Why Is Phoenix Motor (PEV) Stock Down 25% Today?


  • Phoenix Motor (PEV) stock is down ahead of the electric vehicle (EV) company’s Q2 earnings report.
  • The company is set to release this report after markets close on Tuesday.
  • However, shares are sliding ahead of that without any financials.
PEV Stock - Why Is Phoenix Motor (PEV) Stock Down 25% Today?

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Phoenix Motor (NASDAQ:PEV) stock is falling on Monday as investors prepare for the electric vehicle (EV) company to release its upcoming earnings report.

Phoenix Motor is set to release its earnings report for the second quarter of 2023 after markets close tomorrow. The company will follow that up with a conference call discussing the earnings results at 5:00 p.m. Eastern Time.

Investors will keep in mind that there’s not wide analyst coverage of PEV stock. As such, we don’t have good numbers to run off of for what traders should expect during the earnings report. Instead, it will be best to compare the company’s financials to what was reported in the second quarter of 2022.

PEV Stock Movement on Monday

Despite its strong movement this morning, there’s not much in the way of trading for PEV stock today. As of this writing, about 2,500 shares of the stock have changed hands. That’s still well below its daily average trading volume of about 30,000 shares.

One other thing traders will want to keep in mind is that PEV is a penny stock. This comes from its low average trading volume, as well as its market capitalization of $13.535 million and prior closing price of 64 cents. That means it’s more susceptible to volatility.

PEV stock is down 25.1% as of Monday morning and is down 41.6% year-to-date as of Friday’s close.

Investors seeking out even more of the most recent stock market news will want to stick around!

We’ve got all of the hottest stock market news traders need to know about on Monday! That includes why shares of AMC Entertainment (NYSE:AMC) stock, United States Steel (NYSE:X) stock, and AGBA Group (NASDAQ:AGBA) stock are moving today. All of that news is ready to go at the links below!

More Stock Market News for Monday

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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.

Article printed from InvestorPlace Media, https://investorplace.com/2023/08/why-is-phoenix-motor-pev-stock-down-25-today/.

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