Tantech (NASDAQ:TANH) Stock Price Passes Below 50-Day Moving Average of $0.70

Tantech Holdings Ltd (NASDAQ:TANH) shares crossed below its 50-day moving average during trading on Wednesday . The stock has a 50-day moving average of $0.70 and traded as low as $0.67. Tantech shares last traded at $0.69, with a volume of 18,606 shares trading hands.

Wall Street Analysts Forecast Growth

Separately, StockNews.com initiated coverage on shares of Tantech in a research note on Thursday, December 21st. They issued a “sell” rating on the stock.

Tantech Price Performance

The business has a 50-day moving average of $0.70 and a 200 day moving average of $1.38.

Institutional Trading of Tantech

Several hedge funds have recently modified their holdings of the company. Renaissance Technologies LLC grew its holdings in shares of Tantech by 206.8% in the second quarter. Renaissance Technologies LLC now owns 1,192,940 shares of the basic materials company’s stock valued at $348,000 after purchasing an additional 804,150 shares in the last quarter. Virtu Financial LLC bought a new position in Tantech during the first quarter valued at $88,000. Finally, Millennium Management LLC purchased a new position in shares of Tantech in the 2nd quarter worth $61,000. 6.02% of the stock is owned by hedge funds and other institutional investors.

About Tantech

Tantech Holdings Ltd, together with its subsidiaries, develops and manufactures bamboo-based charcoal products for industrial energy, household cooking, heating, purification, agricultural, and cleaning applications in the People's Republic of China and internationally. The company operates in three segments: Consumer Products, Electric Vehicles, and Biodegradable Packaging.