NEW YORK (TheStreet) -- Highpower International (HPJ) shares are up 12.8% to $4.75 in trading on Tuesday.
The stock jumped following the news that the company has signed a deal with Sony Corp. (SNE) to become one of their official suppliers.
The lithium and nickel-metal hydride rechargeable battery maker has already begun receiving orders and shipping products to Sony.
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"It is an extraordinary achievement to have passed Sony's audit and become one of its suppliers. We believe that our advanced battery products and new facility are well positioned to continue to attract Fortune 500 customers," Highpower International CTO Wenliang Li said.
TheStreet Ratings team rates HIGHPOWER INTERNATIONAL INC as a Hold with a ratings score of C. TheStreet Ratings Team has this to say about their recommendation:
"We rate HIGHPOWER INTERNATIONAL INC (HPJ) a HOLD. The primary factors that have impacted our rating are mixed - some indicating strength, some showing weaknesses, with little evidence to justify the expectation of either a positive or negative performance for this stock relative to most other stocks. The company's strengths can be seen in multiple areas, such as its robust revenue growth, good cash flow from operations and solid stock price performance. However, as a counter to these strengths, we also find weaknesses including generally higher debt management risk, disappointing return on equity and poor profit margins."