Shares of Amprius Technologies Operating Inc (AMPX) are soaring 12.08% in intraday trading, building on the pre-market momentum following the release of the company's impressive third-quarter earnings report. The silicon anode battery technology firm significantly outperformed analyst expectations, demonstrating robust growth and improved financial performance.
Amprius Technologies reported a quarterly adjusted loss of 3 cents per share, beating the Wall Street consensus estimate of a 6-cent loss. This represents a substantial improvement from the 10-cent loss per share reported in the same quarter last year. More impressively, the company's revenue skyrocketed by 172.8% to $21.43 million, far exceeding analysts' expectations of $16.81 million.
The strong earnings report has also prompted positive reactions from analysts. Roth Capital raised its price target on Amprius Technologies to $16 from $14, maintaining a Buy rating. Additionally, Northland Securities reiterated a Buy rating with a price target of $20, while Cantor Fitzgerald maintained an Overweight rating on the stock. These positive analyst actions further fueled investor enthusiasm, contributing to the stock's significant surge today.
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