Canaccord Genuity Group Issues Pessimistic Forecast for Wallbox (NYSE:WBX) Stock Price

Wallbox (NYSE:WBX - Get Free Report) had its target price reduced by investment analysts at Canaccord Genuity Group from $1.50 to $1.00 in a note issued to investors on Friday,Benzinga reports. The brokerage presently has a "buy" rating on the stock. Canaccord Genuity Group's price objective indicates a potential upside of 177.78% from the stock's current price.

Other research analysts have also issued reports about the stock. UBS Group reduced their price objective on shares of Wallbox from $1.25 to $0.50 and set a "neutral" rating for the company in a research note on Monday, January 27th. Robert W. Baird reduced their price target on Wallbox from $3.00 to $2.00 and set an "outperform" rating for the company in a research report on Thursday, November 7th.

Wallbox Trading Down 6.5 %

Shares of WBX traded down $0.03 during trading hours on Friday, hitting $0.36. The company's stock had a trading volume of 726,704 shares, compared to its average volume of 721,385. The business has a 50 day simple moving average of $0.50 and a two-hundred day simple moving average of $0.82. Wallbox has a 52-week low of $0.36 and a 52-week high of $1.73. The company has a debt-to-equity ratio of 0.93, a current ratio of 1.16 and a quick ratio of 0.68.

Hedge Funds Weigh In On Wallbox

Hedge funds have recently bought and sold shares of the company. JPMorgan Chase & Co. bought a new position in Wallbox in the 4th quarter valued at $84,000. XTX Topco Ltd purchased a new stake in shares of Wallbox in the fourth quarter worth $76,000. Alpine Global Management LLC bought a new stake in Wallbox during the fourth quarter valued at $54,000. Group One Trading LLC grew its position in Wallbox by 2,888.3% during the fourth quarter. Group One Trading LLC now owns 81,910 shares of the company's stock worth $41,000 after buying an additional 79,169 shares in the last quarter. Finally, Cubist Systematic Strategies LLC bought a new position in Wallbox in the 4th quarter worth about $32,000. Hedge funds and other institutional investors own 36.94% of the company's stock.

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Wallbox Company Profile

Wallbox N.V., a technology company, designs, manufactures, and distributes charging solutions for residential, business, and public use worldwide. The company operates in three segments: Europe-Middle East and Asia, North America, and Asia-Pacific. It offers EV charging hardware products, such as Pulsar Plus, Pulsar Plus Socket, Pulsar Max, and Pulsar Pro, an AC smart chargers for home and shared spaces; Commander 2, an AC smart charger for fleets and businesses with a 7-inch touchscreen display that provides a personalized and secure user interface for multiple users; Copper SB, an AC smart charger for fleets and businesses with an integrated socket that makes it compatible with both type 1 and type 2 charging cables; Quasar 2, a DC bi-directional charger for home-use that allows to charge and discharge electric vehicle; Supernova, a DC fast charger equipment designed for public use; and Hypernova that allows to optimize available power and adapt to the number of EVs connected for public charging along highways and transcontinental road networks; as well as Wallbox ABL eM4 Single and Twin chargers and eMC3 charging pole.