Kandi Technologies Group (NASDAQ:KNDI) Shares Pass Below 200 Day Moving Average - What's Next?

Key Points

• Kandi Technologies Group shares fell below their 200-day moving average, trading as low as $0.6708 and last changing hands at $0.69. The stock’s 200-day average is $0.85, signaling continued technical weakness.
• The company’s latest earnings badly missed expectations, posting a loss of $0.57 per share versus a $0.03 profit estimate. Revenue also came in far below forecasts at $25.57 million versus $64.30 million expected.
• Sentiment remains cautious, with Weiss Ratings recently downgrading the stock and MarketBeat showing an overall “Sell” rating. Kandi’s market cap is about $69.3 million, and hedge fund ownership is relatively low at 3.66%.

Shares of Kandi Technologies Group, Inc. (NASDAQ:KNDI - Get Free Report) crossed below its 200-day moving average during trading on Friday . The stock has a 200-day moving average of $0.85 and traded as low as $0.6708. Kandi Technologies Group shares last traded at $0.69, with a volume of 61,686 shares trading hands.

Analysts Set New Price Targets

Separately, Weiss Ratings downgraded shares of Kandi Technologies Group from a "sell (d)" rating to a "sell (e+)" rating in a report on Wednesday, May 6th. One research analyst has rated the stock with a Sell rating, According to MarketBeat.com, the stock presently has an average rating of "Sell".

Kandi Technologies Group Trading Down 0.2%

The stock has a market cap of $69.29 million, a P/E ratio of -2.30 and a beta of 0.60. The company has a 50-day moving average price of $0.71 and a two-hundred day moving average price of $0.85.

Kandi Technologies Group (NASDAQ:KNDI - Get Free Report) last issued its quarterly earnings results on Wednesday, April 29th. The company reported ($0.57) earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $0.03 by ($0.60). The company had revenue of $25.57 million during the quarter, compared to the consensus estimate of $64.30 million.

Hedge Funds Weigh In On Kandi Technologies Group

A number of large investors have recently made changes to their positions in KNDI. Squarepoint Ops LLC purchased a new stake in Kandi Technologies Group in the 3rd quarter worth about $37,000. Renaissance Technologies LLC boosted its position in shares of Kandi Technologies Group by 9.6% during the fourth quarter. Renaissance Technologies LLC now owns 145,840 shares of the company's stock valued at $115,000 after buying an additional 12,740 shares during the period. Citadel Advisors LLC grew its stake in shares of Kandi Technologies Group by 72.0% during the third quarter. Citadel Advisors LLC now owns 127,787 shares of the company's stock valued at $155,000 after buying an additional 53,496 shares during the last quarter. Finally, Quinn Opportunity Partners LLC bought a new position in shares of Kandi Technologies Group during the third quarter valued at approximately $80,000. 3.66% of the stock is owned by hedge funds and other institutional investors.

About Kandi Technologies Group

Kandi Technologies Group, Inc is a China-based manufacturer focused on the design, development and production of electric vehicles (EVs), batteries and charging infrastructure. The company offers a range of small, neighborhood electric vehicles (NEVs) under its own brand and supplies key components—including battery packs and electric drive systems—to automotive partners. In addition to vehicle manufacturing, Kandi is engaged in the development and operation of charging stations and battery-swap facilities intended to support EV adoption in urban environments.

Founded in 2002 and headquartered in Jinhua, Zhejiang Province, Kandi began its operations producing all-terrain vehicles (ATVs) and recreational off-road products.

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