Why Arrival Stock Jumped This Morning
Shares of five-year-old electric vehicle start-up Arrival (NASDAQ: ARVL) were jumping Wednesday morning. After an initial 15% pop, Arrival shares pared some gains and were trading up 7.3% as of 9:40 a.m. EDT.
U.K.-based Arrival went public through a SPAC (special purpose acquisition company) merger in March 2021. Since then, it has been progressing in its strategy of building lower-cost microfactories to support customer orders for its electric delivery vans, buses, and cars to be used for ride-hailing services. The stock had about 7% of its public share float sold short as of May 28, according to MarketWatch data. And the retail trading crowd seems to have noticed the company after a Reddit user posted a detailed look at the stock on the WallStreetBets forum yesterday.
Source Fool.com
