Why Did Kandi Technologies Group, Inc. (KNDI) Decrease -4.26% Today? This Could Be The Reason

An interesting stock that came up in some of our conversations today is Kandi Technologies Group, Inc. (NASDAQ:KNDI). At current price of $4.94, the shares have already lost -0.22 points (-4.26% lower) from its previous close of $5.16. Should you buy or avoid them? The stock sets an active trading volume day with a reported 308127 contracts so far this session. KNDI shares had a relatively better volume day versus average trading capacity of 1.73 million shares, but with a 37.4 million float and a 1.18% run over a week, it’s definitely worth keeping an eye on. The one year price forecast for KNDI stock indicates that the average analyst price target is $4.59 per share. This means the stock has a potential decrease of -7.09% from where the KNDI share price has been trading recently.

The shorts are climbing into Kandi Technologies Group, Inc. (KNDI) stock. The latest set of short interest data was released on 30 April 2019, and the numbers show a rise in short interest in KNDI shares. While short interest still represents only 19.01% of KNDI’s float, the number of shares shorted have risen by 49870. The number of shares shorted advanced to 7158841 shares, up from 7108971 shares during the preceding fortnight. With average daily trading volumes at 342260 shares, days to cover increased to about 13.6201 days. The most recent news story about the stock that appeared in Yahoo Finance‘s news section was titled “Kandi Technologies Group Inc (KNDI) President and CEO Xiaoming Hu Bought $579,652 of Shares” and dated May 17, 2019.

During the recent trading session for Kandi Technologies Group, Inc. (NASDAQ:KNDI), the company witnessed their stock rise $0.18 over a week and tumble down $-0.48 from the price 20 days ago. When compared to their established 52-week high of $9.23, the high they recorded in their recent session happens to be higher. Their established 52-week high was attained by the company on 02/22/19. The recent low of $3.54 stood for a -46.48% since 12/24/18, a data which is good for most investors who are looking to take advantage of the stock’s recent rise. A beta of 2.75 is also allocated to the stock. Since the beta is greater than one, it implies that the stock is more volatile than the market, a data that traders are keeping close attention to.

Looking at the current readings for Kandi Technologies Group, Inc., the two-week RSI stands at 39.43. This figure suggests that KNDI stock, for now, is neutral, meaning that the shares are stable in terms of price movement. The stochastic readings, on the other hand, based on the current KNDI readings is similarly very revealing as it has a stochastic reading of 57.7% at this stage. This figure means that KNDI share price today is being neutral.

Technical chart claims that Kandi Technologies Group, Inc. (KNDI) would settle between $5.43/share to $5.7/share level. However, if the stock price goes below the $4.83 mark, then the market for Kandi Technologies Group, Inc. becomes much weaker. If that happens, the stock price might even plunge as low as $4.51 for its downside target. The stock is currently in the green zone of MACD, with the indicator reading 0.06. Traders are always alerted for the move of a stock above or below the zero line due to the fact that the reading is an indicator of the position of the short-term average relative to the long-term average. If the MACD is above the zero line, then the short-term average relative is above that of the long-term average, thus implying an upward momentum. Vice versa is the case if the MACD is below the zero line.

Moving on, KNDI stock price is currently trading at 0X forward 12-month Consensus EPS estimates, and its P/S ratio is 8 while for the average stock in the same group, the multiple is 1.53.