Nuvve (NVVE) stock rocketed higher on Friday after the green energy technology company announced an electrification and grid resilience Memorandum of Understanding (MOU) with the City of Socorro and Socorro Electric Cooperative.
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This MOU will have Nuvve work alongside the City of Socorro and Socorro Electric Cooperative to accelerate the modernization of the area’s local electric infrastructure. The company said this will allow for fleet electrification and energy cost reduction initiatives that will directly benefit local residents, schools, and businesses.
Ted Smith, CEO of Nuvve New Mexico, said, “We’re honored to partner with the City of Socorro and SEC. This MOU creates a model for how municipal and cooperative utilities can collaborate to deliver resilient, affordable, and locally beneficial electrification projects.”
Nuvve Stock Movement Today
Nuvve stock rocketed 66.73% higher on Friday, following a 15.67% fall yesterday. The stock has also decreased 94.74% year-to-date and 95.43% over the past 12 months.
NVVE stock attracted extra attention today alongside its MOU. This brought with it heavy trading, as some 132 million shares changed hands. For comparison, the company’s three-month daily average trading volume is about 3.53 million units.
Is Nuvve Stock a Buy, Sell, or Hold?
Turning to Wall Street, analyst coverage of Nuvve is lacking. Fortunately, TipRanks’ AI analyst Spark has it covered. Spark rates NVVE stock a Neutral (42) with no price target. It noted “poor financial performance” as the reason for this rating, but also stated that “strategic initiatives and technical indicators provide some hope.”
