Why Hyzon Motors Shares Are Trading Higher Today

Hyzon Motors Inc. HYZN shares are trading higher after JP Morgan initiated coverage on the stock with an Overweight rating and announced an $18 price target.

JP Morgan analyst Bill Peterson noted 'we think Hyzon’s early leadership in fuel cell vehicles, strong partnerships within the hydrogen ecosystem and pure-play focus could uniquely position it to outperform relative to competitors.'

The company also announced the signing of a memorandum of understanding with Shanghai Hydrogen HongYun Automotive Co., ltd for the purchase of 500 hydrogen-powered electric trucks.

"Hydrogen fuel cell technology has been adopted more quickly in China than in the rest of the world," said Hyzon CEO Craig Knight. "This allows Hyzon to begin the critical work of decarbonizing the environment, while building experience, capacity, and expertise which will be applied globally."

Hyzon Motors is a hydrogen mobility company that manufactures hydrogen-powered commercial vehicles and fuel cell systems. It focuses on developing medium and heavy-duty trucks, as well as city and coach buses.

Hyzon's stock was trading about 14% higher at $10.05 per share on Thursday at the time of publication. The stock has a 52-week high of $19.95 and a 52-week low of $6.02.