Opinions
Mike Philbrick
Evolve Automobile Innovation Index ETF Hedged
CARS-T
BUY
Oct 01, 2021
Very narrow set of securities, but those who are developing electric drive trains, autonomous driving, etc. When you think about the driver problem, such as we are seeing in the UK, we will see an application of tech to solve this problem.
$47.550
Stock price when the opinion was issued
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The caveat for this ETF is that Tesla is grossly overvalued. The only reason for buying Tesla was for the inclusion in the S&P. They currently trades at $1.5M per car they will sell next year.
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BUY ON WEAKNESS
Really likes this ETF. A third is exposed to semiconductors. Another third is car manufacturers such as Tesla or Neo. Then a third is batteries. It is equal weight so it does not rely on one single name. If we get a pull back, step in.
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TOP PICK
CARS' performance mirrors the rise and fall of e-cars of the past year, which returned shareholders a tidy 70%, though has flatlined year-to-date by barely rising 2%. Since bottoming in mid-May, the sector has been rangebound. CARS has been stuck between $45-50, stuck in no man's land when it was trading below $30 12 months ago, but plunged from $63 after Valentine's Day when e-car fever was hot. However, rangebound is sometimes a good time to enter an equity. Consider this a spec buy, but beware that the average daily volume is only 5,633 shares.
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