Tesla fell sharply once again intraday, but came well off lows along with growth stocks. Still decisively below 10-week line.
Tesla fell sharply once again intraday, but came well off lows along with growth stocks. Still decisively below 10-week line.
India's northern state of Haryana, where several automakers, component suppliers and big tech firms are based, faces an investment and development crisis from a new hiring rule to tackle high unemployment, lobby groups warned on Thursday. The Federation of Indian Chambers of Commerce and Industry (FICCI) said the policy, which requires 75% of all low to mid-paying private sector jobs to go to locals, would spell disaster for Haryana's "industrial development and private investment". The 10-year rule, applicable to jobs paying up to 50,000 rupees ($690) a month, came into effect this week in the state as it faces worsening unemployment as a result of the coronavirus crisis.
Thyssenkrupp's steel unit must cut costs to reach a point where it no longer needs financial support from the group, Chief Executive Martina Merz said in an internal memo to staff seen by Reuters on Friday. Her remarks come after the group cancelled an extraordinary supervisory board meeting originally scheduled for March 12 to decide whether to sell the steel division to Britain's Liberty Steel. Thyssenkrupp last month terminated sale talks, saying the two sides were far apart on issues like value and funding.
When six-year-old Ainara Fuertes was in pain with an ear infection late last year, her parents wanted to take her to an emergency room at their local public hospital in the Madrid suburb of Valdeolmos-Alalpardo. Ainara has since recovered, but her parents Diana and Javier decided, like hundreds of thousands of people across western Europe, to sign up for private health insurance to complement state coverage. In Spain alone, almost 470,000 people signed up to health policies last year, a 47% increase from 2019.
(Bloomberg) -- Oil rallied to the highest in nearly two years in New York after OPEC+ shocked markets with a decision to keep supply limited as the global economy starts to recover from a pandemic-driven slump.U.S. benchmark crude futures topped $66 a barrel on Friday, while its global counterpart Brent neared the key $70 level. The producer alliance’s supply curbs and the rollout of Covid-19 vaccines have aided a stellar rebound for crude from the depths of the coronavirus-related fallout. OPEC+’s surprise decision on Thursday to keep output steady in April boosted prices further and led to strength in the market’s structure. Major banks upgraded price forecasts, with some calls for oil reaching north of $100 next year.“In some ways, even more important than the lack of oil was the message that came with it: They’re not really worried about price, not worried about tightening,” said Paul Horsnell, head of commodities research at Standard Chartered Plc. “The door is wide open to prices beyond $70.”Crude has soared more than 30% so far this year with OPEC+’s output restraint holding the market over until a full-fledged comeback in consumption. The group’s latest decision represents a victory for Riyadh, which has advocated for tight curbs to keep prices supported.“Overall, this was the most bullish outcome we could have expected,” JPMorgan Chase & Co. analysts including Natasha Kaneva wrote in a note to clients.Saudi Arabia’s bold and unexpected gamble to restrain production is founded upon its view that this time around higher prices will not lead to a big increase in output by American shale drillers. Saudi Energy Minister Prince Abdulaziz bin Salman said in an interview after the meeting that shale companies were now more focused on dividends.Oil’s rebound this year stands to intensify the debate about a potential resurgence in inflation, and complicate the task facing the Federal Reserve as it supports the U.S. recovery. The Treasury market is already looking for signs of faster price gains, with yields rising rapidly. Meanwhile, U.S. employers added more jobs than forecast in February.See also: Here’s What Top Banks Are Saying About the Saudi-Led Oil ShockGoldman Sachs Group Inc. raised its Brent forecasts by $5 a barrel and now sees the global crude benchmark at $80 in the third quarter. JPMorgan increased its Brent projection by $2 to $3 a barrel and Australia & New Zealand Banking Group Ltd. boosted its three-month target to $70. Citigroup Inc. said crude could top $70 before the end of this month.Change CourseOil rising to these levels will likely increase strains within OPEC+ as some members will want to pump more to relieve under-pressure economies, Citi said in a note. Top importers such as China and India would also not be happy and the alliance is likely to change course at its next meeting, it said.The lack of fresh supply was reflected in oil’s futures curve. Brent’s prompt timespread widened to 68 cents in backwardation -- a bullish structure where near-dated prices are higher than later-dated ones -- from 54 cents Thursday. Gauges further along the oil futures curve also surged.A closely watched measure in the oil-options market -- West Texas Intermediate’s skew on the nearest contract -- turned positive Friday for the first time in more than a year, signaling traders are willing to pay more for protection against rising crude prices.“We’ve whittled down inventories and the daily supply is significantly lower than before this agreement started,” said Michael Hiley, head of over-the-counter energy trading at New York-based LPS Futures. “Saudi has done what they said they were going to do and kept supply off the market.”For more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2021 Bloomberg L.P.
