Are These 2 Automotive Stocks On Your Watchlist This Week?
Automotive stocks can refer to a variety of different company types. Some of these company types include automobile, motorcycle, parts, and more. The problem is that top automotive stocks to watch have been in a bad place recently. The economic crisis caused many factories to halt production. In addition to this, sales dropped dramatically for automotive companies. Many companies in the automotive sector have not come close to recovering.
So with that being said, automotive stocks have been a rather volatile market. Some best automotive stocks went up as car production started up once again. But when negative sales reports are released it can bring automotive stocks down. Eventually, automotive stocks will come back when the world is normal again. But some analysts predict we will see the negatives of this economic downfall for years to come.
Let us look at some positives for automotive stocks though. Sales are starting to increase once again for automotive companies. Automotive stocks have seen an increase as the result from this. So while it is a volatile market there are still some great potential automotive stocks to buy. Now it is time to look at some trending automotive stocks in the market.
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Top Automotive Stocks To Watch This Week: RumbleON
The first automotive stock to watch, RumbleON Inc. (RMBL Stock Report) is seeing massive gains. RumbleON is an e-commerce website for consumers and dealers to buy, sell, and trade recreational vehicles. Many of its items include Harley-Davidson motorcycles and more. RumbleON also provides financing services to customers. RMBL stock was once a large automotive stock. For most of 2019, the RMBL stock price was at $1,500 on average.
After a series of disappointing earnings reports, RMBL stock went from trading at over a thousand dollars, to under $10 in May of 2020. But a recent announcement from RumbleON has brought RMBL stock up quite a bit. On July 16th, RMBL stock was at an average of $10 a share. But on July 17th, RMBL stock price soared to over $33 a share on average. While this is nowhere near RMBL stock price from last year, this 204% increase just made investors a profit.
The reason for the rise of RMBL stock is very simple. RumbleON announced that senior management will be presenting at the J.P. Morgan Auto Conference on Wednesday, August 12th. This could mean that RumbleON has great news or innovations to announce. So naturally the hype began and investors started buying RMBL stock.
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Top Automotive Stocks To Watch This Week: Cars.com
The second automotive stock to watch is Cars.com Inc. (CARS Stock Report) due to its potential in the market. Cars.com is the second largest automotive classified site. It is based in Chicago and was founded in 1998. Cars.com allows you to list vehicles for sale on its website whether it’s a private party or a dealership. Cars.com Inc went public in the market in 2017.
Shares of CARS stock fell hard with the economic crisis. CARS stock price was at $12 a share on average before the coronavirus pandemic took over the world. Shares of CARS stock fell and stayed around $3 a share to $4 a share for a while. In June CARS stock price had a brief moment of reaching above $8, but fell back down. As of July 17th, CARS stock is at $5.85 a share. But Since July 14th, CARS stock price is actually up nearly 7%.
What Now
When the automotive industry starts to make a comeback, RMBL stock and CARS stock has the potential to drive higher. These two automotive stocks have been increasing in price in July. If the RMBL stock price goes up after the JP Morgan Auto Conference, investors could be more interested in the company. And if CARS stock rises after the economy opens up more, investors will pay attention to it as well. That is why these are two potential automotive stocks to buy.
