During early morning trade, the Magnis Energy Technologies Ltd (ASX: MNS) share price had been hovering in negative territory.
But since then, the battery technology company’s share price is rising 1.28% to 39.5 cents.
It appears investors are looking to get in on the action after Magnis shares fell 6.02% yesterday. This came off the back of a reality check from Goldman Sachs indicating the lithium prices have overshot their mark.
Magnis appoints new CEO
According to yesterday’s late afternoon release, Magnis advised that it has appointed David Taylor as its new CEO.
The latest inclusion follows the company’s extensive 6-month global search to replace the top job.
Mr Taylor’s vast experience in the energy, chemicals and resources sectors spans over a 30-year period. This includes senior roles in private, listed, and government organisations where he was responsible for a number of important functions.
Most recently, Mr Taylor led the development and growth of Worley Ltd (ASX: WOR) in the east region of Australia and New Zealand. He implemented business growth plans, managed strategic relationships with key customers and partners while leading and delivering change initiatives.
Mr Taylor holds a Bachelor of Building in Construction Economics (First Class Honours) from University of Technology Sydney.
In addition, he has a Master of Business Administration and a Master of Applied Finance from Macquarie University and is a member of the Australian Institute of Company Directors.
Mr Taylor’s position as Magnis CEO will come into effect on 1 August, 2022.
What did management say?
Magnis chair, Frank Poullas commented on the new appointment, saying:
After an extensive global search, we are delighted to announce the appointment of David Taylor to lead the next phase of growth for Magnis.
David has significant local and international experience spanning three decades in the development and growth of businesses and major projects in the infrastructure, energy, chemical and resources sectors. He will be instrumental in executing on Magnis’ vision to be a vertically integrated battery technology and materials company in the Lithium-ion battery value-chain.
Magnis share price snapshot
Over the past 12 months, the Magnis share price has gained almost 40%.
However, when looking at year-to-date, its shares are down roughly 30%.
Based on today’s price, Magnis commands a market capitalisation of around $386.59 million.
The post Why is the Magnis share price climbing today? appeared first on The Motley Fool Australia.
Should you invest $1,000 in Magnis right now?
Before you consider Magnis, you’ll want to hear this.
Motley Fool Investing expert Scott Phillips just revealed what he believes are the 5 best stocks for investors to buy right now… and Magnis wasn’t one of them.
The online investing service he’s run for over a decade, Motley Fool Share Advisor, has provided thousands of paying members with stock picks that have doubled, tripled or even more.* And right now, Scott thinks there are 5 stocks that are better buys.
*Returns as of January 13th 2022
More reading
- 3 ASX shares to buy in troubled times: expert panel
- Why we’re still buying ASX 200 shares that are ‘high emitters’: fundie
- Why ALS, Costa, Superloop, and Worley shares are charging higher
- ASX 200 midday update: BHP and Pilbara Minerals shares tumble
- 3 ASX All Ordinaries shares smashing multi-year highs on Tuesday
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 Scott Phillips.
from The Motley Fool Australia https://ift.tt/Ahb026F
Leave a Reply