So here we are, a couple of days after I said that HCAC is up because other EV stocks are up, now we have a slight reversal. But not such a bad one for HCAC.
What happened today?
We have a red day today, at least if we are talking about clean energy stocks. NKLA on one side decided to go down and all other EV plays decided to follow the suite.
Xpeng (XPEV) lost almost 10% off of its value, NIO 5% and NIU shares more than 8%. All these numbers are at the time of writing this article, which is the first hour of the trading day.
So, Nikola CEO decided not to drop a bomb last night, during the interview with Jim Cramer, so shares went down almost 15% overnight. SO many buyers were trapped, but whywould you buy NKLA shares before December 3rd (when we should know more about GM deal) it is beyond me. Also, have in mind that December marks the month when PIPE investors and ex-CEO Trevor Milton will have the chance to unload 100s of millions of shares.
Back to HCAC stock
As you see this was not a good day for EV plays, but HCAC may consolidate around $11.00 and continue its slow rise towards $17-$18 (or more, who knows) price tag and merger with Canoo. Merger needs to be closed prior to December 31, so if you are HCAC shareholder I am sure you are anxious to see this chapter closed.
Once merger is completed HCAC ticker will change to CNOO. And, at the end of this article, I would like to remind you that I am all but bullish when it comes to HCAC.