Why Is Getaround (GETR) Stock Up 6% Today?


  • Getaround (GETR) stock is on the move Thursday without any recent news.
  • The company’s shares have been falling hard since its special purpose acquisition merger (SPAC) last week.
  • However, the ride-sharing service’s stock is climbing higher today.
GETR Stock - Why Is Getaround (GETR) Stock Up 6% Today?

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Getaround (NYSE:GETR) stock is on the move Thursday despite a lack of recent news concerning the car-sharing service.

Instead, investors will note that the company’s shares have been on a wild ride since completing its special purpose acquisition merger (SPAC) last week. This saw it combine with InterPrivate II Acquisition Corp. to avoid a normal initial public offering (IPO) for GETR stock.

While InterPrivate II Acquisition Corp’s stock was valued at around $10 at the start of the month, GETR stock is only trading for about $1 as of this writing. That represents a massive roughly 90% drop in just a short period of time after the SPAC merger.

Can GETR Stock Bounce Back?

It looks like traders have taken notice of this incredible dip and are loading up on shares of GETR stock today. As of this writing, more than 5 million shares of the stock have changed hands. That’s well above its daily average trading volume of about 183,000 shares.

The real question is how long will this last. While GETR stock jumped as much as 22% after markets opened this morning, it couldn’t maintain that strong movement. As a result, the company’s shares are only up 6.2% as of Thursday morning. That could be a sign that it will lose further ground throughout the day.

Investors searching for more of the most recent stock market news today are in luck!

InvestorPlace is home to all of the hottest stock news traders need to know about for Thursday! Among that is what has shares of BioCryst Pharmaceuticals (NASDAQ:BCRX), Tesla (NASDAQ:TSLA), and Novavax (NASDAQ:NVAX) stock on the move. You can find out more on these matters at the links below!

More Thursday Stock Market News

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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