1/4/2024 0 Comments Workhorse stock predictions![]() ![]() PEV shareholders do not have much say in the running of the company. The company also said in an SEC filing that "Phoenix’s existing EVs have a maximum range of 160 miles and minimum recharging time of five to six hours." This is not much for the list price. Phoenix said in one of its filings that, "Prices of Phoenix EVs range from $165,000 to $220,000." I fail to see how it will manage to sell too many units at those price levels. “The EV market is significantly compressed, and the overall market sentiment is very, very different from what it was when we initially priced the IPO… If you look at the immediate of other EV companies who are offering products in the medium-duty space-from Lion Electric to Lightning to Workhorse-all of these stocks have significantly compressed.” Phoenix Motors Stock Forecast: Not for me, thanks Phoenix Chief Marketing Officer Jose Paul Plackal told Dot.LA: “It really is the overall market how it's done between now and the end of last year,” Plackal said. Investors did not seem too keen, and eventually, it raised only a tenth of that at $16 million. SPI planned to spin off PEV and reportedly raise $150 million only last November. EV startups look exactly like the internet startups from the DotCom era. EV companies were the hot space, but that ship has sailed. This combined with the downsized IPO does make us highly dubious about any investment here. PEV switched its IPO bookrunners back in April. Phoenix Motor is a spin-off from SPI Energy, which trades on the Nasdaq under the ticker SPI. The reaction to this investment seems crazy, to put it bluntly. This was probably not great timing as the NFT market looks to be in real trouble. ATIF recently launched an NFT platform to diversify its business. The last revenue figures we can find show it netting less than $1 million yearly and running a loss. It has a market cap of under $20 million, so it is also a small player. ATIF trades on the Nasdaq, and is a consulting company based out of Shenzhen, China. ![]() "We believe PEV brings a unique value proposition to ATIF and its shareholders," said ATIF CEO Jun Liu. PEV Stock News: ATIF takes a stakeĪTIF Holdings (ATIF) said on Wednesday that it had participated in the PEV IPO. So why the sudden spike then on Wednesday? Who knows, but this will not be around for long in my view. PEV IPO'd at $7.50 but opened for trading at $6.50 and headed south straight away, trading under $5. Not a good start.Īlso read: Tesla Stock Deep Dive: Price target at $400 on China headwinds, margin compression, lower deliveriesĪlso it is clearly a tiny offering, so basically we are dealing with a highly volatile penny stock here. Back in November, it appears its backers hoped to raise $150 million. At that, the IPO was downsized from $20 million. The stock struggled to even get across the IPO finish line as the listing raised a paltry $16 million in its IPO. It only recently debuted on the stock market, having listed on June 8. Phoenix Motors is a small start-up EV maker based in Anaheim, California. PEV stock jumped higher on Tuesday as the EV maker caught some interest from the retail community. PEV is an electric vehicle manufacturer but not based in Phoenix.PEV stock was only listed on the Nasdaq on June 8.Phoenix Motor stock leapt 70% higher on Wednesday.
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