Aspen Aerogels Could Offer Significant Upside For Long-Term Investors
Aspen Aerogels Inc (NYSE:ASPN) works with a majority of the electric vehicle battery companies, said Chris Retzler, portfolio manager at Needham Asset Management, Wednesday on CNBC's "Squawk On The Street."
The company makes thermal insulation for electric batteries, Retzler said.
The expansion the company is planning offers a great opportunity for long-term investors, he said.
For investors who think that Tesla Inc (NASDAQ:TSLA) is the only EV opportunity, Retzler says to look at the company's supply chain, adding that "Aspen is in the supply chain of almost every electric battery out there."
Aspen Earnings: Aspen reported first-quarter financial results on April 29. The company reported an earnings loss of 22 cents per share which came in below the estimate for a loss of 20 cents per share.
Aspen reported revenue of $28.1 million which beat the estimate of $23.82 million.
"Importantly, the pace of our e-mobility business development initiatives accelerated sharply during the quarter. Accordingly, we increased our investment in personnel, infrastructure and related activities in support of our thermal barrier and battery materials businesses during the quarter. These investments contributed to decreases in gross profit and Adjusted EBITDA and an increase in net loss versus 2020," said Don Young, president and CEO of Aspen.
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ASPN Price Action: Aspen traded as high as $26.97 and as low as $5.75 over a 52-week period. At last check Wednesday afternoon, the stock was up 11.17% at $19.80.
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