© Reuters. Is Pioneer Power Solutions a Good Electric Vehicle Stock to Own?
Leading manufacturer of electric power systems and service, Pioneer Power Solutions (PPSI), has been rapidly expanding its EV charging solutions capabilities to address the growing need for mobile charging. But can the stock maintain its momentum in the face of its insufficient efforts to make its core business more sustainable and improve its financials? Let’s find out.Industry-leading manufacturer of specialty electrical transmission, distribution, and on-site power generation equipment, Pioneer Power Solutions, Inc. (PPSI), which is headquartered in Fort Lee, N.J., saw its shares skyrocket in price after it announced the launch of its electric vehicle charging solutions portfolio earlier this month.
PPSI’s stock price has gained 142.6% over the past month and 111.9% year-to-date. The company’s upbeat E-Bloc sales, with more than $1.8 million of equipment sold and delivered in the last reported quarter, and continued investments in new EV charging products, should help it drive continued operational and business improvement.
However, the company reported a wider loss in the third quarter of 2021. In addition, its weak cash balance could dent investor and analyst sentiment in the stock. Although PPSI’s accelerating sales momentum could bode well as the demand for high-capacity charging installation continues to rise, heavy competition in the EV space could limit its growth potential.
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