investor of their $300 million convertible notes issued in April 2022.
What Happened With The Fed Decision?
The Federal Reserve decided to maintain the federal funds rate between 5.25% and 5.5%, marking the second consecutive rate pause. Fed Chair Jerome Powell provided mixed signals during the press conference, dismissing rate cut speculations while acknowledging that inflation has not yet reached the Fed's 2% target.
Powell also noted that the current monetary policy stance is now seen as restrictive...Read More
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According to data from Benzinga Pro, ChargePoint has a 52-week high of $14.15 and a 52-week low of $2.38.
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