U Power (NASDAQ:UCAR) Shares Down 3.2% – Here’s What Happened

Shares of U Power Limited (NASDAQ:UCAR) dropped 3.2% during mid-day trading on Wednesday . The company traded as low as $1.49 and last traded at $1.50. Approximately 8,923 shares traded hands during mid-day trading, a decline of 42% from the average daily volume of 15,303 shares. The stock had previously closed at $1.55.

Analyst Upgrades and Downgrades

Separately, Weiss Ratings restated a “sell (e+)” rating on shares of U Power in a report on Wednesday, October 8th. One equities research analyst has rated the stock with a Buy rating and one has issued a Sell rating to the stock. According to data from MarketBeat.com, U Power presently has an average rating of “Hold” and a consensus price target of $5.00.

U Power Stock Down 3.2%

The company has a 50 day moving average of $1.79 and a 200 day moving average of $2.20.

U Power (NASDAQ:UCAR) last posted its earnings results on Friday, October 10th. The company reported ($2.90) earnings per share (EPS) for the quarter. The business had revenue of $1.24 million for the quarter.

Institutional Investors Weigh In On U Power

A hedge fund recently raised its stake in U Power stock. Sabby Management LLC boosted its holdings in shares of U Power Limited (NASDAQ:UCAR) by 3,943.4% during the 3rd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 240,260 shares of the company’s stock after buying an additional 234,318 shares during the quarter. U Power comprises 0.6% of Sabby Management LLC’s portfolio, making the stock its 11th biggest holding. Sabby Management LLC owned 5.44% of U Power worth $485,000 as of its most recent SEC filing. 13.21% of the stock is owned by institutional investors and hedge funds.

U Power Company Profile

U Power Limited, together with its subsidiaries, engages in the development, manufacture, and sale of new energy vehicles and battery swapping stations in the People's Republic of China. It also offers battery swapping and sourcing, as well as technical and consultation services. The company was founded in 2013 and is headquartered in Wuhu, the People's Republic of China.