Should You Buy the 3 Most Popular Electric Vehicle Stocks on WallStreetBets? By StockNews

Should You Buy the 3 Most Popular Electric Vehicle Stocks on WallStreetBets?

Stock MarketsDec 14, 2021 12:30PM ET

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Should You Buy the 3 Most Popular Electric Vehicle Stocks on WallStreetBets?

Several WallStreetBets (WSB) stocks have been the recipients of robust market attention as retail investors drove up the share prices of some fundamentally weak companies to unexpected highs. That is why we believe popular EV stocks on WSBs, Tesla (NASDAQ:TSLA), Rivian (RIVN), and Lucid (LCID), are best avoided now. They look overvalued. Read on.Growing climate change concerns and governments’ favorable policies are expected to help drive the electric vehicle (EV) industry’s growth in the coming months. President Biden’s infrastructure bill, which passed into law on November 15, 2021, includes $7.5 billion in funding for EV charging. And according to a Research and Markets report, EVs are expected to represent 48% of all new cars sold in 2030.

Several EV stocks are quite famous in the Reddit community or WallStreetBets (WSBs). WSBs usually takes bets on heavily shorted companies to squeeze out short-selling institutional investors. Several popular EV stocks are widely discussed on the Reddit platform, but that does not necessarily reflect insight into the companies’ fundamentals. Many WSB stocks have often declined massively in price intraday, spelling big losses for retail investors.

Given this backdrop, we think it could be wise to avoid popular WSBs EV stocks Tesla, Inc. (TSLA), Rivian Automotive, Inc. (RIVN), and Lucid Group, Inc. (LCID). Their valuations look stretched at their current price levels.

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