Why Electric Vehicle Stocks Rivian, Wolfspeed, and Indie Semiconductor Rallied Today

Shares of electric vehicle (EV) stocks were on the rise Thursday, including Rivian (NASDAQ: RIVN) and EV-related power chipmakers Wolfspeed (NYSE: WOLF) and Indie Semiconductor (NASDAQ: INDI). These stocks were up 5.7%, 14.9%, and 5.1%, respectively, as of 1:30 p.m. ET.There was no company-specific news for these three stocks today. That means investors were likely reacting to positive incremental news for EVs generally. Plus, given how beaten down these stocks were, even "less bad" news was probably enough to generate short covering.While each of these stocks is experiencing a big move today, all three have been beaten down severely. Indie Semiconductor is down 78% from all-time highs, but Rivian and Wolfspeed are down a stunning 93% and 96%, respectively. Meanwhile, short interest in each of these stocks is relatively high: Rivian's short interest as a percentage of shares outstanding is 14%, and Wolfspeed's and Indie's short interest are both around 25%.Continue readingWeiter zum vollständigen Artikel bei MotleyFool Weiter zum vollständigen Artikel bei MotleyFool