H.C. Wainwright reiterates Amprius Technologies stock rating at buy

H.C. Wainwright maintained its Buy rating and set a price target of $18 on Amprius Technologies (NYSE:AMPX) after the firm secured a government contract. The stock has fallen 40% over the past six months, currently trading at $9.60 and listed among the platform's Most Overvalued stocks. The contract, under the U.S. Department of Defense's Industrial Base Analysis and Sustainment program, could provide up to $75 million for converting an existing electric-vehicle battery line to produce high-energy-density cells for drones.

The project, valued at roughly $100 million, is expected to be completed in early 2028. Amprius holds more cash than debt and has a strong current ratio of 7.17, but analysts don't expect profitability this year. The company raised its full-year revenue guidance to $140 million and increased its gross margin outlook to at least 28%.