AYRO Stock Price Increases 30.91%: Why It Happened

By Amit Chowdhry ● November 20, 2020
  • The stock price of AYRO Inc (NASDAQ: AYRO) increased by 30.91% today. This is why it happened.

Today the stock price of AYRO Inc (NASDAQ: AYRO) increased by 30.91% today and it was one of the most traded companies with over 135 million in volume. Specifically, the company’s stock price went from a previous close of $6.18 to $8.09. 

AYRO did not have any direct news to announce today, but the company benefitted from a broader rally around electric vehicles. Some of the other companies in the electric vehicle space that also saw a stock price increase today include Workhorse Group, Blink Charging, Nikola, Nio, Xpev, Li Auto, Plug Power, Lordstown Motors, Arcimoto, and Electrameccanica Vehicles. And it also appears that the excitement around AYRO has been spreading by word-of-mouth, social media, and day trading live streams. 

Earlier this month, Ayro announced its third-quarter 2020 results. For the quarter, the company reported revenues of $388,654, Net Loss Attributable to Common Stockholders of $3.1 million, adjusted EBITDA loss of $2.1 million, a total debt of $241,399 as of September 30, and total cash of $27.9 million as of September 30. 

The company also revealed several operating highlights for the quarter including the completed expansion of a manufacturing facility in Austin, Texas from 10,000 sq. ft. to 24,000 sq. ft. in order to increase production capacity from 200 EVs per month to 600 per month. And the company also established a strategic manufacturing, engineering, and design partnership with Karma Automotive’s Innovation and Customization Center (KICC) that is targeted at having a capacity to deliver over 20,000 light-duty trucks and electric delivery vehicles over the next 3 years and it is valued at more than $300 million.

AYRO also established an engineering partnership with Gallery Carts and jointly developed an all-electric mobile food cart based on the Club Car 411 EV for providing food and beverages on-the-go and the company revealed $584,000 in orders for its mobile food truck following the partnership announcement.

Plus AYRO announced a total of $24.25 million in gross equity capital raised through two registered direct offerings. And the company has a backlog of $624,069 as of September 30.