Despite the nasty sell offs, the ugly market internals, and the insanity from Washington, DC the past few weeks, the stupidest bull market since the last one isn’t over yet.
Have my readers ever heard of a company called EZGO Technologies?
At one time just over 4 years ago the stock was trading at well over $300 per share and no wonder. Look at this great company profile courtesy of YahooFinance:
EZGO Technologies Ltd., together with its subsidiaries, designs, manufactures, rents, and sells e-bicycles and e-tricycles in the People’s Republic of China. It operates in four segments: Sales of Battery Cells and Packs; Sales of E-Bicycle; Sales of Electronic Control System and Intelligent Robot; and Others. The company rents and sells lithium batteries under the Hengmao brand; sells, franchises, and operates smart charging piles for e-bicycles and other electronic devices; and distributes and trades battery cells and packs. It designs and sells intelligent robots; electric vehicle accessories, such as batteries, charging piles and electronic control system; and electronic control systems under the Hengdian brand name; and provide after-sales services for e-bicycles, including technical support, parts supply, and sales of peripheral products and derivatives, such as raincoats, helmets, and mobile phone brackets. In addition, the company engages in the development, operation, and maintenance of software related to e-bicycle and battery rental services; manufacturing of industrial automatic control devices and systems; and equipment maintenance and repairment activities. Further, it offers its e-bicycles and e-tricycles under the Cenbird and EZGO brands. The company was formerly known as EZGO IOT Tech & Services Co., Ltd. The company was founded in 2014 and is headquartered in Changzhou, China.
Wow, people do ride a lot of bikes in China. So many so, that the stock was over $300 per share on the NASDAQ in 2021. Today something happened in speculatorland to create a 37.90% rally in the stock price, a whopping 5 cents.
It’s only down 99.95% since the peak so there’s a chance of it rallying back to all time highs based on this move.
Just kidding.
The bubble is still going strong and thankfully this was the second most active stock in the NASDAQ fantasy land Hoodiemart.
If you need a laugh, look at the equity that traded over 750 million shares with a booming -1.15 EPS.
In the mean time, prepare for when this sucker pops and buckle the hell up. It will be brutal.
