Movano (MOVE) stock rocketed higher on Friday after one of the healthcare solution company’s partners announced a major update. Corvex, an artificial intelligence (AI) cloud computing company, announced it has reached a long-term GPU lease agreement with an established AI-driven provider of high-performance battery technologies.
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Under the terms of this agreement, the company will lease a deployment of Nvidia’s (NVDA) H200 GPUs to this customer. The GPUs will be used to further the battery technology company’s AI development and research initiatives. Corvex Co-CEO Jay Crystal said, “This deployment reflects how leading AI innovators are scaling production AI without compromising economics, market access, or operational velocity.”
This matters for Movano, as the company is set to merge with Corvex, which will bring the latter public. With that understanding, it makes sense that investors would take interest in MOVE stock, as there’s no other way to make a potential investment in Corvex.
Movano Stock Movement Today
Movano stock was up 160.55% in pre-market trading on Friday, following a 2.24% drop yesterday. The shares have fallen 16.13% year-to-date and 85.76% over the past 12 months.
With this news came heavy pre-market trading of MOVE stock, as more than 14 million shares have changed hands. For perspective, the company’s three-month daily average trading volume is well below that at roughly 27,000 units.
Is Movano Stock a Buy, Sell, or Hold?
Turning to Wall Street, analyst coverage of Movano is lacking. Fortunately, TipRanks’ AI analyst Spark has it covered. Spark rates MOVE stock an Underperform (40) with a $6.50 price target. It cites “very weak financial performance (large losses, negative gross margin, significant cash burn, and negative equity)” as reasons for this stance.
