Amit Dayal, an analyst from H.C. Wainwright, maintained the Buy rating on Amprius Technologies Inc (AMPX – Research Report). The associated price target remains the same with $10.00.
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Amit Dayal has given his Buy rating due to a combination of factors that highlight Amprius Technologies Inc’s strong financial performance and promising growth prospects. The company reported impressive first-quarter revenues of $11.3 million, marking a 383% year-over-year growth, which exceeded expectations. This revenue strength is largely driven by the increasing demand for their SiCore products, with shipments having surged by 600% since their launch. Additionally, the company has successfully expanded its customer base, adding 46 new customers in the quarter, and has a growing backlog of $34.5 million in new customer purchase orders.
Furthermore, Amprius Technologies is strategically shifting its supply chain away from China to regions like South Korea and Europe, which could mitigate geopolitical risks and enhance operational stability. The company’s long-term revenue projections are optimistic, with expectations of reaching $2.0 billion by 2036, supported by a projected compound annual growth rate of 36.9%. Despite initial negative gross margins, the company is anticipated to achieve positive margins by 2026, improving further in subsequent years. These factors, combined with a detailed discounted cash flow analysis, underpin the $10 price target set by Amit Dayal, reinforcing the Buy recommendation.
In another report released on April 25, Northland Securities also maintained a Buy rating on the stock with a $10.00 price target.
Based on the recent corporate insider activity of 33 insiders, corporate insider sentiment is negative on the stock. This means that over the past quarter there has been an increase of insiders selling their shares of AMPX in relation to earlier this year.