ChargePoint Holdings, Inc. CHPT shares are trading lower Wednesday, and the stock has dropped more than 20% over the past week. Here’s a look at what’s going on.
What To Know:
Last Wednesday, ChargePoint announced a strategic reorganization designed to improve financial performance and position itself for long-term growth which included an approximately 12% reduction of the ChargePoint global workforce.
ChargePoint expects the action to result in annual operating expense savings of approximately $33 million and approximately $14 million in restructuring charges, including severance and related expenses.
The company restated its financial position of approximately $397 million in cash and access to an additional $150 million through a revolving credit facility, which remains undrawn. ChargePoint also reiterated its goal of achieving positive non-GAAP adjusted EBITDA in the fourth quarter of calendar year 2024.
ChargePoint shares have fallen more than 20% following the company’s announcement. According to data from Benzinga Pro, the stock is trading below its 50-day moving average of $2.37 and 22.92% of available shares are being sold short.
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CHPT Price Action: According to Benzinga Pro, ChargePoint Holdings shares are down 4.72% at $1.715 at the time of publication.
Image: Paul Brennan from Pixabay
Image and article originally from www.benzinga.com. Read the original article here.