Personal finance guru Suze Orman derided the GameStop trading spree as "stupid" and "crazy," saying that the effort to short squeeze the company turned investing into a game.
(Bloomberg) -- The rout in technology shares sent the Nasdaq 100 Index toward a correction before a late-day bounce left the gauge off its lows of the day.The index, heavily weighted toward the biggest tech companies, slid as much as 2.9% on Thursday before closing 1.7% lower, leaving it 9.7% below a Feb. 12 record. Tesla Inc., Peloton Interactive Inc. and Zoom Video Communications Inc. are among members that have lost at least 20% in that span. The Nasdaq 100 is now 3.3% lower for the year after rising as much as 7.1%.The gauge is suffering as investors ditch companies that thrived in the work-from-home era in favor of last year’s laggards, betting that vaccinations will end Covid lockdowns and fuel economic growth that aids cyclical stocks. The latest bout of selling came after a spike in yields raised concern that companies trading at high valuations may have trouble living up to expectations if borrowing costs surge.“We’ve seen the overvalued megacap tech space assume the brunt of the weakness here,” said Candice Bangsund, portfolio manager of global asset allocation at Fiera Capital. “These sectors are having more trouble digesting the environment of higher bond yields.”That was evident Thursday as Treasury yields climbed toward a one-year high after Federal Reserve Chairman Jerome Powell stopped short of pushing back on the recent increase in long-term borrowing costs. The 10-year rate added as much as 7 basis points to 1.55%.While the Nasdaq 100 avoided a correction -- typically defined as a 10% drop from a peak -- the gauge is suffering as investors scale back bets on the market’s speculative fringes. The mania in special purpose acquisition companies is showing signs of hitting a saturation point, with an index tracking them down about 20% from its peak. Cathie Wood’s flagship exchange-traded fund, the Ark Innovation ETF, has gone negative for the year and is now 24% below its all-time high on Feb. 12.The pullback isn’t a surprise given the outlook for a more normal economy to return, and could represent a buying opportunity in a bull market that still has legs, according to Chris Zaccarelli, chief investment officer at Independent Advisor Alliance.“It may take some time for this to play out, but I don’t believe the bull market will be derailed by this and ultimately any pullbacks are normal and can be bought,” he said.Nonetheless, the rotation away from tech stocks seems to have taken hold and market leadership is likely to change, according to Matt Stucky, portfolio manager at Northwestern Mutual Wealth Management Co.“It’s kind of been the reverse of what we saw over the summer,” he said. “Some of the biggest tech companies are certainly under pressure and a lot of that has to do with the backup of long-term interest rates and what that means for longer duration equities.”For more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2021 Bloomberg L.P.
