Volcon (NASDAQ:EMPD) Cut to Sell at Wall Street Zen

Key Points

• Wall Street Zen downgraded Volcon from “hold” to “sell,” although analysts remain divided. MarketBeat lists an overall “Moderate Buy” consensus and an average price target of $6.00, including a new “buy” rating from Lake Street Capital.
• Volcon shares opened at $3.13, near the lower end of their 52-week range of $2.48 to $8.11. The company has a market capitalization of about $88.1 million and negative earnings.
• Major shareholder Empery Asset Management purchased 500,000 shares for approximately $1.8 million, contributing to 1.9 million insider-share purchases worth $5.9 million over the past three months.

Volcon (NASDAQ:EMPD - Get Free Report) was downgraded by investment analysts at Wall Street Zen from a "hold" rating to a "sell" rating in a research report issued on Saturday, Wall Street Zen reports.

Several other equities analysts also recently weighed in on the company. Lake Street Capital began coverage on Volcon in a research report on Tuesday. They set a "buy" rating and a $6.00 target price on the stock. Weiss Ratings restated a "sell (e+)" rating on shares of Volcon in a research report on Friday, July 17th. One investment analyst has rated the stock with a Strong Buy rating, one has issued a Buy rating, one has given a Hold rating and one has given a Sell rating to the company's stock. According to data from MarketBeat, Volcon has an average rating of "Moderate Buy" and an average price target of $6.00.

Volcon Trading Up 2.3%

Shares of EMPD stock opened at $3.13 on Friday. Volcon has a 1 year low of $2.48 and a 1 year high of $8.11. The company has a debt-to-equity ratio of 0.48, a current ratio of 0.47 and a quick ratio of 0.44. The stock's 50 day simple moving average is $3.00 and its two-hundred day simple moving average is $3.84. The company has a market cap of $88.14 million, a PE ratio of -2.98 and a beta of -0.35.

Insider Activity

In other Volcon news, major shareholder Empery Asset Management, Lp purchased 500,000 shares of the firm's stock in a transaction that occurred on Tuesday, September 1st. The stock was purchased at an average cost of $3.59 per share, with a total value of $1,795,000.00. Following the purchase, the insider owned 4,930,345 shares of the company's stock, valued at approximately $17,699,938.55. The trade was a 11.29% 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 hyperlink. Over the last three months, insiders purchased 1,900,000 shares of company stock worth $5,863,000. 0.13% of the stock is currently owned by company insiders.

About Volcon

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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