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Several EV stocks are quite famous in the Reddit community or WallStreetBets (WSBs). WSBs usually takes bets on heavily shorted companies to squeeze out short-selling institutional investors. Several popular EV stocks are widely discussed on the Reddit platform, but that does not necessarily reflect insight into the companies’ fundamentals. Many WSB stocks have often declined massively in price intraday, spelling big losses for retail investors.
Given this backdrop, we think it could be wise to avoid popular WSBs EV stocks Tesla, Inc. (TSLA), Rivian Automotive, Inc. (RIVN), and Lucid Group, Inc. (LCID). Their valuations look stretched at their current price levels.
