Why VinFast Auto Stock Crashed This Week -- and Could Keep Falling
To say VinFast Auto (NASDAQ: VFS) stock has been volatile since it began trading publicly two weeks ago is an understatement. Shares of the newly public Vietnamese electric vehicle (EV) company soared more than 250% when it began trading on Aug. 15.
The stock has swung wildly ever since. As of early Friday trading, shares have been more than cut in half this week since last Friday's close, according to data provided by S&P Global Market Intelligence. And that was after it popped more than 20% as it began trading on Monday morning.
Traders had pushed VinFast's valuation beyond what makes any fundamental sense after its public debut. The nearly $200 billion market cap the company achieved at its peak this week likely wasn't the result of investor excitement about its business prospects, though.
Source Fool.com
