Arrival SA ARVL shares spiked over 10% in regular trading on Wednesday.
What Happened: Arrival, an electric vehicle maker with microfactories as a strategy, has come under the radar of r/WallStreetBets — a Reddit forum best known for short squeezes in stocks like GameStop Corp GME and AMC Entertainment Holdings Inc AMC this year.
Arrival provided an update regarding its partnership with United Parcel Service, Inc UPS on Twitter on Wednesday.
Arrival shares closed 10.35% higher at $21.96 in the regular session on Wednesday and fell 3.46% in the after-hours session to $21.20.
Why It Matters: WallStreetBets poster Trancify noted a discrepancy between the number of shares of Arrival available for shorting and the actual number shorted on Wednesday.
At press time, Arrival attracted 175 mentions on WallStreetBets. The most discussed names were Clean Energy Fuels Corp CLNE and AMC with 985 mentions and 750 mentions respectively, according to Quiver Quantitative data.
In April, Cowen called Arrival’s approach to electric vehicle production “constructive.”
Click here to check out Benzinga’s EV Hub for the latest electric vehicles news.
Photo: Courtesy of Arrival
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