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Magnis Energy Technologies (ASX: MNS) stock rebounds from 52-week low: Is this the end of its downward trend?

Fri 28 Apr 23, 12:23 PM | Team Kalkine

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After making a fresh 52-week low of AUD 0.185 on Monday, 24 April 2023, Magnis Energy Technologies Limited (ASX: MNS) shares witnessed some recovery over the last two trading sessions. On Friday (28 April), the stock rose 5.128% on top of Thursday's 2.63% up move. However, the stock is still down around 45% on a year-to-date (YTD) (from 1 January 2023 to 28 April 2023) basis despite the gains seen in the last two days.

Today's gains in this vertically integrated lithium-ion battery technology and materials stock were seen after the company published its activities report for the January-March quarter of the current fiscal. MNS said it plans to set up an Anode Active Material (AAM) manufacturing plant utilising high-purity natural graphite feedstock from its wholly owned Nachu graphite project in Tanzania. During the quarter gone by, Magnis also paid the deposit for the first key piece of equipment with leading supplier Hosokawa Alpine Aktiengesellschaft for the AAM Demonstration Plant. This same equipment will be utilised in the full-scale AAM Plant.

The company also highlighted that it had signed an offtake agreement with a Tier 1 OEM EV manufacturer.

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