HYZN - Why Shares of Hyzon Motors Are Crashing Today
After powering nearly 15% higher in March , shares of Hyzon Motors (NASDAQ: HYZN) aren't riding the same smooth road in April. Through the first five days of the month, the stock dipped more than 2% lower, and its descent is continuing today. Shares were down nearly 18% at 11:09 a.m. ET on Wednesday.
What's powering the sell-off? An investment firm's downgrade of the stock and a lowered price target are weighing heavily on investors' minds, motivating them to exit their positions.
Changing lanes with its opinions on Hyzon stock, Canaccord Genuity downgraded shares to hold from buy and reduced its price target to $6 from $12. Investors are particularly sensitive to Canaccord's actions today considering the bearish opinion on the stock that appeared two weeks ago when D.A. Davidson's analyst Michael Shlisky cut his price target to $16 from $21.
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Why Shares of Hyzon Motors Are Crashing Today