Tantech (NASDAQ:TANH) Stock Passes Below 50-Day Moving Average of $0.70

Tantech Holdings Ltd (NASDAQ:TANH)’s share price passed below its fifty day moving average during trading on Wednesday . The stock has a fifty day moving average of $0.70 and traded as low as $0.67. Tantech shares last traded at $0.69, with a volume of 18,606 shares traded.

Analysts Set New Price Targets

Separately, StockNews.com assumed coverage on Tantech in a research report on Thursday, December 21st. They set a “sell” rating on the stock.

Tantech Stock Performance

The business has a 50-day moving average price of $0.70 and a 200-day moving average price of $1.38.

Institutional Trading of Tantech

Hedge funds and other institutional investors have recently modified their holdings of the stock. Renaissance Technologies LLC increased its position in shares of Tantech by 206.8% during the 2nd quarter. Renaissance Technologies LLC now owns 1,192,940 shares of the basic materials company’s stock worth $348,000 after purchasing an additional 804,150 shares during the last quarter. Millennium Management LLC purchased a new position in shares of Tantech in the 2nd quarter valued at about $61,000. Finally, Virtu Financial LLC purchased a new position in shares of Tantech in the 1st quarter valued at about $88,000. 6.02% of the stock is owned by institutional investors and hedge funds.

About Tantech

Tantech Holdings Ltd, together with its subsidiaries, develops and manufactures bamboo-based charcoal products for industrial energy, household cooking, heating, purification, agricultural, and cleaning applications in the People's Republic of China and internationally. The company operates in three segments: Consumer Products, Electric Vehicles, and Biodegradable Packaging.