(Bloomberg) -- Elon Musk set records last year for one of the fastest streaks of wealth accumulation in history. The reversal is underway, and it’s steep.The Tesla Inc. chief executive officer lost $27 billion since Monday as shares of the automaker tumbled in the selloff of tech stocks. His $156.9 billion net worth still places him No. 2 on the Bloomberg Billionaires Index, but he’s now almost $20 billion behind Jeff Bezos, who he topped just last week as world’s richest person.Musk’s tumble only underscores the hard-to-fathom velocity of his ascent. Tesla shares soared 743% in 2020, boosting the value of his stake and unlocking billions of dollars in options through his historic “moonshot” compensation package.His gains accelerated into the new year. In January, he unseated Bezos as the world’s richest person. Musk’s fortune peaked later that month at $210 billion, according to the index, a ranking of the world’s 500 wealthiest people.Consistent quarterly profits, the election of President Joe Biden with his embrace of clean technologies and enthusiasm from retail investors fueled the company’s rise, but for some, its swelling valuation was emblematic of an unsustainable frothiness in tech. The Nasdaq 100 Index fell for the third straight week on Friday, its longest streak of declines since September.Bitcoin InvestmentMusk’s fortune hasn’t been solely subject to the forces buffeting the tech industry. His net worth has risen and slumped recently in tandem with the price of Bitcoin. Tesla disclosed last month it had added $1.5 billion of the cryptocurrency to its balance sheet. Musk’s fortune took a $15 billion hit two weeks later after he mused on twitter that the prices of Bitcoin and other cryptocurrencies “do seem high.”Extreme volatility has roiled many of the world’s biggest fortunes this year. Asia’s once-richest person, Chinese bottled-water tycoon Zhong Shanshan, relinquished the title to Indian billionaire Mukesh Ambani last month after losing more than $22 billion in a matter of days.Read more: Ambani Again Richest Asian as China’s Zhong Down $22 BillionQuicken Loans Inc. Chairman Dan Gilbert’s net worth surged by $25 billion on Monday after his mortgage lender Rocket Cos. was said to be the next target of Reddit day traders. His fortune has since fallen by almost $24 billion. Alphabet Inc. co-founders Sergey Brin and Larry Page are among the biggest gainers on the index this year. They’ve each added more than $13 billion to their fortunes since Jan. 1.For more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2021 Bloomberg L.P.
Payments will be harder to get this time, but it might help to file your tax return soon.
Some households are collecting a big pile of federal money in 2021.
Within a few months, he made enough for a down payment on a second home, in sunny Tampa, Fla. “I looked her up, and it all sounded really good,” he tells Barron’s. “I started investing with ARK just three days later.” The “her” is Cathie Wood, who founded ARK Investment Management seven years ago, and joins our list of the 100 Most Influential Women in U.S. Finance this year. It isn’t just that ARK’s actively managed funds have done well, although they have—phenomenally so: Last year, five of its seven ETFs returned an average of 141%; three were the top performers among all U.S. funds.
Wall Street slumped on Thursday and global stock markets declined after U.S. Federal Reserve Chair Jerome Powell repeated his pledge to keep credit flowing until Americans are back to work, pushing back at investors who have doubted if he can hold that promise after the pandemic. Benchmarket U.S. Treasury yields rose toward last week's highs as Powell spoke, and the dollar jumped. Oil prices spiked as OPEC and its allies agreed to extend most oil output cuts into April, after deciding that the demand recovery from the coronavirus pandemic was still fragile.
Congress is nearing passage of the third economic stimulus check it will send out to you and other taxpayers as part of its Covid-19 relief bill.
(Bloomberg) -- A lawmaker is calling for an investigation of a $54.2 million, after-hours purchase of Oshkosh Corp. stock the day before the company won a blockbuster contract to build trucks for the U.S. Postal Service.The transaction of 524,400 shares is bigger than Oshkosh trading volume for some entire days. The block itself amounted to almost 1% of the company’s publicly available shares and 74% of the firm’s 20-day average volume, according to data compiled by Bloomberg.Oshkosh shares surged as much as 16% the next day, Feb. 23, and have risen further since. The holdings would be worth $59.6 million at Friday’s closing price of $113.65, or more than $5 million above the purchase price. The parties involved in the trade couldn’t be determined.“It definitely stinks and needs to be looked into at the highest levels,” Representative Tim Ryan, an Ohio Democrat who is fighting the award to Oshkosh, said in an interview. “If that is not suspicious, I don’t know what is. Somebody clearly knew something.”Ryan said he will ask the Securities and Exchange Commission to investigate. Representatives of the agency didn’t immediately respond to an emailed request for comment after normal business hours.The Postal Service awarded the Wisconsin-based maker of military trucks a 10-year contract for as many as 165,000 vehicles worth as much as $6 billion.Ryan is backing the losing bid of Workhorse Group Inc. which has a 10% stake in Lordstown Motors Corp., which makes electric vehicles at a facility in Ryan’s congressional district.An Oshkosh representative didn’t respond to a voicemail and and email seeking comment.The move to award Oshkosh the contract stunned Wall Street analysts who had predicted Workhorse’s proposal to make electric trucks would win at least some of the order. Workhorse is considering challenging the award.Trades outside of normal market hours can have a significant impact on share prices because market activity is thinner.Ryan, who said he is drafting a letter to the SEC, has joined with Ohio Democrats Marcy Kaptur and Senator Sherrod Brown in calling for the Biden administration to halt and review the Postal Service award to Oshkosh.For more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2021 Bloomberg L.P.
