CIIC - Why Shares of Switchback Energy and 2 Other EV Stocks Are Down Today
Shares of Switchback Energy Acquisition (NYSE: SBE) , CIIG Merger (NASDAQ: CIIC) , and Electrameccanica Vehicles (NASDAQ: SOLO) all dropped more than 15% today before mounting a recovery.
As of 11:25 a.m. EST, Switchback shares are down 9%, CIIG shares are only 2% lower, and Electrameccanica shares have swung to a gain of 4%. This morning is an example of the type of volatility to expect in this sector.
The group is part of the hot electric-vehicle (EV) sector that has seen shares soar in recent months. But investors are beginning to take profits, thinking that shares have run too far, too fast. In just the last month, shares of these companies have gained between 90% and 150%, including a recent retrenchment.
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Why Shares of Switchback Energy and 2 Other EV Stocks Are Down Today