Key Stock Movers: NNDM, REE, CVNA
2:51 pm Tuesday, May 17th, 2022
Nano Dimension (NASDAQ:NNDM) stock is rising higher on Tuesday after the manufacturing company announced a new share buyback program. According to a press release from Nano Dimension, its Board of Directors has approved a $100 million share buyback program. This will allow to company to repurchase American Depository Shares (ADS) of its stock. Nano Dimension notes that the share buyback plan is active for one year. The company also mentions that it isn’t required to buy back the full amount of shares that the program allows. It will be repurchasing shares from time to time throughout the year.
REE Automotive (NASDAQ:REE) announced plans to build a commercial EV plant in the U.K. today, sending REE stock up more than 11%. In the EV space, this is one of few bright spots investors have to look to today. As we pointed out in a recent piece, Tesla (NASDAQ:TSLA) is down big today, albeit on its own unique headwinds. However, for investors in REE Automotive, it’s all sunshine and rainbows. While the size and scale of this investment in a new EV plant is still unknown, it’s a step in the right direction. This is especially true for growth investors wondering when REE will be able to meet its annual production targets.
Carvana (NYSE:CVNA) stock was up nearly 4% this morning on news of a new operating plan last week. Now, CVNA stock is only slightly in the green as investors struggle to show renewed faith in the car trader. On Monday, shares closed up by less than 1% after leadership offered insight into the company’s immediate actions going forward. Recently, Carvana released a 53-slide presentation detailing its plans to reduce costs and improve cash inflows. As per management, the current state of financial markets, the third-party car industry and more have led the company to put profitability at the forefront of its operation.
