Zapp Electric Vehicles Group (NASDAQ:ZAPP) Trading Down 9.7% – Here’s Why

Zapp Electric Vehicles Group Limited (NASDAQ:ZAPP) shares traded down 9.7% during mid-day trading on Friday . The stock traded as low as $0.87 and last traded at $0.87. 146,894 shares changed hands during trading, a decline of 93% from the average session volume of 2,235,819 shares. The stock had previously closed at $0.97.

Analyst Upgrades and Downgrades

Separately, Maxim Group lowered their target price on shares of Zapp Electric Vehicles Group from $7.00 to $3.00 and set a “buy” rating on the stock in a research note on Monday, February 3rd.

Zapp Electric Vehicles Group Stock Down 9.7 %

The company’s 50 day moving average price is $0.92 and its two-hundred day moving average price is $1.74.

Hedge Funds Weigh In On Zapp Electric Vehicles Group

A hedge fund recently bought a new stake in Zapp Electric Vehicles Group stock. Renaissance Technologies LLC acquired a new position in Zapp Electric Vehicles Group Limited (NASDAQ:ZAPP) during the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor acquired 40,556 shares of the company’s stock, valued at approximately $52,000. Renaissance Technologies LLC owned 1.30% of Zapp Electric Vehicles Group as of its most recent SEC filing.

About Zapp Electric Vehicles Group

Zapp Electric Vehicles Group Ltd. engages in the provision of designs, manufactures and sells electric vehicles. It operates through the following geographical segments: Cayman Islands, Europe, and Thailand. It offers maintenance and repair of motorcycles and related parts and accessories. The company was founded by Swin Chatsuwan, Jeremy North, Warin Thanathawee and Kiattipong Arttachariya in 2017 and is headquartered in London, the United Kingdom.