Why EV Stock Volta Soared by Double-Digits Today
Electric vehicle (EV) stock Volta (NYSE: VLTA) got charged up on Friday, trading 13.3% higher as of 3:03 p.m. EST. With that jump, Volta is on track to end the week up by more than 30%.
While several EV stocks have sizzled this week in the wake of Congress passing President Biden's $1.2 trillion infrastructure bill the bumper debut of EV start-up Rivian Automotive, Volta in particular caught investors' attention Friday by delivering a stellar quarterly earnings report. Dig deeper, though, and you might begin to question the rally in Volta's share price.
Volta builds and operates EV charging stations equipped with screens that can be used to display advertising. In fact, it looks more like a media stock today, given that it derives the bulk of its revenue from delivering advertising content across those displays. In the third quarter, for example, Volta's "behavior and commerce" segment brought in almost 87% of its total revenue of $8.5 million.
Source Fool.com
