Forza X1 (NASDAQ:FRZA) has been one of this week’s top-moving stocks so far. The company known for producing trending electric boats has rocketed 150% in just a few hours of trading. This momentum is the result of a tweet that Forza shared at around 4 p.m. on Friday, June 2. In it, the company teased: “Get ready for something extraordinary! Stay tuned!” and added the hashtag #electricboat. Since then, FRZA stock has been surging after a month of remaining almost completely stagnant. Now interest in it is high, as indicated by heavy trading volume. As InvestorPlace’s William White reports:
“Forza X1’s tease of upcoming news has investors excited this morning. As a result, the company’s shares are seeing heavy trading during pre-market hours. This has some 5.2 million shares of the stock changing hands as of this writing. To put that in perspective, the company’s daily average trading volume is closer to 124,000 shares.”
Currently, Forza has not provided any further context on what it is planning. In the shared teaser video, it tells investors: “Don’t miss the boat,” but in the case of a boat company, that could mean multiple things. According to ApeWisdom, interest in FRZA stock from retail investors has spiked, with mentions of it increasing by 500% in the past 24 hours. However, the platform also notes that it has received no mentions on r/WallStreetBets. Institutional investment has also been declining over the past quarter, but if this surge continues, that may change.
Top Investors Betting on FRZA Stock
Data from WhaleWisdom indicates that institutional sentiment toward FRZA stock is quite low. This isn’t surprising given its status as a microcap penny stock that hadn’t seen much growth until the June 2 tweet. While current data on the stock’s institutional investors is limited, it shows that the number of funds holding Forza has decreased by 25% since Q1. On top of that, the amount of 13F shares has fallen by almost 32%, as has percentage ownership. The number of increased positions has technically risen 200%, but it has only moved from one to three.
Let’s take a look at the top institutional investors still betting big on FRZA stock.
- Twin Vee PowerCats (NASDAQ:VEEE): 7,000,010 shares. This fellow boat company added its entire Forza X1 position during the previous quarter.
- Commonwealth Equity Services: 17,000. This wealth management firm recently added 3,000 shares of FRZA stock.
- Renaissance Technologies: 16,600 shares. This leading hedge fund decreased its Forza holdings in Q1 by 1,336 shares.
- Tower Research Capital: 8,759 shares. This financial services fund recently increased its position in FRZA stock by 2,070 shares.
- UBS Group (NYSE:UBS): 7,998 shares. This investment bank offloaded 4,983 Forza shares in Q1.
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Read More:?Penny Stocks — How to Profit Without Getting Scammed
On the date of publication, Samuel O’Brient did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.
