China Evergrande New Energy Vehicle Group (OTCMKTS:EVGRF) stock is rising higher on Friday despite a lack of news from the company.
While there’s no specific news from China Evergrande New Energy Vehicle Group, shares of EVGRF stock are seeing heavy trading today. As of this writing, nearly 85,000 shares of the stock have been traded. While that doesn’t seem like much, it’s above the company’s daily average trading volume of about 36,000 shares.
There’s some news from parent company China Evergrande (OTCMKTS:EGRNF) worth noting. That includes reports that a restructuring may result in the company selling off foreign assets. The funds from these sales would reportedly be used to pay off foreign debt.
Of course, investors considering taking a position in EVGRF stock will want to be careful. The company’s stock has a low value that puts it firmly in the penny territory. That means it’s ripe for manipulation from traders looking to pump and dump the shares.
With that warning out of the way, here are a few things traders need to know about EVGRF stock.
China Evergrande News
- China Evergrande New Energy Vehicle Group is an automobile manufacturer owned by China Evergrande.
- As its name implies, the company is focused on the production of electric vehicles (EVs).
- The company was founded in 2019 and is based out of Guangzhou, China.
- China Evergrande New Energy Vehicle Group’s market capitalization is $6.702 billion.
EVGRF stock is up 18.6% as of Friday afternoon but is down 21.5% since the start of the year.
We’ve got more stock market news for traders to jump into below!
InvestorPlace offers daily coverage of the stock market and Friday is no different. That includes what’s happening with Rivian (NASDAQ:RIVN) stock, why EV shares are slipping today, as well as news hitting chip stocks. You can find out all about these matters at the links below!
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On the date of publication, William White did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.
With only the rarest exceptions, InvestorPlace does not publish commentary about companies that have a market cap of less than $100 million or trade less than 100,000 shares each day. That’s because these “penny stocks” are frequently the playground for scam artists and market manipulators. If we ever do publish commentary on a low-volume stock that may be affected by our commentary, we demand that InvestorPlace.com’s writers disclose this fact and warn readers of the risks.
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