UQM Technologies (UQM) Announces Expansion Into Full Production, Shares Surge

UQM Technologies (UQM) surged with heavy volume today up off the 50 day moving average after new CEO Eric Ridenour announced that the company has added full production capabilities for its electric vehicle components which include electric motors, generators and electronic controls.  The company will present at the Piper Jaffray 6th Annual Clean Technology & Renewables Conference January 12th.

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“This expansion into full production capability marks an important achievement for UQM,” said Eric R. Ridenour, President and CEO. “Companies that have counted on us for high-quality pre-production development of electric motors and controllers can now seamlessly transition into volume production with UQM® systems and components.”

Technically, it appears shares of UQM have put in a bottom around the $2 level which they tested three times in the past few months.  With today’s high volume surge off the 50 day moving average, the stock is offering a compelling entry point.  In my opinion today’s move gets the stock to at least the $3 level which is resistance of the 200 day moving average. 

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