U Power (NASDAQ:UCAR) Shares Down 9.8% – Here’s What Happened

Shares of U Power Limited (NASDAQ:UCAR) fell 9.8% during trading on Thursday. The stock traded as low as $3.20 and last traded at $3.22. 10,362 shares changed hands during mid-day trading, a decline of 20% from the average session volume of 12,968 shares. The stock had previously closed at $3.57.

Wall Street Analyst Weigh In

UCAR has been the subject of a number of recent analyst reports. Weiss Ratings reaffirmed a “sell (e+)” rating on shares of U Power in a research report on Thursday. Wall Street Zen upgraded U Power from a “strong sell” rating to a “sell” rating in a report on Sunday, July 12th. Finally, Maxim Group cut shares of U Power from a “buy” rating to a “hold” rating in a research note on Tuesday, September 15th. One equities research analyst has rated the stock with a Hold rating and one has assigned a Sell rating to the company’s stock. According to MarketBeat, the company has an average rating of “Reduce”.

U Power Trading Up 5.0%

The company has a 50-day moving average of $7.88 and a 200 day moving average of $19.21.

Institutional Inflows and Outflows

An institutional investor recently raised its stake in U Power stock. Bank of America Corp DE lifted its holdings in U Power Limited (NASDAQ:UCAR) by 132,855,200.0% in the first quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund owned 1,328,553 shares of the company’s stock after buying an additional 1,328,552 shares during the quarter. Bank of America Corp DE owned about 288.82% of U Power worth $50,000 at the end of the most recent quarter. 13.21% of the stock is currently owned by institutional investors.

About U Power

U Power Limited (NASDAQ: UCAR) is a China-based electric vehicle technology company focused on developing modular vehicle platforms and related solutions for commercial and passenger vehicles. The company’s core technology is its proprietary “UP Super Board,” a skateboard-style chassis designed to integrate key electric vehicle components and support the development of different vehicle models more efficiently.

U Power also develops battery-swapping technology under its UOTTA platform.