![]() There’s good reason to believe the EV startup explosion will cool. During a 24-hours stretch ending Wednesday morning, all three scored at least twice as many mentions as the next-closest company on the site. According to analytics tool Swaggy Stocks, Rivian, Lucid and Tesla are dominating mentions on the Reddit forum WallStreetBets, a premier hub for meme stock chatter. The meme stock army also is atwitter over EVs. Fidelity data showed self-directed retail traders buying (and selling) more shares of Lucid and Rivian on Wednesday than any other company by a wide margin. Mainstream investors are too.Ĭiting data from Vanda Research, Bloomberg reported Tuesday that retail investors gobbled up $378 million in shares of EV automakers in the past week, with buyers preferring Rivian and Lucid to Tesla. Yet, in the bigger picture, it’s not just Wall Street insiders buzzing about electric car companies. ![]() CNBC’s Jim Cramer certainly thinks they are, saying he’s “absolutely just astonished by how much people want these stocks.” Investors took a break from EV stocks in midday trading Wednesday, with Rivian down 17% and Lucid tumbling 6% as of the early afternoon. Sure, the markets could be blowing irrationally for electric cars. Meanwhile, Lucid, on track to lose about $2 billion this year, has seen its stock price more than double since mid-October.īoth companies were among the market leaders on Tuesday in terms of trading volume. Less than a week after its IPO, shares in Rivian, the Amazon- and Ford-backed EV manufacturer with no current revenue stream, closed at $172.01 Tuesday, versus its $78 per share debut. Meanwhile, all anyone can talk about is Rivian and Lucid (and, of course, Tesla).Īs legacy automakers gradually transition to the environmentally-friendly vehicle market, EV startup stocks have gone gangbusters this month. Her company is investing billions of dollars in electric vehicles, taking steps toward ending production of all gas-powered cars by 2035 and welcoming President Joe Biden to one of its Detroit-area EV plants Wednesday.
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