ZOOZ Power (NASDAQ:ZOOZ) Announces Quarterly Earnings Results

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

ZOOZ Power Trading Up 2.0%

NASDAQ:ZOOZ traded up $0.12 during trading hours on Tuesday, reaching $6.21. 13,566 shares of the company were exchanged, 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 business has a 50 day moving average of $5.37 and a 200 day moving average of $6.17.

Hedge Funds Weigh In On ZOOZ Power

Several hedge funds and other institutional investors have recently added to or reduced their stakes in ZOOZ. XTX Topco Ltd lifted its position in shares of ZOOZ Power by 986.6% during the 4th quarter. XTX Topco Ltd now owns 116,148 shares of the company’s stock valued at $51,000 after acquiring an additional 105,459 shares during the period. Pantera Capital Partners LP bought a new stake in ZOOZ Power during the fourth quarter worth about $1,867,000. Jane Street Group LLC grew its stake in ZOOZ Power by 347.7% during 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. Bank of Montreal Can acquired a new stake in ZOOZ Power during the fourth quarter worth about $3,066,000. Finally, Velan Capital Investment Management LP acquired a new stake in ZOOZ Power during the third quarter worth about $4,280,000. 38.06% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

ZOOZ has been the subject of several research reports. Weiss Ratings cut ZOOZ Power from a “sell (d-)” rating to a “sell (e+)” rating in a report on Monday, August 17th. Chardan Capital lowered 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 raised ZOOZ Power from a “strong sell” rating to a “hold” rating in a report on Tuesday, August 11th. One investment analyst has rated the stock with a Buy rating, one has issued a Hold rating and one has assigned a Sell rating to the stock. According to data from MarketBeat.com, ZOOZ Power presently has a consensus rating of “Hold” and a consensus 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.