One of the top-performing companies today is Greenland Technologies (NASDAQ:GTEC), a little-known player in the electric vehicle (EV) sector. GTEC stock has more than doubled from yesterday’s close at today’s high, on an incredible momentum-driven rally. As of 1:30 p.m., this stock was trading approximately 70% higher.
As we reported earlier today, Greenland Technologies is launching a second industrial electric vehicle. This vehicle will be used in sectors such as mining, construction and agriculture. Accordingly, investors bullish on the wider scope of EV adoption appear to like this small-cap option right now. Currently, GTEC stock carries with it a market capitalization of roughly $100 million, after today’s rise.
There’s certainly a tremendous amount of interest in anything related to the EV space. And Greenland Technologies has found a nice niche for itself in what could be a high-growth area. With interest around the infrastructure bill being approved and overall economic strength continuing, this is a company with many catalysts right now.
Let’s dive a bit more into what Greenland Technologies does and why GTEC stock is on many investors’ radars today.
What Should Investors Know About GTEC Stock?
- Greenland Technology is a company focused on electrical industrial vehicles and power systems for material-handling equipment.
- The company’s recently announced front wheel loader has garnered a tremendous amount of attention.
- This vehicle will emit no emissions at its source and provide nine hours of operating time (enough for a single shift).
- The company notes that its first model arrived earlier this month, with the second vehicle to be launched shortly.
- Analysts remain bullish on GTEC stock, with one price target suggesting upside of as much as 60% from current levels.
On the date of publication, Chris MacDonald 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.