Twin Vee revs higher amid IPO spinoff, retail investor attention
15/08/2022 14:49
** Shares of power boat maker Twin Vee PowerCats VEEE.O up
10.1% at $7.82, adding to 77.5% surge in previous session. VEEE
hits fresh record high of $8.80 before paring gains
** VEEE popped on heavy volume on Fri after its subsidiary,
electric boat developer Forza X1 Inc FRZA.O , soared in debut
urn:newsml:reuters.com:*:nL1N2ZO1NE
** FRZA rose as high as $15 before finishing Fri at $7.49 vs
$5 IPO price. Shares down 17.5% at $6.18 in early Mon trade
** VEEE and FRZA both among top trending tickers on
Stocktwits.com early Mon
** VEEE also among most ordered stocks by Fidelity's https://eresearch.fidelity.com/eresearch/gotoBL/fidelityTopOrders.jhtml
individual investor customers
** Co has 7 mln shares outstanding and 3 mln shares of
public float, per Refinitiv data
** Before the bell Fri, VEEE reported https://www.sec.gov/ix?doc=/Archives/edgar/data/1855509/000173112222001373/e3969_10-q.htm
158% yr/yr rev increase to $8.5 mln in Q2 and gross profit of
$3.4 mln vs $1.3 mln profit in yr-ago period, while net loss in
its electric boat division was ~$600,000
(Lance Tupper is a Reuters market analyst. The views expressed
are his own)
((lance.tupper@thomsonreuters.com
lance.tupper@tr.com 1-332-219-1430))