CBAK Energy Technology (NASDAQ:CBAT) Share Price Crosses Above 200-Day Moving Average - Here's What Happened

Shares of CBAK Energy Technology, Inc. (NASDAQ:CBAT - Get Free Report) passed above its two hundred day moving average during trading on Monday . The stock has a two hundred day moving average of $0.86 and traded as high as $1.02. CBAK Energy Technology shares last traded at $1.01, with a volume of 343,476 shares trading hands.

Analyst Ratings Changes

Separately, Wall Street Zen lowered shares of CBAK Energy Technology from a "hold" rating to a "sell" rating in a research report on Saturday, May 24th.

CBAK Energy Technology Stock Down 0.9%

The business's 50-day moving average price is $0.81 and its 200 day moving average price is $0.86. The company has a market capitalization of $94.44 million, a P/E ratio of 8.75 and a beta of 1.73.

CBAK Energy Technology (NASDAQ:CBAT - Get Free Report) last announced its earnings results on Monday, May 19th. The electronics maker reported ($0.02) earnings per share for the quarter. The company had revenue of $34.94 million during the quarter, compared to analysts' expectations of $52.16 million. CBAK Energy Technology had a net margin of 6.25% and a return on equity of 10.55%. Analysts anticipate that CBAK Energy Technology, Inc. will post 0.19 EPS for the current fiscal year.

Institutional Investors Weigh In On CBAK Energy Technology

A number of institutional investors and hedge funds have recently bought and sold shares of CBAT. Empowered Funds LLC raised its stake in CBAK Energy Technology by 5.4% in the fourth quarter. Empowered Funds LLC now owns 327,125 shares of the electronics maker's stock valued at $307,000 after purchasing an additional 16,788 shares in the last quarter. Marshall Wace LLP purchased a new stake in CBAK Energy Technology in the fourth quarter valued at approximately $96,000. Bridgeway Capital Management LLC raised its stake in CBAK Energy Technology by 2.5% in the fourth quarter. Bridgeway Capital Management LLC now owns 687,125 shares of the electronics maker's stock valued at $646,000 after purchasing an additional 16,788 shares in the last quarter. Finally, XTX Topco Ltd purchased a new stake in CBAK Energy Technology in the first quarter valued at approximately $27,000. 1.97% of the stock is owned by hedge funds and other institutional investors.

About CBAK Energy Technology

CBAK Energy Technology, Inc, together with its subsidiaries, manufacture, commercialization, and distribution of lithium ion high power rechargeable batteries in Mainland China, the United States, Europe, and internationally. The company operates in two segments, CBAK and Hitrans. Its lithium batteries are used in various applications, including electric vehicles, such as electric cars, electric buses, and hybrid electric cars and buses; light electric vehicles, such as electric bicycles, electric motors, electric tricycles, and smaller-sized electric cars; and electric tools, energy storage, uninterruptible power supply, and other high power applications, as well as cordless power tools.