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Phoenix Motor stock hits 52-week low at $0.28 amid downturn

Published 12/19/2024, 11:42 PM
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In a challenging year for Phoenix Motor Inc., the company's stock has plummeted to a 52-week low, trading at just $0.28. With a market capitalization of approximately $11 million, this micro-cap EV manufacturer has seen its stock value erode by an alarming 75.59% over the past year. According to InvestingPro analysis, the company's financial health score is rated as WEAK, despite impressive revenue growth of 324% in the last twelve months. Investors have been wary of the company's prospects amidst a competitive market and broader economic pressures, leading to a significant sell-off and this new low watermark for the stock. The company, which had been riding the wave of enthusiasm in the electric vehicle sector, is now grappling with investor concerns and market dynamics that have taken a toll on its share price. InvestingPro analysis indicates the stock is currently undervalued, with 14 additional key insights available to subscribers, including detailed financial health metrics and growth prospects.

In other recent news, Phoenix Motor Inc. reported a significant surge in Q2 revenue, soaring by 937% to $12.03 million, and a decrease in net loss. The company's cash position also strengthened, reaching $1.40 million. In operations, Phoenix Motor delivered five 40' ZX5 battery electric buses to the University of California, Irvine, and secured a contract to supply four all-electric transit buses to the University of California San Diego in 2025.

Phoenix Motor also disclosed that it received a delinquency notice from Nasdaq due to the late filing of its quarterly financial report. The company has until January 21, 2025, to submit a plan to regain compliance. Despite this, Phoenix Motor has been granted an extension until April 7, 2025, to regain compliance with Nasdaq's minimum bid price requirement.

In addition, Phoenix Motor has partnered with the Bay Area Founders Club to establish an Artificial Intelligence development center in Silicon Valley, aiming to advance initiatives in electric and autonomous bus technologies. These are recent developments in Phoenix Motor's journey in the electric vehicle market.

This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.

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