Investors may want to pay close attention to FREYR Battery (FREY).

Up 18% on a volume spike to 18.7 million, as compared to daily average volume of 1.52 million, the stock could race to higher highs.  That’s what Morgan Stanley analyst Adam Jonas says, noting the electric vehicle stock could test $28 a share.  

In fact, according to Barron’s: “Freyr is focusing on producing rechargeable lithium-ion batteries for the electric-vehicle and energy-storage markets. Its technology uses less materials and time, saving costs. The company is also opening a new battery plant in Norway, called Giga Arctic, that will have the capacity to manufacture about 29 gigawatt hours of battery capacity annually. That is enough to power roughly half a million EVs a year.”

Earnings haven’t been too shabby either.

In its second quarter, the company posted net income of $4.7 million, or four cents per diluted share, as compared to a first quarter loss of $34.9 million, or 30 cents per diluted share.  Also, as of June 30, the company held cash, cash equivalents, and restricted cash of $488.4 million.

“Looking ahead to the second half of 2022 and beyond, our team is focused on executing construction of the Customer Qualification Plant and Giga Arctic projects in Mo i Rana, formalizing commitments with our financial, governmental, and strategic partners to accelerate our growth, and increasing our presence across the battery value chain,” said Tom Einar Jensen, FREYR’s CEO. 

Since July 2022, the FREY stock ran from a low of about $6.50 to $15.49.  

From here,  with the EV boom gaining momentum, it could see Morgan Stanley’s $28 target.