Sunrise New Energy (NASDAQ:EPOW) Stock Price Down 6% – What’s Next?

Sunrise New Energy Co., Ltd. (NASDAQ:EPOW) shares dropped 6% during mid-day trading on Friday. The company traded as low as $4.20 and last traded at $4.51. Approximately 21,734 shares were traded during trading, a decline of 35% from the average daily volume of 33,262 shares. The stock had previously closed at $4.80.

Wall Street Analyst Weigh In

Separately, Weiss Ratings lowered Sunrise New Energy from a “sell (d-)” rating to a “sell (e+)” rating in a research note on Friday, October 9th. One analyst has rated the stock with a Sell rating. According to MarketBeat, the stock presently has a consensus rating of “Sell”.

Sunrise New Energy Trading Down 6.0%

The stock’s 50-day simple moving average is $6.20 and its 200 day simple moving average is $14.56.

Sunrise New Energy Company Profile

Sunrise New Energy Co, Ltd. is a China-based manufacturer of lithium-ion battery anode materials. The company develops and produces graphite-based anode materials used in rechargeable batteries for applications such as electric vehicles, energy-storage systems, and consumer electronics.

Its product activities include the research, development, manufacturing, and sale of anode materials for lithium-ion battery producers. Sunrise New Energy operates a production facility in Guizhou Province, China, and focuses on supplying battery-material solutions to customers in the growing Chinese energy-storage and electric-vehicle markets.

The company became publicly traded on the Nasdaq under the symbol EPOW following a business combination and adopted the Sunrise New Energy name in 2022.