Srivaru (NASDAQ:SVMH) stock is sliding lower on Tuesday after the electric vehicle (EV) company’s shares underwent a massive rally on Friday.
Srivaru closed out trading on Friday up 46.2%. That’s despite a lack of news from the company. However, it did come about roughly one month after its special purpose acquisition company (SPAC) merger that took it public in December.
At that same time, shares of SVMH stock experienced heavy trading on Friday. That saw more than 20 million shares of the stock change hands during normal trading hours that day. For the record, its daily average trading volume is closer to 1.4 million shares.
SVMH Stock Movement on Tuesday
Following that massive rally, it makes sense that shares of SVMH stock would give up some of those gains. That comes as some of the hype and activity surrounding Srivaru starts to die down.
With that in mind, traders will note that only 221,000 shares of SVMH stock have changed hands as of Tuesday morning. Additionally, the maker of two-wheel EVs shares are down 17.6% during pre-market trading today.
Srivaru was founded by Mohanraj Ramasamy, a former executive of EV giant Tesla (NASDAQ:TSLA). When the company went public, Ramasamy took over as its CEO.
There are more stock market stories that traders are going to want to read about below!
We have all of the hottest stock market news investors need to know about on Tuesday! A few examples include what’s going on with shares of Phunware (NASDAQ:PHUN), Rail Vision (NASDAQ:RVSN) and the biggest market stock movers this morning. All of that news is available at the following links!
More Tuesday Stock Market News
- Why Is Phunware (PHUN) Stock Up 57% Today?
- Why Is Rail Vision (RVSN) Stock Up 73% Today?
- Today’s Biggest Pre-Market Stock Movers: 10 Top Gainers and Losers on Tuesday
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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.
