Why Sunrise New Energy (EPOW) Stock Is Skyrocketing

Zinger Key Points
  • Sunrise New Energy shares are trading higher by 60.2% during Monday's session.
  • Its subsidiary was selected for the "2024 Guizhou Provincial Key Projects for Promoting the Utilization of Intellectual Property".

Sunrise New Energy Co Ltd EPOW shares are trading higher by 39% to $0.83 during Monday’s session after the company announced its subsidiary was selected for the “2024 Guizhou Provincial Key Projects for Promoting the Utilization of Intellectual Property” funding list. Also, the company announced it achieved a milestone with the delivery of 5,800 tons of energy storage material to Xiamen HiTHIUM Energy Storage Technology.

This recognition was given by the Guizhou Provincial Market Supervision Administration on June 17th. The project selected is the “Preparation Method of Lithium-Ion Battery Anode Material”, which addresses the challenge of balancing power performance and initial efficiency in graphite composite materials. The company says this innovation supports the development of high-energy-density fast-charging batteries.

Sunrise New Energy says the company has been using this patent to produce and distribute products for the past two years, partnering with major battery manufacturers like CATL and BYD. The product has quickly gained market acceptance due to its stable performance and quality, achieving cumulative sales revenue of around $100 million since 2022.

See Also: Is Bitcoin’s New 5% Tumble Still A ‘Bull Market Correction’?

Is EPOW A Good Stock To Buy?

An investor can make a few decisions when deciding whether a stock is a good buy. In addition to valuation metrics and price action which you can find on Benzinga's quote pages – like Sunrise New Energy‘s page for example – there are factors like whether or not a company pays a dividend or buys a large portion of its stock each quarter.

These are known as capital allocation programs. Sunrise New Energy does not pay a dividend, but obviously has a few ways it can return value to shareholders. Feel free to search Benzinga's dividend calendar for the next company that is due to pay a dividend and determine what kind of yield you can earn for holding a share of the company.

For example, if you're looking to earn an annualized return of 19.77%, you'll need to buy a share of Dividend Gwth Split by the Jun. 28, 2024. Once done, you can expect to receive a nominal payout of $0.1 on Jul. 15, 2024.

Buyback programs are obviously different and highly variable. A company can approve a buyback program and purchase shares as it sees fit over the course of time in which the buyback was authorized. Looking through the latest news on Sunrise New Energy will often yield whether or not the company has approved a buyback program recently. Buyback programs usually serve as a support for share prices, serving as a backstop for demand.

According to data from Benzinga Pro, EPOW has a 52-week high of $2.70 and a 52-week low of $0.53.

Market News and Data brought to you by Benzinga APIs
Posted In: Newswhy it's moving
Benzinga simplifies the market for smarter investing

Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.

Join Now: Free!