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Benzinga
Benzinga
Business
Akanksha Bakshi

Colliers Downgrades Hyzon Motors Citing SEC Probe

  • Colliers analyst Donovan Schafer downgraded Hyzon Motors Inc (NASDAQ:HYZN) to Neutral from Buy and removed the price target of $15.
  • The analyst updated the ratings after the company disclosed that it received a subpoena from the SEC requesting documentation about the Blue Orca Capital short report published in September 2021.
  • Related Content: Hyzon Shares Sink Amid Disclosure Of SEC Investigation, Revenue Warning
  • While the SEC's decision to request documents "might sound ominous," Schafer thinks that "might be a hasty conclusion."
  • However, he is still moving to the sidelines in light of the uncertainty around how the investigation might unfold.
  • Price Action: HYZN shares are trading lower by 9.31% at $5.51 on the last check Thursday.
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