Hyliion Inc (HYLN) stock started trading today on NYSE and many early investors through Tortoise Acquisition Corp. (SHLL) expected to see huge profits on day one. But Donald Trump got Coronavirus and market-wide selloff continued.
But is this the main reason for HYLN shares drop?
Not really. SHLL shares had a great run for a couple of months already. Back in June I said that you should invest in SHLL if you missed out on NKLA or TSLA. And the point is- This was 4 months ago. If you invested back then you are probably a happy investor already. And you probably sold your shares before the merger was approved.
The news that the merger was approved happened just a few days ago and stock price started going down. THAT was expected, at least in my eyes,as I tried to warn you back on September 9. As you can see the stock was selling for almost $52 that day. Shares started losing the steam since then.
If you use a common sense and if you understand the stock market basics you probably know that SHLL might be the only SPAC merger that will go down on news. All other SPACs so far went up on IPO day, and I am afraid that SHLL will not have enough strength to do so.me, back in September.
Pandemic or not, fundamentals are there, so if you listened to me, you sold. But if you are now holding a bag of HYLN shares maybe you should hold on to it a little bit longer, for as long as you are not back in green. Panic selling is your enemy.
Will HYLN stock go up again?
I am pretty sure HYLN stock will go up again, over $50 for sure, the biggest question is WHEN will it go there? Founder and CEO of Hyliion, Thomas Healy, is not Trevor Milton the 2nd, he will not pump HYLN stock via Twitter 24/7.
But this is the technology of the future, the price will go up sooner than later. If HYLN announces a contract or two with big buyers we could even see it going towards $100 before Christmas. Of course there are a lot of IFs and MAYBEs in this story, so only invest what you can afford to lose.