Zapp Electric Vehicles (NASDAQ:ZAPP) continued higher Tuesday after rising in recent sessions. The stock's rapid ascent has made it a popular topic on social media platforms and among online trading communities.
What's Going On: The company's shares surged an impressive 116% over the last week. This surge is accompanied by a float size of under 1 million shares and a significant short interest, potentially contributing to the stock's volatile price movements and triggering multiple trading halts.
Retail investors could have played a pivotal role in driving up trading volumes, with more than 29 million shares exchanged recently, significantly surpassing the average volume.
In late June, Zapp reported a net loss of $5 million, down from $8.6 million in the same period in 2023.
The company expects to deliver its i300 model in the fiscal fourth quarter of 2024 and aims to sell over 5,000 units by the end of fiscal year 2025. The company projects a run-rate exceeding 25,000 units annually by fiscal year 2026.
ZAPP Price Action: Zapp Electric Vehicles shares were up by 74% at $16.12 at the time of writing, according to Benzinga Pro.
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