Ecotality Up Most in 3 Years as Sales Gain: San Francisco MoverJustin Doom
Ecotality Inc., operator of the second-largest U.S. network of public electric-car charging stations, rose the most in more than three years after reporting annual sales almost doubled.
Ecotality gained 35 percent to $1.30 at the close in New York, the biggest increase since Sept. 25, 2009. Trading volume was a 12-fold increase from the three-month average for the shares, which have almost tripled this year. Vista Partners initiated coverage of Ecotality today with a 12-month price target of $3.70.
Revenue for 2012 increased 93 percent to $54.7 million, according to a statement released after the close of regular trading yesterday. The San Francisco-based company said its fourth-quarter net loss narrowed to $2.28 million from $6.7 million a year earlier.
ChargePoint Inc. operates the largest network of car-charging stations.