EV battery stocks on dizzying rollercoaster ride
Pushed into action by their fear of missing out, both retail traders and institutional investors have preemptively hopped on the ‘buy’ bandwagon for battery shares.
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.
