ZOOZ Power Stock Set to Reverse Split on Monday, June 1st (NASDAQ:ZOOZ)

ZOOZ Power Ltd. (NASDAQ:ZOOZ)’s stock is scheduled to reverse split on the morning of Monday, June 1st. The 1-20 reverse split was announced on Tuesday, May 19th. The number of shares owned by shareholders will be adjusted after the market closes on Friday, May 29th.

ZOOZ Power Stock Down 4.7%

NASDAQ ZOOZ traded down $0.01 during trading hours on Wednesday, hitting $0.28. 543,627 shares of the company’s stock traded hands, compared to its average volume of 340,104. ZOOZ Power has a 52-week low of $0.25 and a 52-week high of $5.06. The firm’s 50-day moving average is $0.32 and its 200-day moving average is $0.43.

Analysts Set New Price Targets

Several brokerages recently issued reports on ZOOZ. Chardan Capital reaffirmed a “buy” rating and set a $2.00 price objective on shares of ZOOZ Power in a research note on Monday, March 30th. Weiss Ratings reissued a “sell (e+)” rating on shares of ZOOZ Power in a research note on Wednesday, April 22nd. Finally, Zacks Research raised shares of ZOOZ Power to a “hold” rating in a research note on Friday, January 23rd. One research analyst has rated the stock with a Buy rating, two have issued a Hold rating and one has assigned a Sell rating to the company. According to MarketBeat, the company currently has an average rating of “Hold” and an average price target of $2.00.

Institutional Trading of ZOOZ Power

Hedge funds have recently made changes to their positions in the company. Jane Street Group LLC grew its stake in shares of ZOOZ Power by 347.7% in the 4th quarter. Jane Street Group LLC now owns 91,819 shares of the company’s stock valued at $40,000 after buying an additional 71,311 shares during the period. XTX Topco Ltd grew its stake in shares of ZOOZ Power by 986.6% in the 4th quarter. XTX Topco Ltd now owns 116,148 shares of the company’s stock valued at $51,000 after buying an additional 105,459 shares during the period. Bank of America Corp DE grew its stake in shares of ZOOZ Power by 1,122,810.5% in the 3rd quarter. Bank of America Corp DE now owns 213,353 shares of the company’s stock valued at $457,000 after buying an additional 213,334 shares during the period. Velan Capital Investment Management LP purchased a new stake in shares of ZOOZ Power in the 3rd quarter valued at approximately $4,280,000. Finally, Pantera Capital Partners LP purchased a new stake in shares of ZOOZ Power in the 4th quarter valued at approximately $1,867,000. Hedge funds and other institutional investors own 38.06% of the company’s stock.

About ZOOZ Power

ZOOZ Power Ltd. engages in developing, manufacturing, marketing, and selling energy store solutions for electric vehicles in Israel, Germany, the United Kingdom, and the United States. It offers ZOOZTER-100, a kinetic power booster based on flywheel technology designed to enable sustainable and cost-effective rollout of ultra-fast electric vehicle charging stations in areas where the grid is power-limited. The company was formerly known as Chakratec Ltd. and changed its name to ZOOZ Power Ltd. in March 2021.