Canaccord Genuity Group Issues Pessimistic Forecast for Wallbox (NYSE:WBX) Stock Price

Wallbox (NYSE:WBX) had its target price lowered by Canaccord Genuity Group from $3.25 to $1.50 in a report released on Thursday,Benzinga reports. The firm currently has a buy rating on the stock.

Other analysts have also recently issued reports about the stock. Robert W. Baird reduced their price objective on shares of Wallbox from $3.00 to $2.00 and set an “outperform” rating for the company in a research note on Thursday. Stifel Nicolaus lowered shares of Wallbox from a “buy” rating to a “hold” rating and cut their target price for the stock from $3.00 to $1.50 in a research report on Wednesday, October 30th. Finally, UBS Group decreased their price target on shares of Wallbox from $1.75 to $1.25 and set a “neutral” rating for the company in a report on Tuesday, October 15th.

Wallbox Stock Performance

Wallbox stock opened at $0.89 on Thursday. The company has a debt-to-equity ratio of 0.93, a quick ratio of 0.68 and a current ratio of 1.16. Wallbox has a 1-year low of $0.82 and a 1-year high of $2.09. The firm’s fifty day simple moving average is $1.12 and its 200-day simple moving average is $1.32.

Hedge Funds Weigh In On Wallbox

A hedge fund recently raised its stake in Wallbox stock. Healthcare of Ontario Pension Plan Trust Fund raised its position in Wallbox (NYSE:WBX) by 23.8% during the first quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 198,863 shares of the company’s stock after buying an additional 38,249 shares during the period. Healthcare of Ontario Pension Plan Trust Fund owned 0.12% of Wallbox worth $282,000 as of its most recent SEC filing. Hedge funds and other institutional investors own 36.94% of the company’s stock.

About Wallbox

Wallbox N.V., a technology company, designs, manufactures, and distributes charging solutions for residential, business, and public use worldwide. The company operates in three segments: Europe-Middle East and Asia, North America, and Asia-Pacific. It offers EV charging hardware products, such as Pulsar Plus, Pulsar Plus Socket, Pulsar Max, and Pulsar Pro, an AC smart chargers for home and shared spaces; Commander 2, an AC smart charger for fleets and businesses with a 7-inch touchscreen display that provides a personalized and secure user interface for multiple users; Copper SB, an AC smart charger for fleets and businesses with an integrated socket that makes it compatible with both type 1 and type 2 charging cables; Quasar 2, a DC bi-directional charger for home-use that allows to charge and discharge electric vehicle; Supernova, a DC fast charger equipment designed for public use; and Hypernova that allows to optimize available power and adapt to the number of EVs connected for public charging along highways and transcontinental road networks; as well as Wallbox ABL eM4 Single and Twin chargers and eMC3 charging pole.