Shares of electric vehicle manufacturer Volcon, Inc. ( VLCN ) soared over 70% in response to a series of buy-sell transactions by UBS Group AG ( UBS ) .

What Happened: As per a recent SEC filing, UBS Group ( UBS ), a significant shareholder in Volcon ( VLCN ), engaged in buying and selling shares of the company, triggering a sharp rise in Volcon’s stock price. The stock was trading at $6.270 at the time of writing on Wednesday’s pre-market, a significant leap from Wednesday’s close of $3.650, as per Benzinga Pro data.

UBS Group ( UBS ) bought 108 shares of Volcon’s common stock for $488.82, with individual share prices between $4.3885 and $4.53. Additionally, the group sold 1,265 shares for a total of $5470.96, with share prices ranging from $4.1 to $4.44. These transactions took place on July 5 and July 8.

Despite these transactions, UBS Group ( UBS ) continues to be a significant shareholder in Volcon ( VLCN ), holding shares indirectly through its wholly-owned subsidiaries, UBS Securities LLC and UBS Financial Services Inc.

See Also: Peter Schiff Says ‘Smart Money Is Selling’ And Dumb Money Is Buying It Through ETFs: ‘They Set Up Bitcoin  ETF Investors To Be The Bag Holders’ (CORRECTED)

Why It Matters: Volcon ( VLCN ), based in Round Rock, Texas, operates in the motor vehicles and passenger car bodies sector, with a focus on manufacturing.

Earlier this year, Volcon’s stock experienced a significant jump after a massive dip of 100% in the previous year. The company’s CEO, John Kim, announced that Volcon ( VLCN ) had delivered its first production vehicle, the Volcon Stag, to the U.S. Army Corps of Engineers for evaluation for military and humanitarian aid purposes.

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This story was generated using Benzinga Neuro and edited by Pooja Rajkumari