CENN - Why 1 Small EV Stock Soared Over 20% Today
Shares of EV truck and technology company Cenntro Electric (NASDAQ: CENN) gained as much as 56.7% in mid-day trading Monday. Shares of the small-cap stock lost some of those gains but still ended the day up 20.8%.
Cenntro makes commercial electric utility vehicles, including box and flat bed trucks, vans, and terrain vehicles. Shares soared after Cenntro announced an acquisition today that will expand its capabilities in Europe. While a relatively small purchase valued at about $16.5 million, that amount represented more than 5% of Cenntro's total market capitalization heading into today's trading.
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Why 1 Small EV Stock Soared Over 20% Today