Embark Technology (NASDAQ:EMBK) Trading Down 7%

Embark Technology, Inc. (NASDAQ:EMBKGet Rating) shares fell 7% on Tuesday . The company traded as low as $2.08 and last traded at $2.13. 44,969 shares were traded during trading, a decline of 99% from the average session volume of 3,077,677 shares. The stock had previously closed at $2.29.

A number of research firms recently weighed in on EMBK. Robert W. Baird lowered their price target on shares of Embark Technology from $12.00 to $9.00 in a report on Friday, March 18th. Citigroup decreased their price objective on shares of Embark Technology from $11.00 to $6.00 in a report on Wednesday, May 11th. Finally, Vertical Research began coverage on shares of Embark Technology in a report on Tuesday, April 26th. They issued a “buy” rating and a $20.00 price target for the company.

The company has a 50-day moving average price of $4.94.

Embark Technology (NASDAQ:EMBKGet Rating) last released its earnings results on Tuesday, May 10th. The company reported ($0.04) earnings per share for the quarter, topping the consensus estimate of ($0.11) by $0.07. On average, sell-side analysts forecast that Embark Technology, Inc. will post -0.5 earnings per share for the current fiscal year.

Institutional investors and hedge funds have recently made changes to their positions in the stock. Tuttle Capital Management LLC purchased a new position in Embark Technology during the fourth quarter valued at approximately $131,000. DNB Asset Management AS acquired a new stake in Embark Technology in the fourth quarter valued at approximately $674,000. Kepos Capital LP acquired a new stake in Embark Technology in the fourth quarter valued at approximately $1,143,000. Point72 Asset Management L.P. acquired a new stake in Embark Technology in the fourth quarter valued at approximately $2,386,000. Finally, Canada Pension Plan Investment Board acquired a new stake in Embark Technology in the fourth quarter valued at approximately $17,360,000. 53.69% of the stock is currently owned by hedge funds and other institutional investors.

Embark Technology Company Profile (NASDAQ:EMBK)

Embark Technology, Inc develops self-driving software solutions for the trucking industry in the United States. Its solutions include Embark Driver, autonomous trucking software; Embark Universal Interface, an interoperable self-driving stack that works across truck OEM platforms; and Embark Guardian, a cloud-based autonomous fleet management solution that gives carriers control over air updates, remote vehicle monitoring, remote vehicle assist, dispatching and access to real time data such as weather and construction.

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