Why EV Maker Arrival Soared as Much as 74% Today
Electric vehicle (EV) start-up Arrival (NASDAQ: ARVL) has struggled to get its business off the ground. The stock is down more than 90% in the past year. Surprisingly, that is after the stock has more than tripled in the last five trading days.
Today the stock shot up as much as 74% before paring that gain. As of 3:40 p.m. EST, Arrival shares were still trading higher by 13.5%.
Arrival shares tanked last year after the company scaled back its plans for growth and the start of production. It sold additional stock at depressed prices just to stay afloat. So why has the stock tripled in less than a week? The real news to explain that is that there is no news from the company. Rather, it looks like the high short interest in the stock is causing a short squeeze.
Source Fool.com
