Freyr Battery (NYSE:FREY) stock is on the move Tuesday and there’s a couple of recent pieces of news behind its rise.
The first big bit of news today is Credit Suisse analyst Maheep Mandloi initiating coverage of the stock. This has him giving shares of FREY stock an Outperform rating with a price target of $13.
While Mandloi’s coverage of FREY stock is positive, it’s not as bullish as his peers. The current consensus rating for the stock is a buy with a price target of $19.33. That price target represents a potential 99% upside for FREY stock, as compared to a potential 35% from the Credit Suisse analyst.
The next major news affecting FREY stock this morning has to do with a joint venture between the company and Koch Strategic Platforms. This has them forming a 50-50 joint venture to “develop an initial 50 GWh of Gigafactory-scale battery cell manufacturing capacity in the U.S. based on 24M Technologies (“24M”) SemiSolid™ platform technology.”
Torstein Sjøtveit, executive chairman of Freyr Battery, said this about today’s news boosting FREY stock.
“Today’s announcement marks a significant milestone for FREYR as we advance our expansion strategy through the U.S. joint venture with KSP. Our entire team is looking forward to collaborating with our U.S.-based strategic partners at Koch and 24M to bring clean, next-generation battery cell production to the U.S. at commercial scale.”
FREY stock was up 2.4% as of Tuesday morning.
There’s more recent stock market news worth looking into below!
InvestorPlace has all the latest stock market coverage for busy traders on Tuesday. A few examples include what has Protara Therapeutics (NASDAQ:TARA) and Nutriband (NASDAQ:NTRB) on the rise, as well as this morning’s pre-market stock movers. You can find all of that at the following links!
More Tuesday Stock Market News
- 11 Things to Know About Protara Therapeutics as TARA Stock Soars on Big FDA News
- NTRB Stock: 11 Things for Nutriband Investors to Know About the Covid-19 Antibody Indicator Patch
- Today’s Biggest Pre-Market Stock Movers: 10 Top Gainers and Losers on Tuesday
On the date of publication, William White did not have (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.
With only the rarest exceptions, InvestorPlace does not publish commentary about companies that have a market cap of less than $100 million or trade less than 100,000 shares each day. That’s because these “penny stocks” are frequently the playground for scam artists and market manipulators. If we ever do publish commentary on a low-volume stock that may be affected by our commentary, we demand that InvestorPlace.com’s writers disclose this fact and warn readers of the risks.
Read More: Penny Stocks — How to Profit Without Getting Scammed