Fallout from the EV fiasco continues to spread. Here is another indicator that sparky car market is completely crashing (an indicator other than the auto makers abandoning the market): There’s been double-digit declines in charging network stocks.
Shares of network operator Blink (BLNK) are down roughly 64% over the past year while charging hardware and software maker ChargePoint (CHPT) is 81% lower during the same period. Network owner and operator EVgo’s (EVGO) stock is down 55% in the past year.
Not to worry, industry analysts are doing their damnedest to pump new life into a beast that should be mercifully put down. Their words are a great comfort: “The big picture on these stocks … their business models are still at an earlier stage, and so the key focus for investors is really on proving out the business model and achieving profitability,”
A quick check on Yahoo for ‘Worst 2024 performing stocks’ yields: Worst Performing Stocks of 2024 The worst performing stock for this year is Arcadium Lithium (ALTM) with a total return of -93.63%, followed by Sigma Lithium (SGML) and New York Community Bancorp (NYCB).
A quick look at ALTM over the last three years:
Not a pro, but it sure looks like someone, or groups of someones, lost their ass on these two schemes (charging stations and Lithium mining). Not to worry though, the analysts are touting nothing but upside:
I’m not in the markets but if I were I’d be increasing my carbon footprint.