The president has agreed to a compromise making millions ineligible for the third checks.
Virgin Galactic Holdings Inc. Chairman Chamath Palihapitiya sold off a chunk of his shares this week, and played a part of the plunge in prices.
Powell and his policymakers have until March 17 to regain control of monetary policy or they could face a creditability issue.
(Bloomberg) -- Major oil sands producers in Western Canada will idle almost half a million barrels a day of production next month, helping tighten global supplies as oil prices surge.Canadian Natural Resources Ltd.’s plans to conduct 30 days of maintenance at its Horizon oil sands upgrader in April will curtail roughly 250,000 barrels a day of light synthetic crude output, company President Tim McKay said in an interview Thursday. Work on the Horizon upgrader coincides with maintenance at other cites.Suncor Energy Inc. plans a major overhaul of its U2 crude upgrader, cutting output by 130,000 barrels a day over the entire second quarter. Syncrude Canada Ltd. will curb 70,000 barrels a day during the quarter because of maintenance in a unit.The supply cuts out of Northern Alberta, following a surprise OPEC+ decision to not increase output next month, could add more support to the recent rally in crude prices. OPEC+ had been debating whether to restore as much as 1.5 million barrels a day of output in April but decided to wait.The Saudi-led alliance closely monitors other major oil producers as it seeks to manage the entire global market, and surging production in North America was its biggest headache in recent years -- especially from U.S. shale but also from Canada.“The U.S., Saudi Arabia, Russia, Canada, Brazil and other well endowed countries with hydrocarbon reserves -- we need to work with each other, collaboratively,” Saudi Energy Minister Prince Abdulaziz bin Salman said after the group’s meeting on Thursday.Read More: Saudis Bet ‘Drill, Baby, Drill’ Is Over in Push for Pricier OilCanada’s contribution to balancing the market with less production, much like slowing output in the U.S., is not a deliberate market-management strategy but significant nonetheless.Even though the output cuts are short-term, the battered oil-sands industry shouldn’t be a concern for the Saudis in the long run either, judging from McKay’s outlook for the industry.“I can’t see much growth in the oil sands happening because there is going to be less demand in the future,” he said. “The first step is we have to get our carbon footprint down.”After years of rising output turned Canada into the world’s fourth-largest crude producer, expansion projects have nearly halted on the heels of two market crashes since 2014.Adding to its struggles, Canada’s oil industry is being shunned by some investors such as Norway’s $1.3 trillion wealth fund amid concern that the higher carbon emissions associated with oil sands extraction will worsen climate change. These forces help make future growth in the oil sands unlikely, said McKay, whose company is among the largest producers in the country.Oil sands upgraders turn the heavy bitumen produced in oil sands mines into light synthetic crude that’s similar to benchmarks West Texas Intermediate and Brent. Syncrude Sweet Premium for April gained 60 cents on Thursday to $1.50 a barrel premium to WTI, the strongest price since May, NE2 Group data show.For more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2021 Bloomberg L.P.
