Why Is Bird Global (BRDS) Stock Up 20% Today?


  • Bird Global (BRDS) just announced a global expansion of its operations in new cities across Europe, the U.S. and Canada.
  • The company also renewed its permits in a number of cities that it already operates in.
  • BRDS stock is surging today upon the release of this news.
Bird Electric Ride Sharing Scooters Lined Up and Ready to Rent
Source: Arne Beruldsen / Shutterstock.com

True to its name, Bird Global (NYSE:BRDS) stock is flying today as the company expands its reach. Between a series of new launches across multiple continents and recently earned permit renewals, Bird is growing fast and shareholders are now in a buying mood.

Founded in 2017, Bird Global isn’t your typical electric vehicle (EV) company. While many other startups focus on electric cars and trucks, Bird provides environmentally friendly e-scooters and e-bikes.

As you might expect, winters are a tough time for the company. The winter of late 2022 to early 2023 was certainly no exception. After all, e-scooters and e-bikes just aren’t going to be popular when it’s cold outside and there’s snow and sleet.

Fortunately for Bird Global and its stakeholders, though, warm weather is returning and e-scooters are hitting the pavement again. Consequently, Bird just announced “new programs around Europe, the U.S. and Canada.” These programs will join the company’s current market presence in the Middle East and Australia.

What’s Happening With BRDS Stock?

Given the encouraging announcement, it’s understandable why BRDS stock rallied this morning. Shares soared 30% to 18 cents in early-session trading today and at one point even touched 20 cents. As of this writing, BRDS trades closer to 16 cents, up nearly 20% for the day.

Today’s announcement wasn’t only about market expansion, however. Bird Global also disclosed that it has “received permit renewals in recent months in a number of cities where the company is already operating.” These renewals include cities in the United States, Israel and Italy.

On top of that, Bird Global also plans to bring its e-scooters and e-bikes “back onto the roads in markets where operations were paused for the coldest of the winter months.” Thus, the warmer weather will allow Bird to offer its e-mobility products again in various regions in Canada, the U.S. and Europe.

Clearly, Bird Global’s management is glad that the weather is warming up. They’re ready to expand the company’s operations in 2023. That has BRDS stock traders responding with buy orders today.

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On the date of publication, David Moadel did not hold (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.

Article printed from InvestorPlace Media, https://investorplace.com/2023/03/why-is-bird-global-brds-stock-up-20-today/.

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