Volcon (NASDAQ:EMPD) Upgraded to Hold at Wall Street Zen

Key Points

• Wall Street Zen upgraded Volcon from “sell” to “hold.” Analyst opinions remain mixed, but MarketBeat reports a consensus “Moderate Buy” rating and a $6.00 price target.
• Volcon shares opened at $2.69, near their 52-week low of $2.48 and below the 50-day and 200-day moving averages of $3.03 and $3.83, respectively.
• Major shareholder Empery Asset Management bought 500,000 shares at an average price of $3.59, while insiders purchased 1.9 million shares worth $5.86 million over the past quarter.

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

Several other equities research analysts have also recently commented on EMPD. Lake Street Capital initiated coverage on Volcon in a research note on Tuesday, September 29th. They issued a "buy" rating and a $6.00 target price on the stock. Weiss Ratings reaffirmed a "sell (e+)" rating on shares of Volcon in a research note on Thursday, October 15th. One research analyst has rated the stock with a Strong Buy rating, one has assigned a Buy rating, one has assigned a Hold rating and one has assigned a Sell rating to the stock. According to data from MarketBeat.com, Volcon presently has a consensus rating of "Moderate Buy" and a consensus price target of $6.00.

Volcon Price Performance

NASDAQ:EMPD opened at $2.69 on Friday. The company has a current ratio of 0.47, a quick ratio of 0.44 and a debt-to-equity ratio of 0.48. Volcon has a 52-week low of $2.48 and a 52-week high of $7.11. The stock has a 50-day simple moving average of $3.03 and a 200 day simple moving average of $3.83.

Insider Buying and Selling

In other Volcon news, major shareholder Empery Asset Management, Lp purchased 500,000 shares of the business's stock in a transaction on Tuesday, September 1st. The shares were purchased at an average cost of $3.59 per share, with a total value of $1,795,000.00. Following the transaction, the insider directly owned 4,930,345 shares of the company's stock, valued at $17,699,938.55. This represents a 11.29% increase in their position. The purchase was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Over the last quarter, insiders have bought 1,900,000 shares of company stock worth $5,863,000. Insiders own 0.13% of the company's stock.

Volcon Company Profile

Volcon, Inc was an American powersports company focused on developing and selling all-electric off-road vehicles. Its product lineup included electric motorcycles and powersports vehicles designed for recreational riding, utility use and outdoor applications.

The company's products included the Grunt and Runt electric motorcycles, the Brat electric bike and the Stag electric utility terrain vehicle. Volcon marketed its vehicles through a combination of direct sales, dealers and distribution partners, primarily serving customers in the United States and select international markets.

Founded in 2020 and headquartered in Texas, Volcon was led during its operating years by Chief Executive Officer Jordan Davis, among other executives and board members.

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