(Bloomberg) -- Trouble may be brewing in China for Bitcoin’s raucous and divisive rally as the nation pushes ahead with a world-leading effort to create a digital version of its currency.That’s because the eventual rollout of the virtual yuan could roil cryptocurrency markets if Chinese officials tighten regulations at the same time, according to Phillip Gillespie, chief executive of crypto market maker and liquidity provider B2C2 Japan, which mainly works with institutional investors.“Once a digital yuan is introduced, that’s going to be one of the biggest risks in crypto,” Gillespie, who previously worked in currency markets for Goldman Sachs Group Inc., said in an interview. “Panic selling” is possible if the new rules end up sucking liquidity from trading platforms for digital coins, he said.Central banks’ power to issue virtual money and proscribe rivals is one of the key risks for the crypto sector. Chinese citizens are already banned from converting yuan to tokens but the practice continues under the table using Tether, a digital coin that claims a stable value pegged to the dollar. The money parked in Tether then gets routed to Bitcoin and other tokens.Tokyo-based Gillespie sees potential for an outright ban on Tether, which could raise the stakes for anyone minded to continue using it.A draft People’s Bank of China law setting the stage for a virtual yuan includes a provision prohibiting individuals and entities from making and selling tokens. In recent days, China’s Inner Mongolia banned the power-hungry practice of cryptocurrency mining.Representatives of the People’s Bank of China didn’t reply to a fax seeking comment on the prospect of regulatory changes. While there’s no launch date yet, the PBOC is likely to be the first major central bank to issue a virtual currency after years of work on the project.Tether officials have downplayed the concern, saying that central bank digital currencies won’t mean the end of stablecoins.“Tether’s success has provided a blueprint for how a CBDC could work,” said Paolo Ardoino, chief technology officer for Tether and Bitfinex, an affiliated exchange. “Furthermore, CBDC’s are unlikely to be available on public blockchains such as Ethereum or Bitcoin. This last mile may be left to privately-issued stablecoins.”Still, Gillespie points out that Tether is “this massive amount of fuel for Bitcoin purchases” and few people realize the potential for disruption. A “tremendous amount of liquidity” is coming from exchanges tapping Chinese demand, he added.Tether QuestionsBitcoin surged fivefold in the past year and hit a record above $58,000 last month before dropping back about $10,000. The rally has split opinion, with some arguing a new asset class is emerging and others seeing pure gambling by retail investors and speculative pros in the Wild West of finance.Tether is an equally controversial token deep in the plumbing of the nascent cryptocurrency market. Traders use it to park money as they shift from virtual to fiat cash.More than $18 billion of Tether moved overseas from East Asian addresses over a one-year period, including spikes suggesting Chinese origin, according to an August report from Chainalysis, which analyzes the blockchain network technology underlying tokens. The report indicated citizens may be using Tether to dodge rules that limit capital transfers abroad.Questions about Tether continue to swirl. The companies behind it were banned from doing business in New York last month as part of a settlement with state officials who found that they hid losses and lied about reserves.‘Liquidity Shock’A recent report from JPMorgan Chase & Co. said there’d likely be “a severe liquidity shock to the broader cryptocurrency market” if issues arose that affected the “willingness or ability of both domestic and foreign investors to use Tether.”“All the volume goes through Tether,” said Todd Morakis, co-founder of digital-finance product and service provider JST Capital. “As regulators become more and more restrictive on stablecoins, that could be very negative for the market because that could mean less liquidity.”B2C2 Japan’s Gillespie said Tether is “such a risky asset” and a “massive liquidity shock” is possible if China does ban it. “What would happen is there’s going to be massive panic selling,” he said.For more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2021 Bloomberg L.P.
Markets are taking us all for something of a roller coaster ride in recent sessions, alternating gains and drops in precipitous fashion. There’s no telling exactly what comes next, but some of Wall Street’s sharpest minds are on the job. One of those sharp minds is John Stoltzfus, chief investment strategist and managing director at Oppenheimer. Stoltzfus sees us in the preparatory phases of further market gains, and he goes to great lengths to explain his outlook. While he agrees that we have not yet succeeded in putting the COVID-19 pandemic crisis fully behind us, he points out that the data indicate a resilient economy. Stoltzfus starts with the Treasury bond market, which he describes as ‘normalizing.’ Yes, yields are up in recent days from historic lows reached late last summer, but the strategist sees this as evidence that “as the pandemic crisis begins to ebb better times are likely ahead for the US economy.” Stoltzfus goes on to the recent earnings season. Of the corporate earnings reports, Stoltzfus says, “With 97% of companies in the S&P 500 having reported profits are up 5.37% on the back of 2.47% revenue growth—a much stronger result than had been anticipated by consensus analytics at the start of the season.” But solid earnings results are not the only support Stoltzfus offers for his view that better times are ahead of us. Stoltzfus points out the rising price of oil, noting that its year-to-date rise has coincided with the spreading vaccination campaigns and the prospect of economic reopening, and he notes copper. In his words, “The rise in copper prices serves as a sign that expectations are for global growth to accelerate as the world moves out from under the pandemic.” Against this backdrop, one of Stoltzfus’s colleagues at Oppenheimer, 5-star analyst Kevin DeGeeter, has followed up and tapped two stocks that he as primed for big gains in a market rebound, gains on the order of 100% or better. We ran the two through TipRanks database to see what other Wall Street's analysts have to say about them. Evaxion Biotech (EVAX) The first Oppenheimer pick we’re looking at is Evaxion, a biotech company that uses proprietary AI-immunology platforms to develop novel immunotherapies for the treatment of various cancers and infectious diseases. The company currently has two immunotherapy candidates in the clinical trial stage for several cancers, and two other candidates in pre-clinical research. Evaxion went public on the NASDAQ in early February, announcing the pricing of the IPO on February 4 and closing the offering on February 10. The shares were priced at $10 each, the lower end of the range, and the company put 3 million shares on the market, raising gross proceeds of $30 million. The key point to Evaxion, as far as investors are concerned, are the two candidates in Phase IIa clinical trials. The candidates, EVX-01 and EVX-02, are designed to be patient-specific treatments for non-small-cell lung cancer, bladder cancer, and various types of melanoma. Results for both candidates’ studies are expected in the first half of 2021. DeGeeter initiated coverage on this stock in early March, basing his optimism on “1) Artificial Intelligence-driven immunology platform generating a broad portfolio; 2) personalized cancer vaccines, EVX-01 and EVX-02, with two important Phase I/IIa updates in 2Q21; 3) capital-efficient business mode…” At the bottom line, DeGeeter writes, “We view EVAX as an AI platform story with multiple differentiated programs either in early-stage human studies or nearing clinical development. Our near term focus is on the oncology platform…” In line with his upbeat outlook, DeGeeter rates EVAX an Outperform (i.e. Buy), and his $18 price target implies a robust upside of 157% for the coming year. (To watch DeGeeter’s track record, click here) DeGeeter’s review is one of two that have been published on EVAX, but both are Buys, making the consensus here a Moderate Buy. The stock is selling for $7, and the average price target is $18, the same as DeGeeter’s. (See EVAX stock analysis on TipRanks) Sensei Biotherapeutics (SNSE) For the second stock on our short list from Oppenheimer, we’re staying in the biotech industry. Like Evaxion above, Sensei Biotherapeutics is an immunotherapy research company with a focus on cancer treatments; what makes Sensei different is its platform, using a bacteriophage to deliver the therapeutic agent and trigger an immune response in the patient. In another similarity to Evaxion, Sensei held its IPO in February. The company put 7 million shares of common stock on the market, at a price of $19 per share, and closed its first day’s trading at $18.90. The IPO grossed a total of $152.6 million, and the company now boasts a market cap of $418 million. That company's leading candidate, SNS-301, is an experimental cancer vaccine that targets the overexpression of aspartyl beta hydroxylase (ASPH) in squamous cell carcinomas of the head and neck. The product is in Phase I/II development, and preliminary data demonstrated long duration of response, including 30+ weeks disease stability in 2 patients. Further data is expected in the second half of this year. In his note initiating coverage on Sensei Biotherapeutics, DeGeeter takes an optimistic view. “We view SNSE's ImmunoPhage immuno-oncology platform as offering important differentiation based on 1) potential to easily combine low-cost off-the-shelf and personalized neoepitopes in a single product, 2) self-adjuvant profile of ImmunoPhage, and 3) rapid turnaround time of ~four weeks for personalized neoepitope production. Our positive outlook is based on potential for Phase I/II study of SNS-301 ASPH ImmunoPhage to demonstrate clinically meaningful benefit in first-line treatment and neoadjuvant head and neck cancer settings based on improved durability of response,” DeGeeter commented. To this end, DeGeeter puts an Outperform (i.e. Buy) rating on SNSE shares, along with a $36 price target that indicates potential for ~141% upside over the next 12 months. (To watch DeGeeter’s track record, click here) Sensei has only been a public company for a few weeks, but in that time it has attracted 4 analyst reviews – all are Buys, making the analyst consensus view a unanimous Strong Buy. Shares are priced at $14.95 and have an average price target of $29.50, which implies a one-year upside of ~97%. (See SNSE stock analysis on TipRanks) To find good ideas for stocks trading at attractive valuations, visit TipRanks’ Best Stocks to Buy, a newly launched tool that unites all of TipRanks’ equity insights. Disclaimer: The opinions expressed in this article are solely those of the featured analysts. The content is intended to be used for informational purposes only. It is very important to do your own analysis before making any investment.
Despite the recent selloff in electric-vehicle stocks like Tesla and Nio, there is still intense investor interest in the sector, with demand for electric-vehicles expected to climb dramatically over the next decades.