ChargePoint Holdings, Inc. (NYSE:CHPT) on Tuesday announced it is partnering with OBE Power to install about 2,500 EV charging ports at multifamily residences.
The initiative targets rising demand for home charging in apartments and condos, a segment that has lagged single-family housing in EV infrastructure. ChargePoint will provide its charging technology, while OBE Power will handle infrastructure and operations.
Broader market weakness may also be weighing on the stock, with the Russell 2000 down 1.16% and the S&P 500 off 0.52%.
Technical Analysis
ChargePoint’s shares are currently trading at $6.27, which is 4.8% below the 20-day simple moving average (SMA) of $6.53. The stock has declined 55.25% over the past 12 months, indicating a bearish long-term trend. The 50-day SMA is at $5.83, and the stock is trading 6.6% above this level, suggesting some short-term support.
The Relative Strength Index (RSI) is currently at 52.21, indicating a neutral momentum state, meaning the stock is neither overbought nor oversold at this time. This suggests there could be potential for upward or downward movement, depending on market conditions.
ChargePoint Holdings, Inc. designs, develops, and markets networked …
This post was originally published here
