NWTN (NASDAQ:NWTN) Shares Up 8.9% - Here's What Happened

Key Points

• NWTN Inc. (NASDAQ:NWTN) shares increased by 8.9% during mid-day trading, reaching a high of $1.40 before closing at $1.35.
• The stock's trading volume was lower than average, with 276,664 shares changing hands, a decline of 33% compared to the usual volume.
• Wall Street analysts have upgraded NWTN to a "hold" rating, reflecting a cautious outlook on the company's stock performance.

NWTN Inc. (NASDAQ:NWTN - Get Free Report)'s share price was up 8.9% during trading on Tuesday . The stock traded as high as $1.40 and last traded at $1.35. Approximately 276,664 shares traded hands during mid-day trading, a decline of 33% from the average daily volume of 412,462 shares. The stock had previously closed at $1.24.

Wall Street Analyst Weigh In

Separately, Wall Street Zen upgraded NWTN to a "hold" rating in a research report on Friday, June 27th.

NWTN Price Performance

The firm has a 50-day simple moving average of $1.64 and a 200 day simple moving average of $1.02.

Institutional Investors Weigh In On NWTN

A hedge fund recently raised its stake in NWTN stock. Geode Capital Management LLC increased its holdings in shares of NWTN Inc. (NASDAQ:NWTN - Free Report) by 16.4% in the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 220,348 shares of the company's stock after purchasing an additional 31,004 shares during the period. Geode Capital Management LLC owned approximately 0.09% of NWTN worth $353,000 at the end of the most recent quarter. Institutional investors own 0.20% of the company's stock.

About NWTN

NWTN Inc operates as a smart passenger vehicle company, provides passenger-centric mobility and green energy solutions in the United States, the United Arab Emirates, and Mainland China. The company develops electric vehicles, including Supersport coupe; and smart passenger vehicles, such as MUSE and ADA.