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Editor’s note: This article was updated on Nov. 16 to correct the focus of Romeo Power’s business.
Romeo Power (NYSE:RMO) stock is on the move today and we’re breaking down all the details traders need to know about it today!
Source: Heliographer / Shutterstock
Let’s get right into that below!
Romeo Power is an energy technology company with a focus on developing battery packs for electric vehicles (EVs).
The company went public last year through a special purpose acquisition company (SPAC) merger with RMG Acquisition.
Its current market capitalization comes in at $682.578 million.
Romeo Power is incorporated in Delaware.
The big news boosting RMO stock today comes in the form of a Q3 earnings report.
That report includes diluted losses per share of 13 cents.
This is better than the -28 cents per share that Wall Street was looking for.
However, it’s slightly worse than the -11 cents from the same period of the year prior.
Revenue of $5.76 million is another highlight for RMO stock today.
That’s thanks to it stomping analysts’ revenue estimate of $4.43 million for the quarter.
It’s also a significant increase over the $675,000 reported during the same time last year.
Susan Brennan, president and CEO of Romeo Power, said the following in the earnings report boosting RMO stock higher today.
“Romeo Power made meaningful progress during the third quarter laying additional foundation to support its growth. We strengthened manufacturing capabilities to support a key commercial launch and to prepare for the continued revenue growth we expect as market demand for our industry-leading technology increases.”
RMO stock is also experiencing heavy trading on today’s news. That has more than 17 million shares moving as of this writing. For perspective, the company’s daily average trading volume is closer to 5.4 million shares.
RMO stock was up 17.1% as of Tuesday morning.
We’ve got more stock market news to sink your teeth into below!
InvestorPlace is home to all the stock market coverage traders need to know about for Tuesday. Among that is the latest happenings moving shares of BIMI International Medical (NASDAQ:BIMI), Lucid Group (NASDAQ:LCID), and Peloton Interactive (NASDAQ:PTON) today. You can get all that info from the following links!
More Tuesday Stock Market News
On the date of publication, William White did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.
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