ZOOZ Power Stock Scheduled to Reverse Split on Monday, June 1st (NASDAQ:ZOOZ)

Shares of ZOOZ Power Ltd. (NASDAQ:ZOOZ) are set to reverse split on the morning of Monday, June 1st. The 1-20 reverse split was announced on Tuesday, May 19th. The number of shares owned by shareholders will be adjusted after the closing bell on Friday, May 29th.

ZOOZ Power Trading Down 4.7%

Shares of NASDAQ:ZOOZ traded down $0.01 during midday trading on Wednesday, hitting $0.28. 543,627 shares of the company’s stock were exchanged, compared to its average volume of 340,104. The stock has a 50 day moving average price of $0.32 and a 200-day moving average price of $0.43. ZOOZ Power has a 12 month low of $0.25 and a 12 month high of $5.06.

Analysts Set New Price Targets

A number of equities analysts have issued reports on ZOOZ shares. Chardan Capital reiterated a “buy” rating and set a $2.00 price target on shares of ZOOZ Power in a research note on Monday, March 30th. Weiss Ratings restated a “sell (e+)” rating on shares of ZOOZ Power in a report on Wednesday, April 22nd. Finally, Zacks Research raised ZOOZ Power to a “hold” rating in a research report on Friday, January 23rd. One investment analyst has rated the stock with a Buy rating, two have issued a Hold rating and one has assigned a Sell rating to the stock. According to MarketBeat.com, ZOOZ Power has a consensus rating of “Hold” and an average target price of $2.00.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Arrington Capital Management LLC purchased a new stake in ZOOZ Power in the 4th quarter valued at about $4,366,000. Bank of Montreal Can purchased a new stake in ZOOZ Power in the 4th quarter valued at about $3,066,000. MMCAP International Inc. SPC bought a new position in shares of ZOOZ Power during the 4th quarter valued at approximately $3,066,000. Pantera Capital Partners LP bought a new position in shares of ZOOZ Power during the 4th quarter valued at approximately $1,867,000. Finally, Velan Capital Investment Management LP bought a new position in shares of ZOOZ Power during the 3rd quarter valued at approximately $4,280,000. 38.06% of the stock is currently owned by hedge funds and other institutional investors.

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.