ZEEKR Intelligent Technology (NYSE:ZK) Shares Gap Down - Here's Why

Key Points

• ZEEKR Intelligent Technology shares experienced a gap down, opening at $29.70 compared to the previous close of $31.01, reflecting a potential market concern.
• Macquarie reduced its target price on ZEEKR from $47.00 to $38.00, while the stock maintains an average "Buy" rating with a consensus price target of $34.87.
• Recent institutional trading showed increased interest, with Man Group plc boosting its holdings in ZEEKR by nearly 590%, now owning over 152,000 shares.

ZEEKR Intelligent Technology Holding Limited Unsponsored ADR (NYSE:ZK - Get Free Report)'s share price gapped down prior to trading on Thursday . The stock had previously closed at $31.01, but opened at $29.70. ZEEKR Intelligent Technology shares last traded at $29.45, with a volume of 79,471 shares traded.

Analyst Upgrades and Downgrades

Several research firms recently commented on ZK. Wall Street Zen raised shares of ZEEKR Intelligent Technology to a "hold" rating in a research note on Saturday. Macquarie cut their price target on ZEEKR Intelligent Technology from $47.00 to $38.00 and set an "outperform" rating on the stock in a research note on Wednesday, May 28th. Two analysts have rated the stock with a Buy rating, According to data from MarketBeat, ZEEKR Intelligent Technology currently has a consensus rating of "Buy" and a consensus price target of $34.87.

ZEEKR Intelligent Technology Stock Performance

The firm has a market cap of $7.57 billion, a P/E ratio of -16.32 and a beta of 0.09. The stock has a fifty day simple moving average of $29.39 and a 200 day simple moving average of $26.72.

Institutional Trading of ZEEKR Intelligent Technology

Several large investors have recently added to or reduced their stakes in ZK. Nomura Holdings Inc. purchased a new stake in shares of ZEEKR Intelligent Technology in the 2nd quarter worth $2,550,000. MASO CAPITAL PARTNERS Ltd purchased a new position in shares of ZEEKR Intelligent Technology during the 2nd quarter valued at $2,205,000. Tidal Investments LLC bought a new position in ZEEKR Intelligent Technology in the 2nd quarter worth $227,000. Man Group plc increased its stake in ZEEKR Intelligent Technology by 589.6% in the 2nd quarter. Man Group plc now owns 152,201 shares of the company's stock worth $3,881,000 after buying an additional 130,129 shares in the last quarter. Finally, LMR Partners LLP bought a new stake in ZEEKR Intelligent Technology during the second quarter valued at about $944,000.

About ZEEKR Intelligent Technology

ZEEKR Intelligent Technology Holding Limited, an investment holding company, engages in the research and development, production, commercialization, and sale of the electric vehicles and batteries. It offers battery electric passenger vehicles (BEVs) and SUVs. The company also produces and sells electric powertrain and battery packs for electric vehicles, such as motors and electric control systems; and provides automotive related research and development services.