The main pressure pulling Chewy's shares lower was a falling Nasdaq Index, which shed 1.4% by 3 p.m. ET. Many tech giants were down by 2% or more by then, including Amazon. Chewy's stock tends to fall along with the broader tech market, due to its position as an e-commerce specialist. Read More...
TheStreet.com
Buying More of These Shares on Weakness
Since mid-September CHPT shares have fallen more than 57% vs. the 1.7% decline in the S&P 500. Over that time, investor sentiment toward the larger EV space has waned as evidenced by the significant drop in other EV-charging stocks like EVgo , Blink Charging , and Volta and pure-play EV companies ranging from Tesla and Nio to Xpeng and Rivian Automotive . To give an idea as to how far behind the curve the U.S. EV charging situation is, in Europe, there are currently about 400,000 fast-charging stations compared to 47,000 in the U.S. The EU has committed to increasing that number to one million by 2025 while the Biden Infrastructure Law targets 500,000 charging stations across the country by 2030.
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