Why is Forza X1, Inc. (FRZA) stock trending today?

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 Why is Forza X1, Inc. (FRZA) stock trending today?
Image source: © Shutter999 | Megapixl.com

Highlights:

  • The FRZA stock jumped over 53 per cent in the morning trading on Wednesday, Nov. 2.
  • Its trading volume was over 16 million during writing.
  • The company said that it would report its Q3 FY22 earnings results on November 7.

The stocks of the recreational vehicle maker, Forza X1, Inc. (NASDAQ: FRZA) were among the top percentage gainers on the Nasdaq index on November 2, seen from the significant jump in the price.

The FRZA stock was up over 53 per cent soon after the US financial market opened on Wednesday, November 2, following the company's recent announcement regarding its boat reservations.

Let's take a closer look into the recent developments about the electric-powered boat manufacturer, before exploring its stock details:

Why is Forza X1 rising?

Forza X1 specializes in developing and manufacturing recreational vehicles. The company primarily engages in manufacturing electric-powered sport boats, and intends to enhance the adoption of these kinds of recreational vehicles.

The company, on November 2, revealed that through the end of July 2022, it had secured 50 non-binding pre-production boat reservations. The reservations were made for its two early models, FX1 Dual Console and FX1 Center Console.

According to the release by Forza, the deal, if finally happens, could generate over US$ 8.5 million in revenue for the company after the completion of delivery.

The company said that a customer could personalize the initial models directly through its website with a reservation price of US$ 100. The personalization of the models includes selecting hull color, battery capacity, etc.

Forza would continue to take reservations for its FX1 models till it is ready to start the formal sales, it said. Notably, the reservations already made are non-binding and could be canceled before production completion.

Meanwhile, on November 1, the company announced that it has already started the water testing phase of its FX1 electric boat. The company said that it has "successfully" started and sea-trialed its 25 ft electric-powered FX1 catamaran last Friday.

Earnings highlights of Forza X1, Inc. (FRZA)Source: ©Kalkine Media®; © Canva via Canva.com

Bottom line:

The price of the Nasdaq-listed FRZA stock went up 53.84 per cent at 9:40 am ET on November 2, to trade at US$ 2.5999, while its trading volume was over 16.38 million during writing.

On October 31, Forza said that it would be releasing its Q3 FY22 operating and financial results next Monday, November 7, at 3 pm ET.

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