Kandi Technologies Group (NASDAQ:KNDI) Shares Pass Below 200 Day Moving Average – Here’s Why

Kandi Technologies Group, Inc. (NASDAQ:KNDI)’s stock price crossed below its 200-day moving average during trading on Tuesday . The stock has a 200-day moving average of $0.88 and traded as low as $0.65. Kandi Technologies Group shares last traded at $0.6520, with a volume of 73,428 shares trading hands.

Wall Street Analysts Forecast Growth

Separately, Weiss Ratings downgraded Kandi Technologies Group from a “sell (d)” rating to a “sell (e+)” rating in a research note on Wednesday, May 6th. One analyst has rated the stock with a Sell rating, According to data from MarketBeat.com, the stock has an average rating of “Sell”.

Kandi Technologies Group Stock Performance

The stock has a fifty day moving average of $0.75 and a 200 day moving average of $0.88. The company has a market capitalization of $65.47 million, a PE ratio of -2.17 and a beta of 0.59.

Kandi Technologies Group (NASDAQ:KNDI) last posted its quarterly earnings results on Wednesday, April 29th. The company reported ($0.57) EPS for the quarter, missing analysts’ consensus estimates of $0.03 by ($0.60). The company had revenue of $25.57 million during the quarter, compared to the consensus estimate of $64.30 million.

Institutional Inflows and Outflows

A number of large investors have recently added to or reduced their stakes in KNDI. Squarepoint Ops LLC purchased a new position in Kandi Technologies Group in the 3rd quarter worth approximately $37,000. Quinn Opportunity Partners LLC purchased a new position in Kandi Technologies Group in the 3rd quarter worth approximately $80,000. Renaissance Technologies LLC lifted its holdings in Kandi Technologies Group by 9.6% in the 4th quarter. Renaissance Technologies LLC now owns 145,840 shares of the company’s stock worth $115,000 after purchasing an additional 12,740 shares in the last quarter. Finally, Citadel Advisors LLC lifted its holdings in Kandi Technologies Group by 72.0% in the 3rd quarter. Citadel Advisors LLC now owns 127,787 shares of the company’s stock worth $155,000 after purchasing an additional 53,496 shares in the last quarter. 3.66% of the stock is owned by hedge funds and other institutional investors.

About Kandi Technologies Group

Kandi Technologies Group, Inc is a China-based manufacturer focused on the design, development and production of electric vehicles (EVs), batteries and charging infrastructure. The company offers a range of small, neighborhood electric vehicles (NEVs) under its own brand and supplies key components—including battery packs and electric drive systems—to automotive partners. In addition to vehicle manufacturing, Kandi is engaged in the development and operation of charging stations and battery-swap facilities intended to support EV adoption in urban environments.

Founded in 2002 and headquartered in Jinhua, Zhejiang Province, Kandi began its operations producing all-terrain vehicles (ATVs) and recreational off-road products.