What is going on with Cepton (NASDAQ:CPTN) stock?
Shares of the California-based light detection and ranging (lidar) tech company rocketed 200% higher. At one point this morning, shares were up another 300%! However, shares quickly started to reverse course after the opening bell. As of this writing, CPTN stock is down slightly less than 1%.
Cepton just recently closed its special purpose acquisition company (SPAC) merger with Growth Capital Acquisition. CPTN stock started trading on Feb. 10, and things really took off a week later.
So what is the reason for the major spike? Perhaps investors are excited about Cepton’s underlying business in the lidar space. This week also saw investors chase up Quanergy Systems (NYSE:QNGY), another lidar player.
Without any more specific news, here are five things to know about Cepton.
5 Things to Know About CPTN Stock
What’s Next for Cepton?
It’s unclear what has been driving CPTN stock in recent days. It could be that the stock is being targeted by aggressive retail traders or it could be the result of excitement over the company’s market debut and future prospects.
What is clear is that it is highly unusual for any stock to jump more than 500% immediately after it begins trading on a stock exchange. Investors should proceed with caution.
On the date of publication, Joel Baglole did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.
More From InvestorPlace
- Stock Prodigy Who Found NIO at $2… Says Buy THIS Now
- Man Who Called Black Monday: “Prepare Now.”
- Get in Now on Tiny $3 ‘Forever Battery’ Stock
The post CPTN Stock Alert: What Is Going on With Cepton Today? appeared first on InvestorPlace.
InvestorPlace | Stock Market News, Stock Advice & Trading Tips