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CBAK Energy Technology Inc (NASDAQ:CBAT) Stock Continues to Trade in a Range

Madison Hall , , , ,

CBAK Energy Technology Inc (NASDAQ:CBAT) is currently one of the major players in the lithium ion battery manufacturing and electric power solutions players in China.

Market Stats

On Friday, CBAT stock closed lower by 2.52% to $2.32 with more than 2.65 million shares, compared to its average volume of 2.29 million shares. The stock has moved within a range of $2.2350 – 2.3600 after opening trading at $2.34.

Reports Third Quarter 2021 Unaudited Financial Results

Although the company’s stock was trading within a range this past Friday, it should be noted that on the same day CBAK Energy also announced its unaudited financial results for the third fiscal quarter that had concluded on September 30, 2021. Hence, it might be a good idea to take a look at the details and make your mind up one way or another about the stock.

In the third fiscal quarter, the company managed to bring in net revenues of as much as $9.6 million. If one excludes the revenues that had been generated from trading of raw materials by CBAK Energy, around $9.6 million had been generated through the battery business. That reflected a year on year rise of as much as 51%.

On the other hand, the gross profits for the quarter stood at $1.1 million and that actually reflected a drop of 17% from the $1.4 million that had been generated in the prior year period. Gross margins jumped by 1% year on year to hit 12%.

Key Quote

Yunfei Li, Chairman and Chief Executive Officer of the Company, noted: “We are very pleased with our robust battery sales in the third quarter. Notably, revenues from high-power lithium batteries totaled $9.6 million, representing 51% year-over-year growth. These results attest to the quality and level of recognition our industry-leading products have in the market.

Traders Corner

CBAT stock is trading below the 20-Day and 50-Day Moving averages of $2.34 and $2.41 respectively. Moreover, the stock is trading below the 200-Day moving average of $4.13. The stock is down 2% in the past month.

Madison Hall

After graduating from the University of Buffalo, Madison gained a real interest in the markets. She tends to be a swing trader and enjoys Pilates and yoga in her downtime.