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- Exro stock has plunged over 59 per cent in the last two weeks.
- However, the electric vehicle parts producer’s stock has rebounded by 1,304 per cent from the COVID-19 led crash.
- The company has been collaborating with EV firms and its stock holds a one-year return of over 746 per cent.
Stocks of Exro Technologies Inc. (TSXV: EXRO) have plunged by more than half from their 52-week high in the last two weeks.
The Vancouver-based electronics company develops electric motor parts through its power management technology.
The clean motor stock started rising in the first week of February, on the back of its deal with LAND Electric Motorcycles to develop nearly 2000 coil drivers in 2021.
It also extended its collaboration with Australia-based SEA Electric, which deals in electrification of commercial vehicles, to speed up the production of Exro's Battery Control System. Under the updated agreement, Exro Coil Driver’s commercialization in SEA's electric trucks will incorporate a Class 8 electric truck. By the second year, SEA will include them in approximately 400 trucks.
As part of the partnership, it will purchase 124,380 Class A preferred shares of SEA Electric for US$5 million at US$ 40.1995 per share.
Let us check out this rotating electric component firm’s stock performance:
Exro Technologies Inc. (TSXV: EXRO)
The stock tumbled as much as 44.72 per cent on Tuesday, March 2, with a one-day trade volume of 10.71 million. Its previous close was C$ 3.09 per common share, a decrease of 59.07 per cent from its 52-week high of C$ 7.55 apiece.
The clean stock is also down 29.45 per cent year-to-date (YTD). However, it is up over 1,304 per cent against its 52-week low of C$ 0.220 (recorded on March 18, 2020).
Because of Exro’s effective manufacturing cost, the company may continue to bag more contracts from the electric vehicle makers. Despite the latest slump in its share price, the stock is up more than 746.50 per cent in one year.
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Its market cap is nearly C$ 363 million.
The Toronto Stock Exchange Venture-listed rising star may bounce back to its record high this year in the wake of EV parts and clean technology demand.