Envirotech Vehicles (EVTV) stock rocketed higher on Monday after merger partner Azio AI announced a $107 million contract with the U.S. government. The company has received a binding order for 256 Nvidia (NVDA) B300 GPUs. Azio AI expects a 30% deposit on this order in the next few weeks.
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Envirotech Vehicles and Azio AI also recently announced a transformational merger agreement with a price of $3 per share for EVTV. Azio AI has also agreed to acquire Azio Corp’s AI division, which recently completed an order for eight Nvidia B200 GPUs that brought in $2.8 billion in revenue.
Chris Young, co-CEO of Azio AI, said, “These results reflect years of disciplined execution and relationship-building within government and sovereign markets. Delivering approximately $100 million in contractual revenue from a complex regional program demonstrates our ability to deploy secure, mission-critical AI infrastructure at scale.”
Envirotech Vehicles Stock Movement Today
Envirotech Vehicles stock was up 56.55% in pre-market trading on Monday, following a 5.7% fall on Friday. The stock has rallied 29% year-to-date but has decreased 95.94% over the past 12 months.
With today’s news came heavy trading of EVTV stock, as some 28 million shares changed hands. For comparison, the company’s three-month daily average trading volume is about 675,000 units.
Is Envirotech Vehicles Stock a Buy, Sell, or Hold?
Turning to Wall Street, analyst coverage of Envirotech Vehicles is lacking. Fortunately, TipRanks’ AI analyst Spark has it covered. Spark rates EVTV stock a Neutral (41) with a 55-cent price target. It cites “negative gross profit, widening losses, shrinking equity with higher leverage, and continued negative operating/free cash flow” as reasons for this stance.
