Shares of Hyzon Motors, Inc. (HYZN) rallied 13% on Friday after the company reported better-than-expected earnings for the third quarter of 2021. Quarterly revenues, however, displayed a disappointing picture.
Hyzon Motors is a supplier of zero-emissions hydrogen fuel cell powered commercial vehicles, including heavy-duty trucks, buses and coaches. (See Hyzon Motors stock chart on TipRanks)
The company reported earnings of $0.13 per share, ahead of the Street’s estimate of a loss of $0.08 per share. Hyzon Motors reported revenue for the first time of $962,000, which lagged the consensus estimate of $5.5 million.
During the third quarter, Hyzon Motors delivered vehicles and recorded first vehicle revenues despite the challenging supply chain environment.
The Chief Strategy Officer of Hyzon Motors, Parker Meeks, said, “We are excited about our future-focused customers driving forward with their decarbonization plans, and we see the ability to deliver and scale below-diesel-parity clean hydrogen close to fleet operations in the very near term as clearly differentiating Hyzon in terms of cost, carbon intensity, and speed to market.”
Business Outlook
Hyzon Motors has provided some operational guidance. It plans to ship 85 vehicles before December 31, 2021, and expects to have Hyzon vehicles on the road in Asia, Australia, Europe and North America by the end of the year.
Also, two of the manufacturing facilities in the U.S. are anticipated to be in full production by the end of the first half of 2022.
Price Target
Based on 2 Buys and 1 Hold, the stock has a Moderate Buy consensus rating. The average Hyzon Motors price target of $13.33 implies 87.5% upside potential from current levels. Shares have gained 24.5% over the past month.
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Bullish Investor Sentiment
TipRanks’ Stock Investors tool shows that investors currently have a Very Positive stance on Hyzon Motors with 11.8% of investors on TipRanks increasing their exposure to HYZN stock over the past 30 days.
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