Tuesday saw more erratic activity for Hyzon Motors Inc. (NASDAQ:HYZN), with shares rising 13.61% to $2.17 in the middle of the day. On Monday, the electric vehicle stock recovered from an all-time low of $1.87.
A delayed earnings report, operational issues, and the appointment of a new CEO all contributed to the company’s August turbulence.
Over 20% of the entire float is shorted on Hyzon (NASDAQ:HYZN), which raises the volatility. Earlier this month, JPMorgan downgraded Hyzon Motors (HYZN) from Overweight to Underweight, signaling a change in sentiment toward the company. The analytical team cited ineffective operational procedures, poor internal controls, and the erosion of the early mover advantage.
Even before the stock had increased by 300% in value, in late December of last year, the Seeking Alpha Quant Rating was flashing Strong Sell for HYZN.
The Stock Lost -19.66% Early Week
As of 10:47 AM on Monday, Aug. 22, shares of Hyzon Motors Inc. (NASDAQ:HYZN) were trading at $1.88, down $0.12 or 5.78% from the previous trading day’s closing price of $1.99. So far today, the stock has fluctuated between $1.87 and $2.02. Today’s volume is minimal. A total of 2,767,981 shares have moved so far, vs 1,397,100 shares thus far.
Board Appoints New CEO
Craig Knight has been replaced as CEO of H2 fuel cell commercial vehicle company Hyzon Motors. Parker Meeks, the organization’s former chief strategy officer, will now hold the position of Interim CEO. Additionally quitting his position as director of Hyzon Motors is Craig Knight. Meeks was chosen by the Board of Directors, who also stated that they intended to look longer term for prospective internal and external candidates to fill the position.
Hyzon Motors
Commercial cars fueled by hydrogen fuel cells are built and supplied by Hyzon Motors Inc. in North America, Europe, China, and Australasia. With partners, it also creates and supports a clean hydrogen supply ecosystem through feedstocks, manufacturing, distribution, and finance. By electrifying tried-and-true vehicle platforms with the help of its sector-leading fuel cell and electric propulsion technologies, the business hopes to satisfy the demands of its customers for zero-emission vehicles.
Featured Image: Megapixl @Shanliangdigital
Author Jowi Kwasu 
