These 4 small EV Cap stocks rise high. Why now?

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Names of smaller electric vehicles are going up again. Good luck trying to find a reason for the big moves.

Stock in commercial-EV manufacturer

Workhorse Group

(ticker: WKHS), for a start, hit a new 52 – week high, hitting $ 41 for the first time and almost hitting $ 42. Shares are up nearly 15% at the end of trading on Thursday.

Arcimoto

(FUV) and

Carbadan Electrameccanica

(SOLO) makes EVs smaller. That pair is up about 13% and 14%, respectively. Recent gains pushed Arcimoto’s market cap north of $ 1 billion.

Canoo

(GOEV) the fourth EV example. Its shares are up more than 12% on Thursday.

There are some relatively new reasons why investors will be more bullish on most of these EV stocks. Canoo, for example, has been linked to reports of a possible iCar from

Apple

(AAPL), although these reports are almost a month old.

Workhorse stock also jumped after President Joe Biden announced plans to convert the government’s fleet of vehicles to all EVs. RBC analyst Joe Spak pointed out in a recent report that the federal government owns more than 645,000 vehicles in the fleet. However, that news came in January.

So did Arcimoto’s plan to buy another manufacturing facility in Oregon. The company is being asked to close the 185,000-square-foot facility in a few weeks. That agreement was announced on 6 January.

Electrameccanica news is harder to pinpoint.

The motions may be subsequent from

GameStop

(GME) short earthquake. All four stocks have a high short interest rate – that is, in fact, the amount of stock borrowed and sold short compared to the amount of stock available for trading.

The

Twitter

impact to consider as well.

Tesla

The Ross Gerber (TSLA) bull claimed to have been invested in Arcimoto along with Tesla. However, that tweet was Tuesday.

The increase is probably a combination of all the factors. And stock prices didn’t start running today. The four small-cap EV stocks are up about 28% on average over the past five trading days. The

S&P 500

up just about 2% over the same race. A year to date, the average gain in the small EV-four cap is more than 85%.

That’s another reason the stocks could rise: FOMO, or fear of losing out. People look and see others making money in the names.

Whatever the reason, the gains show that investors, and traders, are still hungry to find the next big EV stock – and are hunting in the smallest part of the globe EV to find.

Stock in Tesla, the EV giant, was down 0.9% Thursday, to $ 847 a share. The S&P 500 is up 0.9%.

Write to Al Root at [email protected]