HYZN - Why Nikola Lordstown and Hyzon Motors Stocks Popped Today
The stocks of some electric vehicle makers reversed recent declines on Friday with sharp jumps. Shares of hydrogen fuel cell electric truck makers Nikola (NASDAQ: NKLA) and Hyzon Motors (NASDAQ: HYZN) were up between 8% and 11% at the highs of the day today. But shares of embattled electric pickup truck start-up Lordstown Motors (NASDAQ: RIDE) bounced sharply off all-time lows and were 16% higher at their peak. As of 2:40 p.m. EDT the shares had pared some gains, trading as follows:
Lordstown shares dropped below $5 per share yesterday for the first time. The company has been under fire for misrepresenting the details surrounding the progress in launching its Endurance pickup truck, and has admitted it needed additional funding to continue to operate. It held its annual shareholder meeting yesterday, but investors reacted negatively when it was confirmed to have lasted only about 10 minutes, according to CNBC. Today's bounce for both Lordstown and Nikola stocks comes after extended share declines, and may just be a product of today's positive market action.
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Why Nikola, Lordstown, and Hyzon Motors Stocks Popped Today