Why Workhorse Group, Lordstown Motors, and XL Fleet Stocks All Moved Higher Today

Retail traders today are moving beyond just names like GameStop (NYSE: GME) that have been the focus of the group attempting to band together and drive highly shorted stocks higher. Three electric vehicle (EV) names are jumping by double digits today, and all of them are technically in a position to experience a short squeeze. As of 1:40 p.m. EDT, shares of these highly shorted EV stocks were moving as follows:

Social media followers of Reddit's WallStreetBets forum have been targeting various stocks since late January, when GameStop shares soared more than 1,600% in just a two-week span. Traders disassociated the stock from the underlying business and attempted to force holders of short positions in the company to cover their positions and buy back shares, driving up the price.

Several new names have joined that list of targeted names, it seems, and Workhorse Group, Lordstown Motors, and XL Fleet fit the bill with a high percentage of shares outstanding held short.

Source Fool.com