News broke out naming Miami billionaire Michael Dezer as a major shareholder in Elektros Inc. (OTC: ELEK) – an electric vehicle solutions provider – which saw a massive 1783.3% increase over only 24 hours as a result. This run has made it one of the most promising EV penny stocks this week and while it may seem like an overnight success – it clearly isn’t. The company has shown great potential thanks to its patent pending EV battery recharging technology which has led ELEK to “aggressively market the technology to the major electric vehicle companies”.

Catalysts

As a widely recognized car enthusiast and a collector of classic automobiles, Dezer’s major investment highlights the tremendous opportunities for efficient electric cars going forward. His confidence in ELEK’s potential is a bullish sign for investors as the company’s forward thinking strategy sets it on a path for further growth during this pivotal moment for the EV sector.

The industry is undoubtedly enjoying a boom cycle with electric vehicle sales surging 160% in the first half of 2021. Growth has been significant across the top three auto markets – China, the US, and Europe – and the industry now represents 26% of the global automotive market’s new sales. With legislation and a growing social consensus for electric vehicles taking hold, its market size is expected to grow even more in the next few years.

Meanwhile ELEK’s base in Detroit – the birthplace of the US automotive industry – has positioned the company to penetrate the market with its self-recharging battery and multi-port charging assembly. After securing its patent, Elektros has plans to market its technology to major EV manufacturers such as Waymo, Envoy, and Lucid Motors. According to ELEK CEO, Shlomo Bleier, “this technology could be a game changer for the electric vehicle industry” and would open the door to marketing to alternative fuel vehicle manufacturers like Nissan and Volkswagen as well.

Sensing an opportunity to move into the expanding space for EV manufacturers, ELEK is targeting not only EV manufacturers but plans to design and produce its own electric SUVs by early 2023 as well. The company has also signed a contract with Segula Technologies – an engineering group which helps boost companies’ competitiveness in industrial sectors – to help it achieve an edge in this burgeoning market.  

In addition to producing its own electric vehicles, Elektros has plans to go deeper into the energy sector through energy storage and generation. These plans are well timed considering the company’s interest in providing mobility technologies to consumers and businesses with superior cost efficiencies. By entering the energy and EV space at this pivotal moment following the infrastructure bill’s passage and President Biden’s plans for an EV future, ELEK is ready to capitalize on the paradigm shift sweeping the country.

Media Sentiment

@KickoStocks It looks like the volume is there when the stock is right and ELEK has all the right catalysts to propel it forward

Technical Analysis

ELEK is currently trading at $6.00 and has a support near .25 with a resistance formed in the run up at 7.87. The stock is dipping after becoming overbought leaving the RSI at 67 as accumulation remains steady following the press release. The MACD is still climbing on the upside following a bullish crossover.

Should you buy?

With an AS of only 500 million and an OS of 408 million, this low float stock has seen a surge in volume based on its good news. With pending patents, new products ahead, and a well-timed entry into the hot EV market, Elektros’ technology could be a game changer for EV manufacturers. Dezer’s confidence in the company is definitely a bullish sign for investors and ELEK’s long-term plans to develop its own EV’s could make this one of the EV penny stocks to watch. But in the short term, ELEK could reach $7 or push further to retest its resistance near $7.87 with continued momentum.

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