Kaixin (NASDAQ:KXIN) Shares Up 6.1% – Here’s What Happened

Kaixin Holdings (NASDAQ:KXIN)’s stock price shot up 6.1% during mid-day trading on Monday. The company traded as high as $2.1150 and last traded at $2.10. 770,220 shares traded hands during mid-day trading, an increase of 134% from the average session volume of 329,411 shares. The stock had previously closed at $1.98.

Wall Street Analysts Forecast Growth

Several equities research analysts have weighed in on the company. Wall Street Zen upgraded Kaixin from a “sell” rating to a “hold” rating in a report on Monday, October 12th. Weiss Ratings reaffirmed a “sell (e+)” rating on shares of Kaixin in a research report on Thursday, October 15th. One analyst has rated the stock with a Sell rating. According to data from MarketBeat, the stock has an average rating of “Sell”.

Kaixin Price Performance

The stock’s 50-day simple moving average is $1.74 and its 200 day simple moving average is $14.41.

Kaixin (NASDAQ:KXIN) last announced its quarterly earnings data on Wednesday, September 16th. The company reported ($0.10) earnings per share for the quarter. The firm had revenue of $0.33 million for the quarter.

About Kaixin

Kaixin Holdings, formerly known as Kaixin Auto Holdings, is a China-based automotive company focused on new energy vehicles and automobile retailing. Its activities have included the sale of used vehicles, new vehicle sales, auto financing and leasing, and related dealership services.

The company has also pursued a strategic expansion into new energy vehicle manufacturing through acquisitions and partnerships involving vehicle production and technology businesses. Its product focus includes electric passenger vehicles and other new energy transportation solutions, although the scope of its operations may change as its business develops.

Kaixin serves the Chinese automotive market, with operations and business initiatives centered in China.