Volcon (NASDAQ:EMPD) Stock Gets Downgrade from Wall Street Zen

Volcon (NASDAQ:EMPD) was downgraded by research analysts at Wall Street Zen from a “hold” rating to a “sell” rating in a note issued to investors on Sunday, Wall Street Zen reports.

Several other analysts have also weighed in on the stock. Lake Street Capital began coverage on shares of Volcon in a report on Tuesday, September 29th. They set a “buy” rating and a $6.00 price objective for the company. Weiss Ratings reissued a “sell (e+)” rating on shares of Volcon in a report on Thursday, October 15th. One equities research analyst has rated the stock with a Strong Buy rating, one has given a Buy rating, one has issued a Hold rating and one has issued a Sell rating to the stock. According to MarketBeat, Volcon has an average rating of “Moderate Buy” and an average target price of $6.00.

Volcon Trading Up 1.5%

EMPD opened at $2.03 on Friday. The firm’s 50-day simple moving average is $2.94 and its 200-day simple moving average is $3.75. The company has a quick ratio of 0.44, a current ratio of 0.47 and a debt-to-equity ratio of 0.48. Volcon has a twelve month low of $1.95 and a twelve month high of $6.61.

Volcon (NASDAQ:EMPD) last announced its quarterly earnings results on Friday, November 6th. The company reported $0.80 earnings per share (EPS) for the quarter. Volcon had a negative net margin of 43,296.70% and a negative return on equity of 58.08%. The firm had revenue of $0.10 million during the quarter.

Insider Activity

In other Volcon news, major shareholder Tice Brown sold 11,179 shares of the stock in a transaction dated Friday, October 30th. The shares were sold at an average price of $2.79, for a total transaction of $31,189.41. Following the sale, the insider owned 2,162,315 shares of the company’s stock, valued at $6,032,858.85. This represents a 0.51% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, major shareholder Empery Asset Management, Lp acquired 750,000 shares of the stock in a transaction on Thursday, August 13th. The stock was bought at an average price of $2.98 per share, with a total value of $2,235,000.00. Following the transaction, the insider directly owned 4,430,345 shares in the company, valued at approximately $13,202,428.10. This represents a 20.38% increase in their position. The SEC filing for this purchase provides additional information. In the last quarter, insiders have purchased 1,900,000 shares of company stock worth $5,863,000 and have sold 16,143 shares worth $44,259. 0.13% of the stock is owned by corporate insiders.

About Volcon

Volcon, Inc was an American powersports company focused on developing and selling all-electric off-road vehicles. Its product lineup included electric motorcycles and powersports vehicles designed for recreational riding, utility use and outdoor applications.

The company’s products included the Grunt and Runt electric motorcycles, the Brat electric bike and the Stag electric utility terrain vehicle. Volcon marketed its vehicles through a combination of direct sales, dealers and distribution partners, primarily serving customers in the United States and select international markets.

Founded in 2020 and headquartered in Texas, Volcon was led during its operating years by Chief Executive Officer Jordan Davis, among other executives and board members.