After quite the run yesterday, shares of Kandi Technologies Group Inc (NASDAQ:KNDI) continue to gain in afternoon trading today on extremely strong volume. As China’s top pure EV manufacturer, the stock was down a bit until this week and there is a significant short position on shares. Today’s breakout has been ignited by the forming of a golden cross on a technical level.
It will be interesting to see if shares can hold their gains thoughout the remainder of the trading day and week, as they are already up over 100% over the last three months. The stock is currently trading higher by 5.90% or $0.57 following the positive news, hitting $10.29 per share at the time of us publishing this article. About 612,713 shares traded hands or up 2.41% from the average. kndi has declined 7.95% since May 13, 2015 and is currently downtrending. It has underperformed the S&P500 by 4.28%.
Kandi Technologies Group, Inc. is engaged in the design, development, manufacturing and commercialization of electric vehicles (EVs) and electric vehicle parts, which are distributed in China and global markets. The company has a market cap of $459.42 million. The Firm conducts its business through its wholly owned subsidiary, Zhejiang Kandi Vehicles Co., Ltd. (Kandi Vehicles) and the partial and wholly owned subsidiaries of Kandi Vehicles. It has 30.85 P/E ratio. The Firm sold its EV parts to the JV Company for manufacturing of the EV products.