Microvast (NASDAQ:MVST) Shares Up 9.7% – Here’s Why

Microvast Holdings, Inc. (NASDAQ:MVST)’s share price was up 9.7% during mid-day trading on Thursday . The stock traded as high as $2.01 and last traded at $2.01. Approximately 2,989,036 shares were traded during trading, a decline of 71% from the average daily volume of 10,134,990 shares. The stock had previously closed at $1.83.

Analyst Upgrades and Downgrades

Separately, HC Wainwright reiterated a “buy” rating and issued a $3.00 price objective on shares of Microvast in a research note on Monday, November 18th.

Microvast Stock Up 27.9 %

The company has a quick ratio of 0.83, a current ratio of 1.30 and a debt-to-equity ratio of 0.24. The stock has a 50-day simple moving average of $0.75 and a 200-day simple moving average of $0.48. The firm has a market capitalization of $758.15 million, a PE ratio of -6.16 and a beta of 2.54.

Institutional Investors Weigh In On Microvast

Institutional investors have recently added to or reduced their stakes in the business. Cubist Systematic Strategies LLC bought a new stake in shares of Microvast in the second quarter valued at approximately $264,000. Point72 Asia Singapore Pte. Ltd. bought a new stake in Microvast during the 2nd quarter valued at $141,000. Renaissance Technologies LLC purchased a new stake in shares of Microvast during the second quarter worth $90,000. XTX Topco Ltd bought a new position in shares of Microvast in the second quarter worth $80,000. Finally, AQR Capital Management LLC grew its position in shares of Microvast by 569.1% in the second quarter. AQR Capital Management LLC now owns 109,139 shares of the company’s stock valued at $50,000 after purchasing an additional 92,828 shares in the last quarter. 20.72% of the stock is owned by hedge funds and other institutional investors.

Microvast Company Profile

Microvast Holdings, Inc provides battery technologies for electric vehicles and energy storage solutions. The company offers a range of cell chemistries, such as lithium titanate oxide, lithium iron phosphate, and nickel manganese cobalt version 1 and 2. It also designs, develops, and manufactures battery components, such as cathode, anode, electrolyte, and separator.