The Vanguard Group, Inc. recently announced the acquisition of new stake in Embark Technology Inc. (NASDAQ:EMBK). The institutional investor has increased its shareholding in the Technology company by 315.65% to 0.85 million shares with purchase of 0.65 million shares. This fresh investment now brings its stake to 4.46% valued currently at $3.5 million. In addition, Vestcor, Inc. raised its holdings by 0.29 million to 0.77 million shares.
With over 0.37 million Embark Technology Inc. (EMBK) shares trading Tuesday and a closing price of $3.26 on the day, the dollar volume was approximately $1.2 million. The shares have shown a negative half year performance of -65.32% and its price on 01/10/23 gained nearly 0.31%. Currently, there are 23.14M common shares owned by the public and among those 17.47M shares have been available to trade.
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An analysis of what Wall Street brokers have to say about the expected price targets for this stock gives us this picture: 4 analysts who have offered their price forecasts for EMBK have a consensus price objective of $14.50. The analysts have set the share’s price value over the next 12 months at a high of $15.00 and a low of $14.00. The average price target is 90.74% above its recent price level and an upside to the estimated low will see the stock gain 76.71% over that period. But an upside of 78.27% will see the stock hit the forecast high price target while median target price for the stock is $14.50.
Insiders at the company have transacted a total of 30 times over the past 12 months, according to data filed with the U.S. Securities and Exchange Commission (SEC). 30 of these insider trades were purchases, accounting for 2,274,357 shares. Insider sales of the common stock occurred on 0 occasions, with total insider shares sold totaling 0 shares.
The top 3 mutual fund holders in Embark Technology Inc. are Vanguard Total Stock Market Index, Vanguard Extended Market Index Fu, and Vanguard Information Technology I. Vanguard Total Stock Market Index owns 0.48 million shares of the company’s stock, all valued at over $1.99 million. Vanguard Information Technology I bought 2156.0 shares to bring its total holdings to over 0.16 million shares at a value of $0.65 million. Vanguard Information Technology I now owns shares totaling to 0.83% of the shares outstanding.
However, the script later moved the day high at 3.5890, up 0.31%. The company’s stock has a 5-day price change of 14.79% and -47.71% over the past three months. EMBK shares are trading -0.91% year to date (YTD), with the 12-month market performance down to -97.58% lower. It has a 12-month low price of $2.02 and touched a high of $134.40 over the same period. EMBK has an average intraday trading volume of 200.62K shares. The stock is trading above its simple moving averages at the SMA20, SMA50, and SMA200, as the current price level is off by 18.87%, -18.66%, and -87.64% respectively.
Institutional ownership of Embark Technology Inc. (NASDAQ: EMBK) shares accounts for 63.70% of the company’s 23.14M shares outstanding. Mutual fund holders own 6.94%, while other institutional holders and individual stakeholders account for 87.70% and 20.98% respectively.
It has a market capitalization of $80.88M. The earnings-per-share (ttm) stands at -$6.37. Price movements for the stock have been influenced by the stock’s volatility, which stands at 12.60% over the week and 12.99% over the month.
Analysts forecast that Embark Technology Inc. (EMBK) will achieve an EPS of -$1.45 for the current quarter, -$1.55 for the next quarter and -$6.44 for 2023. The lowest estimate earnings-per-share for the quarter is -$2.27 while analysts give the company a high EPS estimate of -$0.87. Earnings per share for the fiscal year are expected to decrease by -476.80%, and -23.50% over the next financial year.
If you are looking to buy this stock, then you may note that the average analyst recommendation by 4 brokerage firm advisors rate Embark Technology Inc. (EMBK) as a “Moderate Buy” at a consensus score of 2.00. Specifically, 2 Wall Street analysts polled rate the stock as a buy, while 1 of the 4 advise that investors “hold,” and 0 rated it as a “Sell.”
Looking at the support for the EMBK, a number of firms have released research notes about the stock. Vertical Research stated their Buy rating for the stock in a research note on April 26, 2022, with the firm’s price target at $20. Robert W. Baird was of a view on December 16, 2021 that the stock is Outperform, while Citigroup gave the stock Buy rating on December 07, 2021, issuing a price target of $11.
