Lake Street Capital Initiates Coverage on Volcon (NASDAQ:EMPD)

Key Points

• Lake Street Capital initiated coverage of Volcon with a “Buy” rating and a $6.00 price target, implying roughly 101% upside from the prior close.
• Analyst sentiment is mixed: Volcon has a “Moderate Buy” consensus rating, while Weiss Ratings maintained a “Sell (e+)” view. The consensus price target is also $6.00.
• Volcon shares opened at $2.98, near their 52-week low, while major shareholder Empery Asset Management bought 750,000 shares; insiders purchased 1.9 million shares over the past 90 days.

Stock analysts at Lake Street Capital assumed coverage on shares of Volcon (NASDAQ:EMPD - Get Free Report) in a research note issued to investors on Tuesday, Briefing.com reports. The brokerage set a "buy" rating and a $6.00 price target on the stock. Lake Street Capital's price objective indicates a potential upside of 101.34% from the stock's previous close.

Separately, Weiss Ratings reaffirmed a "sell (e+)" rating on shares of Volcon in a research note on Friday, July 17th. One analyst has rated the stock with a Strong Buy rating, one has given a Buy rating, one has assigned a Hold rating and one has assigned a Sell rating to the company. Based on data from MarketBeat.com, Volcon currently has an average rating of "Moderate Buy" and a consensus target price of $6.00.

Volcon Stock Up 3.1%

Shares of NASDAQ EMPD opened at $2.98 on Tuesday. The company's 50-day simple moving average is $3.02 and its 200-day simple moving average is $3.87. Volcon has a 52-week low of $2.48 and a 52-week high of $8.11. The firm has a market cap of $83.92 million, a price-to-earnings ratio of -2.84 and a beta of -0.34. The company has a quick ratio of 0.44, a current ratio of 0.47 and a debt-to-equity ratio of 0.48.

Insiders Place Their Bets

In other Volcon news, major shareholder Empery Asset Management, Lp bought 750,000 shares of the business's stock in a transaction on Thursday, August 13th. The stock was bought at an average price of $2.98 per share, with a total value of $2,235,000.00. Following the completion of the purchase, the insider directly owned 4,430,345 shares in the company, valued at $13,202,428.10. The trade was a 20.38% increase in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Insiders purchased 1,900,000 shares of company stock valued at $5,863,000 in the last ninety days. Corporate insiders own 0.13% of the company's stock.

Volcon Company Profile

Volcon, Inc is a powersports company focused on the design and development of fully electric off-road vehicles. Its product portfolio has included electric motorcycles, utility terrain vehicles and related powersports products intended for recreational riding, outdoor work and other off-road applications.

The company's offerings have included the Grunt and Runt electric motorcycles, which feature wide tires designed for use on varied terrain, as well as the Stag electric utility terrain vehicle.

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