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VinFast Auto (NASDAQ:VFS) fell more than 31% in late morning trading on Tuesday after the electric vehicle stock had rallied for six straight sessions. Traders are calling the share price move lower a reality check after the thin public float created an unusual dynamic.
The current market cap on VinFast (VFS) of around $95B still makes it the third most valuable automobile stock, despite the sharp drop on Tuesday.
VinFast (VFS) debuted on the Nasdaq on August 15 following the completion of a business combination with Black Spade Acquisition Co. The electric vehicle maker has delivered close to 19K EVs including the VF e34, VF 5, VF 8, and VF 9 models, as of June 30. It is also preparing for the upcoming launch of the VF 3, VF 6, and VF 7 models in the Vietnamese and global markets. On Seeking Alpha, analyst SL Investments issued a Strong Sell rating on Friday. "VinFast's stock is trading at irrational levels and should be avoided due to uncertain production schedules, low trading volume, and unsustainable valuation," warned SL Investments.
What to watch: VinFast (VFS) has not set a date yet for its first earnings report as a publicly-traded company. The release of the latest financial could be a share price catalyst. The EV stock could also start to be covered by Wall Street analysts at any time.
More on VinFast Auto
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August 29, 2023 at 10:39PM
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VinFast Auto plunges 31% on market cap reality check - Seeking Alpha
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