The stock of Kandi Technologies Group, Inc. (NASDAQ:KNDI) is now priced at $6.73 and the shares are 0.07 points up or 1.05% higher compared to its previous closing price of $6.66. The stock had 1.877 million contracts set over the past session. KNDI shares’ daily volume is compared to its average trading volume at 6.327 million shares. However, it has a float of 39.43 million and although its performance was 0.3% over the week, it’s one to watch. Analysts have given the KNDI stock a yearly average price target of $4.59 per share. It means the stock’s downside potential is -31.8% with the KNDI share price recently placing at $6.5 to $6.86. However, some brokerage firms have priced the stock below the average, including one that has called $2.38.
The shorts are climbing into the Kandi Technologies Group, Inc. stock, with the latest data on short interest released on August 14, 2020, showing that short interest numbers in the KNDI shares have risen. Short interest in the stock represents just 15.66% of its float, but the volume has raised by 790363. The volume of shorted shares rised to 6.174 million from 5.384 million shares over the last two weeks. The average intraday trading volume has been 8.574 million shares, which means that days to cover moved to roughly 1.
In the last trading session, Kandi Technologies Group, Inc. (NASDAQ:KNDI) raised by $0.02 over the week and lost -$1.41 on its 20-day. The stock’s high in the recent session is lower when compared to its 52-week high of $17.4. The stock recorded its established 52-week high on 07/30/20.
Since 03/18/20, the stock has traded to a low of $2.17 at 210.14%, an encouraging piece of data likely to interest most investors out to exploit the stock’s recent surge. The stock has a beta allocation of 2.63. Being above 1 means that the stock’s volatility is higher than the market and traders are keenly watching it.
Looking at current readings, Kandi Technologies Group, Inc.’s two-week RSI is 46.51. This suggests that the stock is neutral at the moment and that KNDI shares’ price movement remains stable. The stochastic readings are equally revealing at 9.59% meaning the KNDI share price is currently in overbought territory.
The technical chart shows that the KNDI stock will likely settle at between $6.89 and $7.06 per share. However, if the stock dips below $6.53, then its market would become much weaker. Any downside could see the stock price sliding to levels as low as $6.34.
Currently, the stock is trading in the red of MACD, with a reading of -0.28. Investors always pay attention to any move above or below the zero-line, mainly because the indicator points to the position of the stock’s short-term average relative to its long-term measure. A MACD -a reading above the zero line means that the short-term is above the long-term average. This scenario implies that there is an upward momentum. The opposite is true when the MACD falls below the zero-line.