Monday, July 03, 2017 12:38:37 PM
In the same communication, we could read that the industry is growing. Market participants need to know that the demand for electric vehicles remains strong. The EIA expects to see a growing number of EVs in the next 20 years.
“The International Energy Association (IEA) expects to see 30 million EVs on the roads by 2025 and 150 million by 2040, up from just 1.3 million as of 2015. The electric car stock reached 1.26 million in2015, 100 times more than in 2010. China stated that it wants alternative fuel vehicles to account for at least one-fifth of a projected 35 million annual vehicle sales by 2025. India is considering even more optimistic targets with electrifying all vehicles by 2030? Source Furthermore, on June 6, 2017, LOTE noted that it would be installing its 4th installation of its Juice Bar Electric Vehicle Charging Station at at Kings County Hospital in Brooklyn, NY. This is a great news, which was celebrated by the LOTE CEO David Schmid:How should this news affect the stock? New installations of juice bar electric vehicle stations should be seen as a sign that the company is growing. Hence, market participants should have reacted by pushing up the share price. This is not what happened when the market got to know the news. In fact, the share price started to decline right after this news was out.
Are short sellers closing their position?
Yes. According to the information provided by OTC Markets, many short sellers initiated positions in March and April, but many of those positions were closed later in June. In May, 104,286 shares were shorted, but only 84,062 shares remained shorted on June 15, 2017. The profits accumulated by the shorts are quite large as the share price was close to $1.00 in April and went down to less than $0.25 in June.
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