ZOOZ Power (NASDAQ:ZOOZ) Issues Quarterly Earnings Results, Beats Expectations By $0.13 EPS

Key Points

• ZOOZ Power reported quarterly EPS of ($2.47), beating analysts’ consensus estimate of ($2.60) by $0.13.
• The stock rose to $6.21 during Tuesday trading, but remains well below its 12-month high of $101.20. Institutional investors and hedge funds own approximately 38.06% of the company.
• Analyst sentiment is mixed, with one Buy, one Hold, and one Sell rating; the consensus rating is Hold, with an average price target of $10.00.

ZOOZ Power (NASDAQ:ZOOZ - Get Free Report) announced its earnings results on Tuesday. The company reported ($2.47) earnings per share for the quarter, topping analysts' consensus estimates of ($2.60) by $0.13, reports.

ZOOZ Power Price Performance

ZOOZ traded up $0.12 during trading on Tuesday, reaching $6.21. 13,566 shares of the stock were exchanged, compared to its average volume of 17,316. The stock's 50 day moving average price is $5.37 and its two-hundred day moving average price is $6.17. ZOOZ Power has a twelve month low of $4.55 and a twelve month high of $101.20.

Wall Street Analysts Forecast Growth

Several equities research analysts have commented on the company. Zacks Research upgraded ZOOZ Power from a "strong sell" rating to a "hold" rating in a research note on Tuesday, August 11th. Chardan Capital reduced their target price on shares of ZOOZ Power from $40.00 to $10.00 and set a "buy" rating for the company in a report on Friday, June 12th. Finally, Weiss Ratings lowered shares of ZOOZ Power from a "sell (d-)" rating to a "sell (e+)" rating in a research note on Monday, August 17th. One investment analyst has rated the stock with a Buy rating, one has given a Hold rating and one has given a Sell rating to the company. According to MarketBeat, the company has a consensus rating of "Hold" and an average target price of $10.00.

Institutional Investors Weigh In On ZOOZ Power

Hedge funds have recently bought and sold shares of the company. XTX Topco Ltd increased its position in ZOOZ Power by 986.6% during the fourth quarter. XTX Topco Ltd now owns 116,148 shares of the company's stock worth $51,000 after buying an additional 105,459 shares during the last quarter. Pantera Capital Partners LP acquired a new position in shares of ZOOZ Power during the 4th quarter worth approximately $1,867,000. Jane Street Group LLC raised its stake in ZOOZ Power by 347.7% in the 4th quarter. Jane Street Group LLC now owns 91,819 shares of the company's stock valued at $40,000 after acquiring an additional 71,311 shares during the period. Bank of Montreal Can acquired a new stake in ZOOZ Power during the 4th quarter valued at $3,066,000. Finally, Velan Capital Investment Management LP bought a new position in ZOOZ Power during the third quarter worth $4,280,000. 38.06% of the stock is currently owned by institutional investors and hedge funds.

About ZOOZ Power

ZOOZ Power Ltd. engages in developing, manufacturing, marketing, and selling energy store solutions for electric vehicles in Israel, Germany, the United Kingdom, and the United States. It offers ZOOZTER-100, a kinetic power booster based on flywheel technology designed to enable sustainable and cost-effective rollout of ultra-fast electric vehicle charging stations in areas where the grid is power-limited. The company was formerly known as Chakratec Ltd. and changed its name to ZOOZ Power Ltd. in March 2021.

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