PEV - Phoenix Motor stock drops 11% continuing recent decline trend

EV maker Phoenix Motor ( NASDAQ: PEV ) stock continued its recent downward trend on Monday, dropping 11%.

Shares of the maker of electric vehicles, chargers and drive trains opened at $3.60. The stock slid steadily downward thereafter, hitting a low of $3.11 in late afternoon before closing at $3.12.

Phoenix shares have been declining since June 28 after rallying for several days following news that ATIF Holdings had made an investment in the company.

A spin-out of SPI Energy ( SPI ), Phoenix operates two brands: Phoenix Motorcars for medium-duty EVs, EV forklifts and chargers, and EdisonFuture, which is focused on developing lighter-duty EVs. Phoenix held a downsized $16M initial public offering on June 8.

For a more in-depth look at Phoenix, check out SA contributor Livy Investment Research’s “Phoenix Motor Stock: 3 Key Risks That Point to Future Declines”.

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