Do You Have These Top Trending Automotive Stocks On Your Watchlist This Week?
The sector for automotive stocks can refer to a variety of different companies. Some of these companies include automobiles, EVs, motorcycles, parts, manufacturers, and many more. Top automotive stocks to watch were trending downwards as a result of the COVID-19 pandemic. The ongoing economic crisis the world is dealing with caused factories to create vehicles and parts to slow or stop entirely. The result was dealerships and all other automotive sectors being negatively affected as well. People have not been purchasing as many cars. But now that we are in November of 2020, and there are many top automotive stocks that have recovered and are trending in the stock market today.
Electric vehicle stocks have been among the biggest gainers in the stock market this year. You’ve seen how NIO Limited (NIO Stock Report) shot up recently, and how much Tesla Inc. (TSLA Stock Report) has gained this year. But regular automotive stocks still struggled despite their EV cousins performing well. Now that production has gone up and dealerships are selling more vehicles, the automotive sector is seeing a recovery that was unexpected to some.
Automotive companies are still rolling out new products such as Ford (F Stock Report) with its new Bronco, or Nissan with its new Z car. Advancements are being made and this sector is now on its way back to the top. So let’s take a look at three of these top automotive stocks that are recovering despite the bad economy we are still dealing with.
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Top Automotive Stocks To Buy [Or Sell] This Week: Geely Automotive Holdings Limited
The first company on this list of automotive stocks to buy [or sell] is Geely Automotive Holdings Limited (GELYY Stock Report). Geely is a multinationally operating automotive company that is based out of China. The company owns a plethora of automotive brands including but not limited to Lotus, Polestar, Volvo, and more. It has grown to be a giant in the sector of automotive holdings. It is also an automotive company that was hit very badly by the pandemic. At the start of 2020, the GELYY stock price was at $41 a share on average. At its low point during the peak of the stock market crash this year, it was at $26 a share on average in March. That 36% decrease was not a good thing whatsoever for the automotive holdings company. But let’s look at what Geely Automotive Holdings Limited has been up to in recent times.
Geely announced at the end of October that its Polestar electric vehicle section is seeking to raise $900 million in external fundraising for its vehicles. It will be interesting to see if a deal like this can go through. Reuters noted that a source may put Polestar’s valuation at more than $5 billion USD which would be huge for the company. The company has been making positive progress towards reaching its annual sales target as well.
In June alone, it sold more than 110,000 new vehicles which was a 21% increase year over year. On the day of November 6th, the GELYY stock price hit a daily high of $54.97. This is just about at the company’s 52-week high. That is why Geely Automotive Holdings Limited is on this list of the 3 top automotive stocks to buy or sell in November.
Top Automotive Stocks To Buy [Or Sell] This Week: RumbleON Inc.
Next up on this list of the top automotive stocks to buy [or sell] is RumbleON Inc. (RMBL Stock Report). RumbleON Inc. operates as an e-commerce website in which consumers and automotive dealers to purchase, sell, and trade recreational vehicles. A large amount of the items that go through its site are motorcycles, with brands like Harley-Davidson being popular. The company additionally provides financing services to customers as well.
The company went from trading shares in the hundreds in 2019, to be at under $8 by the time it reached May 2020. But since then, RMBL stock has been able to perform well in the market, being at its YTD high. Let’s look at the recent news from the company and financials.
Well, the RMBL stock price closed at $44.10 during Friday’s, November 6th trading session. This is much better than the $16 a share average it started in January 2020. The company released positive second-quarter results on August 14th. Its earnings-per-share profit of $0.47 vs. an $11.69 loss per share over a year was a great thing. Its gross profit per vehicle also grew by 74%. By being an e-commerce company in 2020, it has seen the great effects of that. E-commerce has exploded in popularity as many consumers have not wanted to go outside to purchase things anymore. That is why RMBL stock is trending upwards and the company has been able to perform much better than at the start of the year.
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Top Automotive Stocks To Buy [Or Sell] This Week: Cars.com Inc.
Last up on this list of the top automotive stocks to buy [or sell] is Cars.com Inc. (CARS Stock Report). Cars.com is actively the second-largest automotive classifieds site in the entire world as of 2020. Its services allow people and dealers to list vehicles for sale on its website. The pandemic had a largely negative effect on this automotive stock, dropping it from $12 a share to $3 a share on average. CARS stock closed on Friday at $8.75 a share after hitting intraday highs of $9.46. Let’s take a look at why this has occurred.
This week Cars.com Inc. plans on reporting its earnings report presumably for the third quarter. It will be released on November 9th, 2020. Market analysts are currently expected that the company will deliver a year over year increase on lower revenues.
This revenue is for the quarter that ended in September of 2020. This is a widely known consensus outlook in the market as stated by Zacks, and this could potentially have an impact on CARS stock price. That is why it has made this list of the top automotive stocks to buy [or sell] this week.
