EV battery stocks on dizzying rollercoaster ride

Bragging about the extraordinary profits yielded from EcoPro stocks has become a recent trend on social media. In one example, a day trader boasted a profit of 7.2 billion won ($5.4 million), with an astonishing profit rate of 3,773.6%.

“I never expected to thank those shorting folks but now it’s time to enjoy the benefits,” wrote the trader, implying that the shorting of the company’s overheated stocks triggered a squeeze, propelling the shares to a peak of 1.3 million won ($971) on July 25. The stock surged by a further 19% to 1.5 million won ($1,120) the following day, before  then slipping down by 19.79% to 985,000 won ($745.5) on July 27.

Much like EcoPro, many other EV battery firms, including EcoPro’s affiliated companies and Posco FutureM, have seen their stocks experience a tumultuous roller coaster ride in recent months.