A Deeper Look at AMPX Stock
Broader speculation in the battery and electric vehicle (EV) space appears to be driving shares of AMPX stock higher today. As of this writing, both Microvast (NASDAQ:MVST) and penny stock Mullen Automotive (NASDAQ:MULN) are up more than 40% for the day. In particular, Mullen is rallying after completing its acquisition of Electric Last Mile Solutions (OTCMKTS:ELMSQ).
That’s not all, though — lithium stocks are also rallying right now. Sociedad QuÃmica y Minera de Chile (NYSE:SQM) and Albemarle (NYSE:ALB) are up more than 1% while Lithium Americas (NYSE:LAC) is up more than 2%. And of course, Tesla (NASDAQ:TSLA) will report earnings after market close today. That should be a big driver for EV stocks tomorrow, in either direction.
All of this comes amid a backdrop of lower U.S. stock prices on the day. So, it appears that AMPX stock is simply joining in on the momentum.
As for Amprius itself, the company claims to have the “highest energy density lithium-ion batteries in the world†which provide “game-changing performance in energy density and cycle life.†Amprius’ batteries have applications in aerospace, EVs and wearables.
That said, the company has yet to generate meaningful revenue despite its $1 billion market capitalization as of this writing. Analysts also expect a net loss both this year and next, with losses forecast to grow about 50% from 2022 to 2023.
So, although Amprius may have upside potential, it may be best for investors to remember the current investment climate. For the time being, AMPX stock is a speculative holding.
On the date of publication, Bret Kenwell did not hold (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.
Bret Kenwell is the manager and author of Future Blue Chips and is on Twitter @BretKenwell.
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