UCAR drops below IPO price, gives up all of the 620% gains it posted in last week's debut

Last week, Chinese EV battery-swapping technology firm U Power (NASDAQ:UCAR) came public with a rush of interest, surging more than 600% in its debut session on Wall Street. Since then, shares have trended steadily downward.

On Tuesday, the stock dropped another 21%, giving up all of its initial rally and slipping below its original offering price. At about 2 p.m. ET, the stock had fallen $1.46 on the session to reach $5.58. The slide took the stock below its IPO price of $6.

Last Thursday, shares surged to a high of $75 just after debuting as a public company. This represented an advance of 1,150% from the IPO price of $6. Shares eventually ended that first session at $43.18, with the stock paused 22 times for abnormal trading.

The initial post-IPO session ended with a nearly 620% advance compared to its offering price, although the closing figure was 42% lower than its intraday top of $75. The moderation continued from there. The stock dropped 82% on Friday, its second session as a public company. It fell another 10% on Monday, with the further 21% slide coming during Tuesday's action.

Ahead of the IPO, Seeking Alpha contributor Donovan Jones raised red flags about the "little revenue" the company had produced and "numerous risks associated with PRC operations." However, the analyst also noted that the stock "may attract day traders seeking volatility" due to its "ultra-low float" and its position within the high-profile EV market.