Volta (NYSE:VLTA) Lowered to Sell at Zacks Investment Research

Volta (NYSE:VLTAGet Rating) was downgraded by Zacks Investment Research from a “hold” rating to a “sell” rating in a research note issued to investors on Thursday, Zacks.com reports.

According to Zacks, “Volta Industries Inc. provides commerce-centric electric vehicle. Volta Industries Inc., formerly known as Tortoise Acquisition Corp. II, is based in OVERLAND PARK, KS. “

Other equities analysts have also recently issued research reports about the stock. Canaccord Genuity Group cut shares of Volta from a “buy” rating to a “hold” rating and decreased their target price for the stock from $10.00 to $3.00 in a research report on Monday, March 28th. Canaccord Genuity Group dropped their price target on Volta from $3.00 to $2.50 and set a “hold” rating for the company in a research note on Tuesday, April 19th. Raymond James reduced their price objective on shares of Volta from $10.00 to $7.00 and set an “outperform” rating on the stock in a research report on Tuesday, April 19th. DA Davidson cut shares of Volta from a “buy” rating to a “neutral” rating and dropped their target price for the stock from $13.00 to $5.00 in a research report on Monday, March 28th. Finally, The Goldman Sachs Group downgraded shares of Volta from a “neutral” rating to a “sell” rating and decreased their price target for the stock from $3.00 to $2.00 in a research note on Tuesday, April 19th. Two investment analysts have rated the stock with a sell rating, three have given a hold rating and four have given a buy rating to the stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Hold” and a consensus price target of $7.06.

VLTA stock traded up $0.06 during mid-day trading on Thursday, reaching $2.25. 6,787 shares of the company traded hands, compared to its average volume of 3,401,107. Volta has a fifty-two week low of $1.65 and a fifty-two week high of $14.34. The company has a debt-to-equity ratio of 0.08, a current ratio of 2.48 and a quick ratio of 3.08. The firm’s 50 day moving average price is $2.63 and its 200 day moving average price is $3.85.

Volta (NYSE:VLTAGet Rating) last posted its quarterly earnings results on Friday, May 13th. The company reported ($0.28) EPS for the quarter, missing analysts’ consensus estimates of ($0.17) by ($0.11). Research analysts expect that Volta will post -0.83 EPS for the current fiscal year.

Institutional investors and hedge funds have recently modified their holdings of the company. Dynamic Technology Lab Private Ltd purchased a new position in shares of Volta in the 1st quarter worth about $45,000. Ensign Peak Advisors Inc purchased a new position in Volta in the first quarter worth about $52,000. State Street Corp lifted its stake in shares of Volta by 169.5% in the first quarter. State Street Corp now owns 1,249,331 shares of the company’s stock worth $3,810,000 after buying an additional 785,788 shares in the last quarter. Vident Investment Advisory LLC purchased a new stake in shares of Volta during the first quarter valued at approximately $146,000. Finally, Hsbc Holdings PLC bought a new stake in shares of Volta during the first quarter valued at approximately $31,000. 20.37% of the stock is currently owned by hedge funds and other institutional investors.

About Volta (Get Rating)

Volta Inc operates a network of smart media-enabled charging stations for electric vehicles in the United States. As of June 30, 2021, it installed approximately 1,900 chargers across 26 territories and states. Volta Inc was founded in 2010 and is headquartered in San Francisco, California.

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