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Why Fisker Stock Jumped Today

TheMotleyFool

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Shares of electric-vehicle company Fisker (NYSE: FSR) are making up for Monday's 4% drop today as the name trends on Reddit's WallStreetBets online community. As of 10:40 a.m. EST, shares of Fisker were 12.7% higher than Monday's close.

The stock dropped yesterday after a report that the company had abandoned plans to develop a solid-state battery that it had previously said would give its vehicles a 500-mile range and a quick recharge.

But investors, or traders, are moving shares up today, as Fisker joins the list of heavily shorted stocks being discussed on the WallStreetBets forum. Fisker had about 10% of its shares held short as of mid-February, according to MarketWatch.

Source Fool.com

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