24/7 Market News Snapshot 27 November, 2024 – Greenwave Technology Solutions, Inc. Common Stock (NASDAQ:GWAV)
DENVER, Colo., 27 November, 2024 (247marketnews.com) – (Nasdaq:GWAV) are discussed in this article.
Greenwave Technology Solutions, Inc. (Nasdaq:GWAV), an established operator within the metal recycling sector, is currently experiencing significant bullish momentum, with pre-market trading reflecting a 32.01% increase, reaching $0.393. The surge in trading volume to 9.57 million shares signals a robust interest and confidence among investors, suggesting that GWAV may continue to break through resistance levels as it capitalizes on favorable market conditions.
The Company’s positive outlook for fiscal year 2025 is largely driven by anticipated tariff impacts on U.S. steel imports, which are expected to escalate domestic steel prices. According to Chief Executive Officer Danny Meeks, this situation mirrors past economic trends when similar tariffs during President-elect Trump’s administration benefitted scrap metal prices and enhanced revenue opportunities for recyclers. This forecast is bolstered by the recent strategic acquisition of Baltimore Steel by Sims Limited, which underscores the competitive advantage enjoyed by scrap metal operators possessing established supply chains and leadership experience.
Greenwave remains committed to its diverse client base, which includes key players in the industry such as Nucor Corporation, Cleveland-Cliffs, Inc., Sims Limited, and Georgia-Pacific. By providing reliable mill-ready shred, the Company supports the supply chains of these major steel producers. With 13 specialized facilities dedicated to collecting, classifying, and processing both ferrous and nonferrous metals, Greenwave reinforces its role as a primary domestic supplier of mill-ready shred while underscoring the importance of recycling.
As Greenwave navigates the evolving market landscape, it aims to deliver sustained value to its stakeholders, positioning itself for substantial growth in the upcoming years.