Why Hyzon Motors Stock Surged Today
Shares of Hyzon Motors (NASDAQ: HYZN) broke their losing streak and surged on Tuesday after the company responded to a short-seller report. As of 12:50 p.m. EDT today, shares of the fuel-cell commercial vehicle manufacturer were trading up 5% after soaring 16.2% earlier in the day.
The electric vehicle stock plunged after Blue Orca Capital released a scathing short-seller report on the company on Sept. 28 and said it was short Hyzon stock. Short-selling a stock is a strategy to profit from a decline in its price.
This morning, Hyzon called the report "inaccurate and misleading" and alleged it was released by Blue Orca solely to generate profits on its short position on the stock. The company also said it stood by its public disclosures and that it has nearly $500 million in cash and cash equivalents to pursue its growth strategy.
Source Fool.com
