Several electric vehicle (EV) stocks are down today and we’re taking a look at why that’s happening.
To start off with, I’ve got to point out that several EV stocks have been rallying lately. That rally comes alongside the LA Auto Showing kicking off this week. Seeing new reveals from the event has investors excited, which explains why several of these stocks have been on the rise.
Keeping that in mind, it makes sense that we’d see shares dip back down to normal trading levels after that rise. However, we’ve also got to take into account recent comments from Jim Cramer that could explain why EV stocks are down today.
The Mad Money host said the following yesterday evening.
“If you own Lucid or Rivian and you’ve made a ton of money, you have my blessing — right here, right now, tomorrow morning — to literally take half off the table … and you can let the rest ride. Remember, you’re playing momentum, not car companies and not technology, and in that case it’s better to ring the register early and often.”
Let’s take a look at how EV stocks are performing after that advice from Cramer yesterday.
EV Stocks Down Today
- Lucid Group (NASDAQ:LCID) stock is falling 12.4% as of Thursday morning.
- Rivian Automotive (NASDAQ:RIVN) shares are also among EV stocks heading lower with a 13.3% decrease as of this writing.
- Fisker (NYSE:FSR) stock joins the list with a 4.6% decline during Thursday morning trading.
Of course, there’s more stock market news that traders are going to want to check out below!
We’ve got all the latest stock coverage that investors need to know about today. A few examples of that include a deal sending Dicerna Pharmaceuticals (NASDAQ:DRNA) higher, reports of a Prime Blockchain SPAC merger, as well as why EV stock Sono Motors (NASDAQ:SEV) is on the rise. You can find all that info at the following links!
- DRNA Stock: The $3B Novo Nordisk Deal That Has Dicerna Pharma Shares Skyrocketing Today
- Prime Blockchain SPAC Merger? 15 Things to Know as VCXA Stock Surges Today
- Move Over, Rivian! SEV Stock Wants to Be the Next Big Electric Vehicle Winner.
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.