NEW YORK (TheStreet) -- Shares of Kandi Technologies(KNDI) - Get Report are jumping 5.01% to $7.35 on heavy trading volume Thursday afternoon after the company said it expects to surpass its previous sales forecast of 5,500 to 6,000 electric vehicle products by about 10%.
The higher outlook comes after Kandi's joint venture with Geely Automobile achieved strong sales results in pure electric vehicles in the second quarter ended June 30.
"The joint venture company's EV sales excel our expectation, which is a strong indicator of market demand and customer satisfaction. We are very confident in maintaining our leadership position in China's EV industry," Kandi CEO Hu Xiaoming said in a statement.
The Jinhua, China-based company is focused on the development of pure electric vehicle (EV) products and manufacturing parts for electric vehicles.
About 1.19 million of the company's shares changed hands so far today vs. its average 30-day volume of 249,686 shares per day.
Separately, TheStreet Ratings Team has a "Hold" rating with a score of C on the stock.
The primary factors that have impacted the rating are mixed. The company's strengths can be seen in multiple areas, such as its robust revenue growth, largely solid financial position with reasonable debt levels by most measures and good cash flow from operations.
But the team also finds weaknesses including a generally disappointing performance in the stock itself, deteriorating net income and disappointing return on equity.
Recently, TheStreet Ratings objectively rated this stock according to its "risk-adjusted" total return prospect over a 12-month investment horizon. Not based on the news in any given day, the rating may differ from Jim Cramer's view or that of this articles's author.
You can view the full analysis from the report here: KNDI