Colliers Downgrades Hyzon Motors Citing SEC Probe

January 13, 2022 1:54 PM | 1 min read | Make a Comment

Colliers analyst Donovan Schafer downgraded Hyzon Motors Inc HYZN to Neutral from Buy and removed the price target of $15.
The analyst updated the ratings after the company disclosed that it received a subpoena from the SEC requesting documentation about the Blue Orca Capital short report published in September 2021.
Related Content: Hyzon Shares Sink Amid Disclosure Of SEC Investigation, Revenue Warning
While the SEC's decision to request documents "might sound ominous," Schafer thinks that "might be a hasty conclusion."
However, he is still moving to the sidelines in light of the uncertainty around how the investigation might unfold.
Price Action: HYZN shares are trading lower by 9.31% at $5.51 on the last check Thursday.