ZOOZ Power (NASDAQ:ZOOZ) Issues Quarterly Earnings Results

ZOOZ Power (NASDAQ:ZOOZ) issued its quarterly earnings data on Tuesday. The company reported ($2.47) earnings per share for the quarter, topping the consensus estimate of ($2.60) by $0.13, reports.

ZOOZ Power Stock Up 2.0%

NASDAQ:ZOOZ traded up $0.12 during mid-day trading on Tuesday, reaching $6.21. The company’s stock had a trading volume of 13,566 shares, compared to its average volume of 17,316. ZOOZ Power has a 1 year low of $4.55 and a 1 year high of $101.20. The stock has a fifty day moving average of $5.37 and a 200-day moving average of $6.17.

Institutional Investors Weigh In On ZOOZ Power

Several large investors have recently modified their holdings of ZOOZ. Bank of America Corp DE lifted its position in shares of ZOOZ Power by 1,122,810.5% in the 3rd quarter. Bank of America Corp DE now owns 213,353 shares of the company’s stock worth $457,000 after purchasing an additional 213,334 shares during the period. Velan Capital Investment Management LP purchased a new position in ZOOZ Power during the third quarter valued at approximately $4,280,000. Bank of Montreal Can purchased a new position in ZOOZ Power during the fourth quarter valued at approximately $3,066,000. Jane Street Group LLC raised its stake in ZOOZ Power by 347.7% in the fourth quarter. Jane Street Group LLC now owns 91,819 shares of the company’s stock worth $40,000 after buying an additional 71,311 shares in the last quarter. Finally, Pantera Capital Partners LP bought a new position in ZOOZ Power in the fourth quarter worth approximately $1,867,000. Institutional investors own 38.06% of the company’s stock.

Analyst Ratings Changes

A number of research analysts have recently commented on the company. Weiss Ratings cut ZOOZ Power from a “sell (d-)” rating to a “sell (e+)” rating in a research note on Monday, August 17th. Chardan Capital cut their price objective on ZOOZ Power from $40.00 to $10.00 and set a “buy” rating on the stock in a research report on Friday, June 12th. Finally, Zacks Research upgraded ZOOZ Power from a “strong sell” rating to a “hold” rating in a research report on Tuesday, August 11th. One equities research analyst has rated the stock with a Buy rating, one has issued a Hold rating and one has issued a Sell rating to the stock. According to MarketBeat.com, ZOOZ Power presently has an average rating of “Hold” and an average price target of $10.00.

About ZOOZ Power

ZOOZ Power Ltd. engages in developing, manufacturing, marketing, and selling energy store solutions for electric vehicles in Israel, Germany, the United Kingdom, and the United States. It offers ZOOZTER-100, a kinetic power booster based on flywheel technology designed to enable sustainable and cost-effective rollout of ultra-fast electric vehicle charging stations in areas where the grid is power-limited. The company was formerly known as Chakratec Ltd. and changed its name to ZOOZ Power Ltd. in March 2021.