Stocks On The Move: LITM, FUBO, SONX
3:08 pm Friday, September 23rd, 2022
Snow Lake (NASDAQ:LITM) stock is heading higher on Friday after the company revealed a collaboration agreement with LG Energy Solution. The big news here is the two companies working together to create a domestic supply line for electric vehicles (EVs) in the U.S. That includes the creation of lithium hydroxide processing plants in Canada. These will be located in CentrePort, Winnipeg, Manitoba. The agreement between Snow Lake and LG Energy Solution has it supplying the latter with lithium for 10 years. That goes into effect once production at the lithium hydroxide processing plants starts in 2025.
FuboTV (NYSE:FUBO) stock is getting a boost on Friday after Wedbush analyst Michael Pachter upgraded the sports streaming company’s shares. That upgrade saw the analysts increasing FUBO stock from a “neutral” rating to an “outperform” rating. That’s a bullish stance next to analysts’ consensus “hold” rating for the shares. This comes from three “buy” ratings, four “hold” ratings, and a single “sell” rating. One thing that didn’t change was the Wedbush analyst’s price target of $6 per share. That represents a potential 53% upside compared to the closing price of FUBO stock yesterday. It’s also worth mentioning that analysts’ consensus price prediction for FUBO is $8.46 per share.
Sonendo (NYSE:SONX) is rising higher on Friday as investors react to a $63 million private placement of its common stock. According to a press release, several returning and new investors took part in the private placement. Among them are ‘Pura Vida Investments, First Light Asset Management, Blue Water Life Science Advisors, ArrowMark Partners, Driehaus Capital Management, and JMR Capital.” Sonendo notes that this purchase agreement covers a total of 23,045,536 shares of SONX stock. The shares were priced at 95 cents each during this private placement.
