Last year, Gevo (NASDAQ:GEVO) had emerged as one of the many meme stocks and had managed to clock significant gains. However, despite such a rally it is necessary to remember that Gevo remains a company which is yet to generate any revenues and there are many analysts who are quite bearish about it.
On Monday, GEVO stock gained 13.62% to $3.42 with 8.74 million shares, compared to its average volume of 8.38 million shares. The stock has moved within a range of $3.0300 – 3.4800 after opening trade at $3.04.
That being said, the market did not quite see things in the same way on Monday and the Gevo stock was actually on an upward move as it ended the day with gains of as much as 14%. The stock had been in the middle of a steady drop since its meme stock induced rally and it seemed that the bearish analysts were right.
The latest rally in the stock could however change the sentiments with regards to Gevo among many investors. The company is involved in the renewable hydrocarbon products and it is a space that could well grow into a major industry in the long run.
Hence, many believe that the company’s business is quite compelling. At this point in time, it may be a good idea for investors to add the stock to their watch lists and then keep an eye on the news closely.
GEVO stock is trading below the 50-Day and 200-Day Moving averages of $3.76 and $4.70 respectively. Moreover, the stock is trading below the 20-Day moving average of $6.19.