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FOCUS LIST🔎

MVST- Up over 120% in the pre-market after reporting better than expected earnings, record revenue

KXIN – Up over 90% in the pre after announcing receipt of Nasdaq letter regarding regaining compliance with minimum bid price requirement

EDBL- Up over 17% in pre after reporting 324% year-over-year increase in gross profit for nine-month period ending September 2024

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HOTLIST🔥

MVST- Up over 120% in the pre-market after reporting better than expected earnings, record revenue
Microvast Holdings, Inc. (MVST) is a technology innovator that designs, develops and manufactures lithium-ion battery solutions.

In the after-hours yesterday, the company reported Q3 2024 financial results.

Highlights Include:

Operating expenses of $27.5 million, compared to $44.7 million in Q3 2023; Adjusted operating expenses of $22.0 million, compared to $30.3 million in Q3 2023

Net profit of $13.2 million, compared to net loss of $26.2 million in Q3 2023; Non-GAAP adjusted net profit of $16.8 million, compared to non-GAAP adjusted net loss of $10.3 million in Q3 2023

Shares of MVST traded up over 120% in the pre-market in reaction to the news.

The $0.38 area acted as support in the pre-market and will be an important level to watch.

Above it, targets to the upside are $0.4250, $0.4457 and then the pre-market high at $0.4580. Beyond that, $0.48, $0.54 and $0.60 come into play.

Below $0.38, targets to the downside are $0.37, $0.35, $0.3150, $0.30, $0.2850, $0.2350 and then a gap fill at $0.1807.

KXIN – Up over 90% in the pre-market after announcing receipt of Nasdaq letter regarding regaining compliance with minimum bid price requirement

Kaixin Holdings (KXIN) primarily sells domestic and imported automobiles in the People’s Republic of China. It sells new and used vehicles through a network of dealerships with focus on automobiles brands, such as Audi, BMW, Mercedes-Benz, Land Rover, Bentley, Rolls-Royce, and Porsche.

In the pre-market this morning, the company announced the receipt of a notification letter dated November 12, 2024 from the Hearing Panel of the Nasdaq Stock Market, notifying Kaixin that the Company has regained compliance with the minimum bid price requirement in Listing Rule 5550(a)(2) , as required by the Hearing Panel’s decision dated September 12, 2024.

Shares of KXIN traded up over 90% in the pre-market in reaction to the news.

The $5.20 area acted as support in the pre-market and will be an important level to watch. Above it, targets to the upside are $5.80, $6 and then the pre-market high at $6.25. Above that, $7, $8, $9 and $10 come into play.

Below $5.20, targets to the downside are $4.60, $4.15, $3.35 and then a gap fill at $2.92.

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EDBL- Up over 17% in pre after reporting 324% year-over-year increase in gross profit for nine-month period ending September 2024

Edible Garden AG Incorporated (EDBL) is a leader in controlled environment agriculture (CEA), locally grown, organic and sustainable produce and products.

In the pre-market this morning, the company provided a business update and reported financial results for the three months ended September 30, 2024.

Highlights Include:

For the three months ended September 30, 2024, revenue totaled $2.6 million, compared to $3.3 million for the three months ended September 30, 2023.

Cost of goods sold totaled $1.9 million for the three months ended September 30, 2024, compared to $3.3 million for the three months ended September 30, 2023.

Net loss was $2.1 million, or ($0.65) per share, for the three months ended September 30, 2024, compared to a net loss of $2.4 million, or ($13.83) per share, for the three months ended September 30, 2023.

Jim Kras, Chief Executive Officer of Edible Garden, commented, ” We are pleased to report another strong quarter. Earlier this year, we made a strategic shift away from lower margin floral and lettuce products. This decision continues to pay dividends, highlighted by a $687,000 increase in gross profit for the third quarter of 2024 compared to the same period last year, representing gross profit margin expansion of 27% as compared to the third quarter of 2023.

Shares of EDBL traded up over 17% in the pre-market in reaction to the results.

The $0.18 area acted as support in the pre-market and will be an important level to watch.

Above it, targets to the upside are $0.20 and then the pre-market high at $0.2219. Beyond that, $0.25, $0.3188 and $0.4430 come into play.

Below $0.18, targets to the downside are a gap fill at $0.1734 the $0.16 and $0.15.

MARKET NEWS 📰

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