Why QuantumScape, Canoo, and Blink Charging Stocks Rose Today
Tuesday started out as a strong day for start-up stocks in the electric vehicle (EV) sector. Shares of QuantumScape (NYSE: QS), Canoo Holdings (NASDAQ: GOEV), and Blink Charging (NASDAQ: BLNK) were up between 5% and 7% this morning. While each pared those gains as the day progressed, they all were still outpacing the tech-heavy Nasdaq Composite index as of 3:20 p.m. ET. With the Nasdaq negative at that time, QuantumScape remained up 2.6%, and Canoo and Blink were 4.7% and 1.9% higher, respectively.
These stocks have all been crushed this year, with each down at least 50%. Canoo shares have plunged 84% year to date, and that includes a nearly 15% rise over the last three trading sessions. The recent jump follows Canoo CEO Tony Aquila purchasing $10 million of his company's stock last week.
Today's outperformance may be somewhat of a bounce against those large declines. It also may be related to the rebound in oil prices after a sharp drop to nearly one-year lows yesterday. Higher fossil fuel prices tend to push investors toward the renewable energy sector.
Source Fool.com
