One of today’s biggest market movers is electric vehicle (EV) battery technology company Atlis Motors (NASDAQ:AMV). After hitting an all-time low this week, AMV stock surged more than 200% at one point in today’s session. Gains have moderated to around 160% at the time of writing.
This move comes on a key announcement delivered by the company today. Atlis noted that it has reached a key milestone. The company received letters of intent and purchase orders totaling two gigawatt hours.
The company touts itself as “the first battery manufacturer to be fully owned and operated in the U.S.,” making this sales milestone even more momentous for the company. Notably, AMV stock had lost approximately 99% of its value from its 52-week high at its recent low. That signals that this is a distressed company many are avoiding right now.
That said, with a market capitalization of only $72 million after today’s surge, perhaps there’s something to see here. Let’s dive into whether AMV stock is worth a buy right now.
Is AMV Stock a High-Growth Pick Worth Buying Right Now?
The secular growth tied to onshoring of key manufacturing (such as that of batteries) is something that should benefit companies like Atlis. As global supply chains continue to remain tight, and federal funding becomes available for clean energy-related projects, Atlis could be among the beneficiaries moving forward.
Although this is a relatively small-cap company, there’s a clear thesis for owning stocks at this level. Of course, today’s rally could reverse course, if investors see delays with production as likely moving forward. This is an early-stage startup, after all, meaning there’s plenty of execution risk to be factored in.
That said, the overall order inflow Atlis reported today does appear to be meaningful. This is one small-cap stock that’s on my radar right now.
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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.