The Neometals Ltd (ASX: NMT) share price has accelerated in the month of March despite heavily backtracking in recent times.
Over the month, the advanced materials company’s shares surged 25% following a couple of positive announcements by Neometals.
At the time of writing, the advanced materials company’s shares are swapping hands for $1.675, up 1.21%.
What’s been driving Neometals shares higher?
Investors appear ecstatic with the company’s progress, sending the Neometals share price to a record high of $1.875 last Wednesday.
This has come off the back of strong gains particularly on 14 March when Neometals announced a possible partnership between Mercedes-Benz AG’s wholly-owned subsidiary, Licular and Primobius.
Incorporated joint venture company, Primobius is equally owned by Neometals and SMS group.
Following the announcement, Neometals leapt 12.59% on the day to finish at $1.655 apiece.
However, this was short-lived as investors sold off the company’s shares the next day, registering an 8.76% loss.
Nonetheless, Neometals shares regained composure thereafter with a 20% increase across 5 consecutive trading days from 17 to 23 March.
As mentioned earlier, late last week and on Monday saw the company’s share price tank by more than 12%.
Although, yesterday’s update from Neometals that Primobius has opened a commercial lithium-ion battery recycling plant saw its shares break the negative trend. On Tuesday, Neometals shares lifted 2.16% to finish at $1.655.
The company noted that operations are being planned for 10,000 tonnes per day in Q2 2022 pending receipt of an operating permit.
Neometals share price snapshot
Over the past 12 months, the Neometals share price has rocketed by 360% for investors.
When looking at year to date, its shares are up close to 20% for the period.
Neometals has a price-to-earnings (P/E) ratio of 31.20 and commands a market capitalisation of roughly $924.01 million.
The post Why has the Neometals (ASX:NMT) share price leapt 25% in March? appeared first on The Motley Fool Australia.
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More reading
- 3 ASX All Ordinaries shares smashing 52-week highs on Wednesday
- Neometals (ASX:NMT) shares surge 12% on plans to partner with ‘one of the greatest names in the automobile industry’
- Here’s why the Neometals (ASX:NMT) share price surged 6% on Friday
Motley Fool contributor Aaron Teboneras has no position in any of the stocks mentioned. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.
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