CBAK Energy Technology Inc. (NASDAQ:CBAT) Stock Jumps 6% In a Week: Here is Why
CBAK Energy Technology Inc. (NASDAQ:CBAT) is up 6% in a week. The leading lithium-ion battery producers and electric energy solutions provider saw its stock jump over 45% in intraday trading despite there being no major news release.
Market Stats
On Wednesday, CBAT stock fell 5.65% at $2.34 with more than 3.49 million shares, compared to its average volume of 2.15 million shares. The stock has moved within a range of $2.3100 – 2.5400 after opening the trade at $2.48.
Major News
However, the company announced that it would report its unaudited financial results for Q3 2021, ending September 30, 2021, on November 12, 201, before the market opens. Investors expect the company to release positive financial results.
Investors have also cited the signing of the $1.2 trillion infrastructure bill by the House of Representatives as a tailwind for the company.
The infrastructure bill comprises major EV industry investments that could benefit companies such as CBAK Energy Technology. It is vital to note that the infrastructure bill will benefit firms working on clean energy, among other technologies. As a result, the electric and lithium-ion battery technology segments of the company will significantly benefit. Therefore, in the coming weeks, investors should keep an eye on CBAT stock.
Traders Corner
CBAT stock is below the 200-Day and 50-Day Moving averages of $4.18 and $2.44 respectively. However, the stock is trading above the 20-Day moving average of $2.33. The stock is up 5% in the past month.
