Now that big EV players like NIO, XPEV and TSLA had their rallies, investors are navigating their hard earned cash into small cap stocks, such as HCAC.
Just when you thought that all EV stocks surged HCAC is coming to the stage, offering smaller, but safer gains in the week ahead of us. Monday started with a modest (modest if we look at other EV stocks such as Ayro) 6% jump for Hennessy Capital Acquisition Corp shares.
HCAC (EV producer, Canoo/CNOO will use this SPAC for reverse-merger) is the latest EV play in the market and with how is everything going on, we could see $20 in a week from now. The closer the merger date, the higher the price will go. Simple as that.
Nothing new happened, no new SEC filing, no announcements, no nothing. It is a stock connected with that tech of the future and this is the main reason why the price is going up.
The thing about these type of shares is to buy the dip and sell the peak. Of course, you need to know where the bottom and where the high is. Other (valuation, market cap, P/E) is something you should not think about right now, because this is the type of stock that goes up because it is IN.