Elong Power (NASDAQ:ELPW) Trading Down 87.7% - Here's What Happened

Key Points

• Elong Power's stock price plummeted by 87.7%, trading as low as $0.26 before settling at $0.40, significantly down from a previous close of $3.25.
• Analysts have downgraded Elong Power from a "hold" to a "sell" rating, indicating growing concerns about the company's performance.
• Institutional investors maintain a strong presence, owning approximately 88.31% of the stock, with recent purchases from various hedge funds.

Elong Power Holding Limited (NASDAQ:ELPW - Get Free Report)'s stock price dropped 87.7% during mid-day trading on Wednesday . The stock traded as low as $0.26 and last traded at $0.40. Approximately 48,789,429 shares traded hands during mid-day trading, an increase of 4,297% from the average daily volume of 1,109,643 shares. The stock had previously closed at $3.25.

Analyst Upgrades and Downgrades

Separately, Wall Street Zen upgraded shares of Elong Power from a "sell" rating to a "hold" rating in a research note on Friday.

Elong Power Stock Down 7.1%

The company's fifty day simple moving average is $2.23 and its two-hundred day simple moving average is $2.10.

Institutional Trading of Elong Power

Several large investors have recently made changes to their positions in the company. Invesco Ltd. acquired a new position in Elong Power during the second quarter valued at approximately $31,000. Polar Asset Management Partners Inc. acquired a new stake in Elong Power in the fourth quarter valued at approximately $33,000. Finally, Toronto Dominion Bank acquired a new stake in Elong Power in the fourth quarter valued at approximately $102,000. Institutional investors and hedge funds own 88.31% of the company's stock.

Elong Power Company Profile

Elong Power Holding Ltd. engages in the research and development, manufacturing, sales and service of high-power lithium-ion batteries for electric vehicles and construction machinery, as well as large-capacity, long-cycle lithium-ion batteries for energy storage systems. The company was founded on August 18, 2023 and is headquartered in Ganzhou, China.