Clear Street initiated coverage of Amprius Technologies with a Buy rating and a $33 target on June 3, signaling potential upside. AMPX traded around $11.58, down 1.2% after the note. The development provides a near-term price catalyst if the target gains traction and investors reassess the company’s growth runway.
Jim Cramer characterized Amprius Technologies (AMPX) as a notable storage spec, indicating confidence amid market volatility. The company is set to discuss its first-quarter financial results on May 7, where a projected loss of 2 cents per share and revenues of $25.72 million may influence investor sentiment.
Amprius uses advanced silicon nanowire anodes for lithium-ion batteries. Company's batteries can charge 5 times faster than traditional ones. AMPX's revenue was significantly lower than production costs, leading to major losses. A recent order of $20 million suggests potential growth for AMPX. Oppenheimer's target implies 1,117% upside for AMPX shares.
- Amprius Technologies reported a quarterly loss of $0.11 per share, meeting estimates. - Amprius' revenues for the quarter ended March 2024 exceeded the Zacks Consensus Estimate by 37.41%. - The company has a Zacks Rank #3 (Hold) with a mixed estimate revisions trend. - Amprius shares have declined 59.2% year-to-date compared to the S&P 500's 8.8% gain. Price Impact Rating: Bearish Impact Horizon Rating: Short-term Type: Earnings