U Power Limited (NASDAQ:UCAR) Shares Shorted: Short Interest Up 83.9% in October

U Power Limited (NASDAQ:UCAR) was the recipient of a significant increase in short interest during the month of October. As of October 15th, there was short interest totaling 11,840 shares, an increase of 83.9% from the September 30th total of 6,439 shares. Currently, 0.9% of the company’s shares are short sold. Based on an average daily volume of 7,868 shares, the short-interest ratio is currently 1.5 days.

U Power Stock Down 0.8%

NASDAQ UCAR traded down $0.03 during midday trading on Monday, hitting $2.98. 10,171 shares of the company traded hands, compared to its average volume of 8,944. U Power has a 52 week low of $2.51 and a 52 week high of $438.00. The company’s 50-day simple moving average is $5.82 and its 200-day simple moving average is $72.96.

Wall Street Analyst Weigh In

UCAR has been the subject of several research reports. Wall Street Zen raised shares of U Power from a “strong sell” rating to a “sell” rating in a research report on Sunday, July 12th. Maxim Group cut U Power from a “buy” rating to a “hold” rating in a research note on Tuesday, September 15th. Finally, Weiss Ratings reaffirmed a “sell (e+)” rating on shares of U Power in a research report on Thursday, October 15th. One investment analyst has rated the stock with a Hold rating and one has assigned a Sell rating to the stock. According to MarketBeat.com, the stock currently has an average rating of “Reduce”.

Institutional Investors Weigh In On U Power

A hedge fund recently raised its stake in U Power stock. Bank of America Corp DE boosted its stake in shares of U Power Limited (NASDAQ:UCAR) by 132,855,200.0% during the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund owned 1,328,553 shares of the company’s stock after purchasing an additional 1,328,552 shares during the period. Bank of America Corp DE owned approximately 288.82% of U Power worth $50,000 at the end of the most recent reporting period. 13.21% of the stock is owned by institutional investors.

About U Power

U Power Limited (NASDAQ: UCAR) is a Chinese electric vehicle technology company focused on developing modular vehicle platforms and battery-swapping systems. Its core technology, known as the UP Super Board, is designed to serve as a customizable chassis for different electric vehicle models and is intended to simplify vehicle development and production.

The company also develops the UOTTA battery-swapping system, which is designed to allow compatible electric vehicles to exchange depleted batteries for charged units.