{"id":24168,"date":"2023-06-18T04:29:46","date_gmt":"2023-06-18T08:29:46","guid":{"rendered":"https:\/\/ifintechworld.com\/uncategorized\/electric-vehicle-startups-see-weekly-gains-after-blistering-rally\/"},"modified":"2023-06-18T04:29:47","modified_gmt":"2023-06-18T08:29:47","slug":"electric-vehicle-startups-see-weekly-gains-after-blistering-rally","status":"publish","type":"post","link":"https:\/\/ifintechworld.com\/?p=24168","title":{"rendered":"Electric-vehicle startups see weekly gains after blistering rally"},"content":{"rendered":"
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\n<\/u>2\/2<\/span><\/p>\n

\u00a9 Reuters. FILE PHOTO: Lordstown’s logo is pictured on a smartphone in this illustration taken, December 4, 2021. REUTERS\/Dado Ruvic\/Illustration\/File Photo<\/span>
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\n2\/2<\/span><\/u>\n<\/div>\n

By Aditya Soni and Akash Sriram<\/p>\n

(Reuters) -U.S. electric-vehicle startups saw massive weekly gains on Friday after a searing rally in their shares over the past few sessions nearly doubled the value of companies such as Nikola.<\/p>\n

The surge in EV stocks has come without any apparent news or catalyst for the companies, leading several analysts and traders to point to a potential squeeze in the highly shorted stocks.<\/p>\n

For instance Lordstown Motors has a short interest of 16.5%, according to S3 Partners. Other big gainers such as Nikola and Workhorse Group have short interests of 21.7% and 23.9%, respectively.<\/p>\n

Used-car retailer Carvana, another highly shorted stock, has also posted strong gains that have pushed up its value by nearly $1.38 billion this week.<\/p>\n

“We see this every time the market gets hot,” Dennis Dick, a trader at Triple D trading, said.<\/p>\n

“Carvana probably kick-started this, it is up more than 100% in a couple of weeks on a short squeeze. Smaller names with high short interest are following suit now.”<\/p>\n

The gains have added more than $400 million to the collective market value of the EV startups and coincided with a record winning streak at market leader Tesla (NASDAQ:), whose stock movement often influences other companies in the sector.<\/p>\n

RETAIL INTEREST<\/p>\n

Retail investors have also ploughed into EV shares, with the J.P. Morgan retail flows tracker showing Nikola was the fifth most traded U.S. stock by such traders on Thursday.<\/p>\n

Nikola and Lordstown have drawn a flurry of bullish options activity in recent days as traders place bets on further gains.<\/p>\n

On Thursday, more than half a million options contracts on Nikola changed hands, making the relatively small company the eighth most active single stock name in the options market, according to Trade Alert data.<\/p>\n

The stock surge could help Nikola overcome the risk of being delisted after it received a warning late in May from Nasdaq that its share price had been below the $1 minimum level.<\/p>\n

Nikola fell 15% on Friday and closed at $1.19. Despite the drop, the stock is on course to stay above the minimum level for the third straight session.<\/p>\n

The stock will regain compliance with Nasdaq’s norms if it trades above $1 for 10 consecutive days.<\/p>\n

Workhorse rose nearly 1% and Lordstown fell about half a percent, while Carvana was down about 4% at the end of a week in which it has gained more than 30%.<\/p>\n

Nikola’s stock has a 12-month forward price-to-sales ratio of 3.21, compared with Workhorse’s 1.38 and Tesla’s 7.23, according to Refinitiv data.<\/p>\n

Still, many challenges remain for the EV startups.<\/p>\n

Rising interest rates and high inflation have limited their access to funding at a time when efforts to ramp up production are already thinning the companies’ cash reserves.<\/p>\n<\/div>\n

Read the full article here<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

2\/2 \u00a9 Reuters. FILE PHOTO: Lordstown’s logo is pictured on a smartphone in this illustration taken, December 4, 2021. REUTERS\/Dado Ruvic\/Illustration\/File Photo 2\/2 By Aditya Soni and Akash Sriram (Reuters) -U.S. electric-vehicle startups saw massive weekly gains on Friday after a searing rally in their shares over the past few sessions nearly doubled the value […]<\/p>\n","protected":false},"author":1,"featured_media":21979,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"video","meta":{"footnotes":""},"categories":[1],"tags":[83],"class_list":["post-24168","post","type-post","status-publish","format-video","has-post-thumbnail","hentry","category-uncategorized","tag-featured","post_format-post-format-video"],"yoast_head":"\nElectric-vehicle startups see weekly gains after blistering rally | iFintechWorld<\/title>\n<meta name=\"description\" content=\"2\/2 \u00a9 Reuters. 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