Why VinFast Auto Stock Swung Wildly Today After Doubling Yesterday
After skyrocketing by more than 108% yesterday, shares of VinFast Auto (NASDAQ: VFS) are highly volatile after initially plunging back to earth today. The stock dropped 19% in early Wednesday trading, but reversed course to a gain of 11.7% as of 9:53 a.m. ET.
The Vietnamese electric vehicle (EV) company soared more than 68% on its first day of trading publicly on the Nasdaq exchange after going public through a special purpose acquisition company.
The highly volatile trading can be explained by multiple factors. First and foremost, only about 1% of the company's shares were made publicly available to trade. The remaining 99% are controlled by founder Pham Nhat Vuong. The other factor is likely just investor FOMO -- fear of missing out -- on the newest public EV company.
Source Fool.com
