Shares of FuboTv Inc. (FUBO), Electrameccanica Vehicles Corp (SOLO), Plug Power Inc. (PLUG) were among market movers on Tuesday. We have highlighted below some of the reasons for the upward or downward movements.
FuboTv Inc. (FUBO)
The digital entertainment company saw its shares trading higher after the company announced it plans to acquire Vigtory, making the sports-centric Internet-TV provider the latest company seeking to capitalize on the trend to legalize online sports betting in the U.S. No terms were disclosed. The share had closed the previous day at $27.16 to begin Tuesday’s session at $31.12 and closed at $36.48 which amounts to around 34.32% increase.
Electrameccanica Vehicles Corp (SOLO)
Shares of SOLO recovered from its losses to gain about 22.68% in Tuesday’s trading session which some analyst have ascribed to implied volatility. There was no company release, report nor price upgrade but the stock rose from its Monday closing price at $7.23 to close Tuesday at $8.87.
Plug Power Inc. (PLUG)
Plug power shares traded higher following Groupe Renault and Plug Power’s announcement that they signed an MOU to launch 1 50-50 joint venture based in France by the end of H1’21. Truist Securities initiated coverage on the stock with a Buy rating and announced a $60 price target, which is also lifting the stock. Its price surged 23% moving from its $53.97 previous day’s closing to begin trading at $62.40 and closing at $66.02 on the day.
Shares of several internet retail and e-commerce companies traded higher after Salesforce data showed a 50% year-over-year increase in digital spend over the 2020 holiday season. The COVID-19 pandemic has raised demand for online shopping. The shares grew 16.67% opening at $52.86 to close $60.68
Black Diamond Therapeutics (BDTX)
The shares traded within normal range but saw a drop of about 14.79% despite no company release or price downgrade. The precision oncology medicine company’s price fell from its $35.95 opening to close at $29.61 on the day.