Phoenix Motor (NASDAQ:PEV) Shares Down 7.7% – Here’s Why

Phoenix Motor Inc. (NASDAQ:PEV) dropped 7.7% during mid-day trading on Wednesday . The stock traded as low as $0.30 and last traded at $0.30. Approximately 1,096,683 shares were traded during trading, a decline of 88% from the average daily volume of 9,327,281 shares. The stock had previously closed at $0.33.

Phoenix Motor Trading Down 7.7 %

The company has a quick ratio of 0.49, a current ratio of 2.19 and a debt-to-equity ratio of 0.01. The firm has a market capitalization of $13.77 million, a PE ratio of -0.91 and a beta of 1.27. The stock’s fifty day simple moving average is $0.29 and its 200 day simple moving average is $0.40.

Hedge Funds Weigh In On Phoenix Motor

An institutional investor recently bought a new position in Phoenix Motor stock. Virtu Financial LLC acquired a new position in Phoenix Motor Inc. (NASDAQ:PEV) during the 4th quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm acquired 102,532 shares of the company’s stock, valued at approximately $31,000. Virtu Financial LLC owned 0.27% of Phoenix Motor as of its most recent SEC filing. 8.90% of the stock is owned by institutional investors and hedge funds.

About Phoenix Motor

Phoenix Motor Inc designs, develops, manufactures, assembles, and integrates electric drive systems, and light and medium duty electric vehicles in the United States and internationally. It provides chargers, electric forklifts, shuttle buses, Type A school buses, utility and service trucks, flatbed and cargo trucks, and walk-in vans.