CarLotz (NASDAQ:LOTZ) stock is on the rise today as retail traders take a shine to one of Reddit’s favorite investments.
Here’s everything you need to know about LOTZ stock today and why it’s on the move.
- Starting off, it’s worth noting that the price of LOTZ stock sees fluctuation alongside other meme stocks.
- That means there’s doesn’t have to be any specific news outside of a Reddit rally to send it higher.
- However, today’s different as the company did make an announcement.
- It’s beefing up its used-car lots with a new hub in Charlottesville, Va.
- This is the fourth such hub to be opened in the company’s home state.
- It also has it reaching a total of 12 hubs across the U.S.
- The company currently operates in Virginia, North Carolina, Florida, Illinois, Tennessee, Texas, and Washington.
- It also has three locations that are set to open in California, Colorado, and Missouri soon.
Michael Bor, co-founder and CEO of LOTZ said this about the news affecting the stock today.
“We couldn’t be happier to open a hub in Charlottesville and to have it under the management of Ned Gallaway. Ned has been an important part of the CarLotz family, leading our Midlothian team to significant growth. Our opening in Charlottesville is a win-win for us and Ned, personally. The local team will benefit from his leadership, and Ned is able to work every day in the community to which he is so dedicated to serving as part of the Albemarle County Board of Supervisors”
With increased interest in LOTZ stock comes heavy trading of its shares. As of this writing, more than 29 million shares have changed hands. That’s a major jump from its daily average trading volume of about 4 million shares.
LOTZ stock was up 23.2% as of Tuesday morning.
Keeping reading for a look at the other major market news that investors need to be aware of on Tuesday.
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On the date of publication, William White did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.
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