Autozi Internet Technology (AZI) stock rocketed higher on Wednesday after the automotive service and technology company announced a partnership with Wanshan International Trading Co. This will have the two companies working together to expand the reach of Autozi Internet Technology’s offerings outside of China.
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Autozi Internet Technology said that it signed the strategic partnership with Wanshan International Trading Co. due to increased demand for its passenger vehicle aftermarket parts and its developing portfolio of special-purpose vehicles. This agreement will have Wanshan International Trading Co. provide its global market access, international trade expertise, and operational capabilities to enable sales of these products overseas.
Autozi Internet Technology and Wanshan International Trading Co. have set a target of $1 billion in cumulative overseas sales within three years for this partnership. The two companies also noted that the agreement will act as a future international channel for planned new business lines.
Autozi Internet Technology Stock Movement Today
Autozi Internet Technology stock was up 66.4% in pre-market trading on Wednesday, following a slight dip yesterday. The stock has also fallen 90.59% year-to-date and 96.2% over the past 12 months.
With today’s news came heavy trading of AZI stock. This saw more than 175 million shares change hands, compared to a three-month daily average trading volume of about 4.35 million units.
Is Autozi Internet Technology Stock a Buy, Sell, or Hold?
Turning to Wall Street, analyst coverage of Autozi Internet Technology is lacking. Fortunately, TipRanks’ AI analyst Spark has it covered. Spark rates AZI stock an Underperform (39) with no price target. It cites “weak financial performance and bearish technical indicators” as reasons for this stance.
