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Crown Electrokinetics Trades up on Hudson Pacific Supply Deal, Analyst Bullishness

Investing.com
·1 min read

By Sam Boughedda

Investing.com — Crown Electrokinetics Corp. (NASDAQ:CRKN) shares are up 3.7% Monday after a regulatory filing by the company on December 23, disclosed it has entered into a master supply agreement with Hudson Pacific Properties (NYSE:HPP).

The filing, which was made after the close Thursday, revealed Crown Electrokinetics will install its Smart Windows Inserts powered by DynamicTint into Hudson Pacific office buildings.

Reacting to the agreement, James Mcllree, a Dawson James analyst, said he believes this could be a revenue opportunity worth $100 million to CRKN.

The analyst —who reiterated a Buy rating and $8.50 price target on the shares — explained that the agreement is a precursor to purchase orders in 2022 and pointed to the fact that Hudson (NYSE:HUD), with the full conversion of its warrants, owns 8% of CRKN.

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After opening up the session at $3.48, CRKN shares have retraced somewhat, now sitting around the $3.34 mark. Hudson Pacific shares are currently down 0.28% to $24.58.

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