Microvast (NASDAQ:MVST) Shares Down 6.8% – Here’s Why

Microvast Holdings, Inc. (NASDAQ:MVST) shares were down 6.8% on Friday . The company traded as low as $1.55 and last traded at $1.57. Approximately 2,065,728 shares were traded during mid-day trading, a decline of 82% from the average daily volume of 11,692,482 shares. The stock had previously closed at $1.68.

Wall Street Analyst Weigh In

Separately, HC Wainwright reiterated a “buy” rating and set a $3.00 price target on shares of Microvast in a report on Monday, November 18th.

Microvast Trading Down 4.8 %

The stock’s fifty day moving average price is $1.76 and its 200 day moving average price is $0.83. 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 market cap of $518.22 million, a PE ratio of -4.21 and a beta of 2.11.

Institutional Investors Weigh In On Microvast

Several institutional investors and hedge funds have recently added to or reduced their stakes in MVST. Renaissance Technologies LLC purchased a new stake in Microvast in the second quarter worth approximately $90,000. AQR Capital Management LLC boosted its holdings in Microvast by 569.1% in the second quarter. AQR Capital Management LLC now owns 109,139 shares of the company’s stock worth $50,000 after purchasing an additional 92,828 shares during the last quarter. Cubist Systematic Strategies LLC purchased a new stake in Microvast in the second quarter worth approximately $264,000. SBI Securities Co. Ltd. purchased a new stake in Microvast in the fourth quarter worth approximately $32,000. Finally, Charles Schwab Investment Management Inc. bought a new position in Microvast in the fourth quarter worth approximately $229,000. Hedge funds and other institutional investors own 20.72% of the company’s stock.

About Microvast

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.