In the world of speculative electric vehicle (EV) stocks, it’s a great day to be an investor.
As of early afternoon trading, shares of Workhorse (NASDAQ:WKHS), Nikola (NASDAQ:NKLA), Fisker (NYSE:FSR) and Polestar (NASDAQ:PSNY) have all surged on a mixed day in equity markets. The Nasdaq is higher at the time of writing, while other major indices have moved into the red.
These moves come from a confluence of company-specific factors driving each of these stocks today.
Workhorse surged on an interesting announcement that the company has entered into a multi-year supply agreement with a Canadian EV company. Nikola beat earnings expectations, posting revenue and a net loss that was better than expected. Fisker announced the company appears to be on track to hit its previous production targets of its Ocean SUV. And Polestar saw positive analyst commentary, as a result of what Citi analyst Itay Michaeli views as potential for market share gains in the growing EV sector.
Let’s dive into what to make of this assortment of positive news for these EV stocks today.
Is Now the Time to Load Up on EV Stocks?
These EV stocks have each hit the mark today, at least on the parts of their business investors care about. Indeed, while growth stocks continue to be hit by concerns around economic slowing as a result of higher interest rates, at some level, even the most aggressive growth stocks begin to look attractive.
Such appears to be the case with these four EV stocks. The valuations of each of these companies are down dramatically from their peaks. And with market sentiment shifting in a bullish direction, it’s unsurprising to see these stocks surge on any sort of good news.
Additionally, news around Tesla’s (NASDAQ:TSLA) shareholder event tonight appears to be driving higher-than-usual speculative interest in the sector. Who knows what Elon Musk will announce or discuss at this event. But most investors will be watching for bullish catalysts. Any good news could be the next rising tide to lift all boats in the EV ocean.
On the date of publication, Chris MacDonald 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.
