Coherent (COHR) stock soared Wednesday after the maker of advanced laser processing systems introduced new equipment for manufacturing electric vehicles. COHR stock is a recent breakout.
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The Saxonburg, Pa.-based company introduced its PH20 SmartWeld+ laser processing heads optimized for precision control of welding depths that are ideal for electric-vehicle manufacturing applications.
The exponential growth in battery manufacturing for EVs is driving demand for next-generation laser processing systems, Coherent said in a news release. These systems need to produce the highest-quality welds in batteries while accelerating manufacturing throughput, it said.
“For battery lid-to-can welding in aluminum, we are able to achieve precision welds at very high speeds,” Alexander Roth, vice president and managing director for Coherent’s Laser Systems Business Unit, said in a written statement.
COHR Stock Surges After Breakout
In afternoon trades on the stock market today, COHR stock blasted 15.6% higher to 49.50.
On Tuesday, COHR stock broke out of a cup-with-handle base at a buy point of 42.14, according to IBD MarketSmith charts.
That same day, Coherent announced new adjustable ring mode lasers with significantly improved beam properties. These new lasers provide increased welding process stability over large working areas, such as in manufacturing batteries for electric vehicles.
COHR stock ranks No. 13 out of 19 stocks in IBD’s Electronic Parts industry group, according to IBD Stock Checkup. Coherent has an IBD Composite Rating of 81 out of 99.
IBD’s Composite Rating is a blend of key fundamental and technical metrics to help investors gauge a stock’s strengths. The best growth stocks have a Composite Rating of 90 or better.
Follow Patrick Seitz on Twitter at @IBD_PSeitz for more stories on consumer technology, software and semiconductor stocks.
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