PEV gets revvedPhoenix Motors does a U-turn on the chart, up 70% after it plummeted upon its IPO only two weeks ago.
- PEV was up over 70% on Wednesday after spiking as much as 138% in intraday trading. The company took the brave leap to go public in a v dubious economic climate earlier this month, boasting its penchant to take fuel guzzling buses and delivery trucks and turn ‘em into EVs as its USP.
- A fresh chunk of cash came in from a big-shot investor, perhaps facilitating the price increase. TIF Holdings Limited announced on Wednesday it’s “deepening” its investment in the company, clearly hoping that this conversion biz has got legs – an idea supported by the fact that other EV stocks have been feeling momentum this week.
- It looks like we may have another short squeeze on our hands. Only 48 hours after its IPO, PEV sank almost 50% to close at $3.36 – now its trading at $5.83. Have shorters been caught out? Potentially. It’s not just PEV that’s seeing squeezes, either – elsewhere Revlon and Redbox have seen crazy price action in the last few weeks.
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