Canaccord Genuity Group Cuts Wallbox (NYSE:WBX) Price Target to $9.00

Key Points

• Analysts at Canaccord Genuity Group have cut Wallbox's price target from $15.00 to $9.00, while maintaining a "buy" rating on the stock, indicating a potential upside of 84.96%.
• The consensus rating for Wallbox is currently a "Moderate Buy", with an average target price of $17.20, despite mixed analyst opinions on the stock.
• Recent trading shows Wallbox stock at $4.87, having experienced a one-year low of $4.60 and a high of $31.80, reflecting significant volatility.

Wallbox (NYSE:WBX - Get Free Report) had its price target lowered by investment analysts at Canaccord Genuity Group from $15.00 to $9.00 in a report released on Friday,Benzinga reports. The firm presently has a "buy" rating on the stock. Canaccord Genuity Group's target price would suggest a potential upside of 84.58% from the stock's current price.

Other equities analysts have also issued reports about the company. Barclays boosted their price objective on Wallbox to $7.00 and gave the company an "overweight" rating in a research report on Thursday, July 24th. Chardan Capital upgraded shares of Wallbox to a "hold" rating in a research report on Wednesday, May 28th. Three investment analysts have rated the stock with a hold rating and three have issued a buy rating to the company's stock. According to MarketBeat.com, Wallbox currently has an average rating of "Moderate Buy" and an average price target of $16.40.

Wallbox Trading Down 0.3%

NYSE WBX traded down $0.01 during trading on Friday, reaching $4.88. 9,043 shares of the company traded hands, compared to its average volume of 25,935. The stock's 50 day moving average price is $6.26 and its two-hundred day moving average price is $7.26. The company has a quick ratio of 0.50, a current ratio of 0.90 and a debt-to-equity ratio of 1.07. Wallbox has a 1-year low of $4.60 and a 1-year high of $31.80.

Institutional Investors Weigh In On Wallbox

A number of hedge funds have recently added to or reduced their stakes in WBX. JPMorgan Chase & Co. purchased a new stake in shares of Wallbox in the fourth quarter worth approximately $84,000. XTX Topco Ltd purchased a new stake in shares of Wallbox during the fourth quarter valued at approximately $76,000. Alpine Global Management LLC purchased a new stake in shares of Wallbox during the fourth quarter valued at approximately $54,000. Group One Trading LLC increased its position in shares of Wallbox by 2,888.3% during the fourth quarter. Group One Trading LLC now owns 81,910 shares of the company's stock valued at $41,000 after acquiring an additional 79,169 shares during the last quarter. Finally, Larson Financial Group LLC purchased a new stake in shares of Wallbox during the first quarter valued at approximately $25,000. Institutional investors and hedge funds own 36.94% of the company's stock.

About Wallbox

Wallbox N.V., a technology company, designs, manufactures, and distributes charging solutions for residential, business, and public use worldwide. The company operates in three segments: Europe-Middle East and Asia, North America, and Asia-Pacific. It offers EV charging hardware products, such as Pulsar Plus, Pulsar Plus Socket, Pulsar Max, and Pulsar Pro, an AC smart chargers for home and shared spaces; Commander 2, an AC smart charger for fleets and businesses with a 7-inch touchscreen display that provides a personalized and secure user interface for multiple users; Copper SB, an AC smart charger for fleets and businesses with an integrated socket that makes it compatible with both type 1 and type 2 charging cables; Quasar 2, a DC bi-directional charger for home-use that allows to charge and discharge electric vehicle; Supernova, a DC fast charger equipment designed for public use; and Hypernova that allows to optimize available power and adapt to the number of EVs connected for public charging along highways and transcontinental road networks; as well as Wallbox ABL eM4 Single and Twin chargers and eMC3 charging pole.