Why is Atlis Motor Vehicles (AMV) stock rising today?

Be the First to Comment Read

Why is Atlis Motor Vehicles (AMV) stock rising today?

Follow us on Google News:
 Why is Atlis Motor Vehicles (AMV) stock rising today?
Image source: © Eamesbot | Megapixl.com

Highlights:

  • The AMV stock jumped over 186 per cent on Wednesday.
  • The company debuted in the US market on September 27.
  • The stock of the mobility technology company closed at US$ 82.12 on September 27.

The stock of Atlis Motor Vehicles, Inc. (NASDAQ: AMV) were among the top gainers in the morning trading on Wednesday, September 28, as evidenced by the surge in price.

The AMV stock, which started trading in the US market on Tuesday, September 27, soared more than 186 per cent in the morning trading on Wednesday.

Given the significant gains in the stock, it seems that the stocks might be gaining attention from the market participants. But what could have helped it in gaining the investors' interest? Let's find out with Kalkine Media®.

Atlis Motor Vehicles, Inc. (AMV) and its recent developments:

Atlis Motor Vehicles is an automobile technology firm that provides electric mobility services to its clients.

The Arizona-based EV technology startup has concluded its IPO through Regulation A financing after accumulating over US$ 35 million through Regulation A and Regulation Crowdfunding offerings.

The company said on September 26 that Nasdaq had granted approval to its listing application and would start trading on the Nasdaq exchange the next day, and its trading ticker is "AMV".

The firm noted no revenue in the latest quarter. Atlis Motor Vehicles' total operating expenses were US$ 17.65 million, compared to US$ 6.15 million in the year-ago quarter.

The net loss incurred by the mobility technology company was US$ 17.29 million for the quarter that ended on June 30 this year, against a loss of US$ 6.18 million in the preceding year's same period.

Atlis Motor Vehicles Inc. (AMV) latest quarter earnings highlightsSource: ©Kalkine Media®; © Canva Creative Studio via Canva.com

Bottom line

The price of the AMV stock jumped 186.15 per cent at 9:49 am ET on September 28 to trade at US$ 234.99. The company's stock was priced at US$ 27.5 and traded at about US$ 30.11 in the early trading on Tuesday. Its closing price on September 27 was US$ 82.12, suggesting that it maintained the upward momentum even on Wednesday.

The company might also have attracted the investors' interest as it debuted at a time when the Renaissance IPO ETF fell more than four per cent this quarter while dropping about 50 per cent YTD. On the other hand, the S&P 500 declined around 23 per cent YTD while slumping about three per cent this quarter.

Notably, the Renaissance IPO ETF is an exchange-traded fund that tracks the performance of the Renaissance IPO index.

Disclaimer

Featured Articles