Microvast (NASDAQ:MVST) Shares Up 9% – What’s Next?

Microvast Holdings, Inc. (NASDAQ:MVST)’s share price shot up 9% during trading on Wednesday . The company traded as high as $2.24 and last traded at $2.23. 3,097,692 shares were traded during mid-day trading, a decline of 82% from the average session volume of 17,645,414 shares. The stock had previously closed at $2.05.

Analysts Set New Price Targets

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

Microvast Price Performance

The firm has a market capitalization of $699.45 million, a PE ratio of -5.68 and a beta of 2.14. The stock has a 50-day moving average price of $1.39 and a 200 day moving average price of $0.68. The company has a quick ratio of 0.83, a current ratio of 1.30 and a debt-to-equity ratio of 0.24.

Institutional Trading of Microvast

A number of institutional investors and hedge funds have recently made changes to their positions in MVST. Point72 DIFC Ltd purchased a new stake in shares of Microvast in the second quarter valued at approximately $28,000. AQR Capital Management LLC boosted its stake 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 worth $50,000 after acquiring an additional 92,828 shares during the last quarter. XTX Topco Ltd acquired a new stake in shares of Microvast in the second quarter worth approximately $80,000. Renaissance Technologies LLC acquired a new stake in shares of Microvast in the second quarter worth approximately $90,000. Finally, Point72 Asia Singapore Pte. Ltd. acquired a new stake in shares of Microvast in the second quarter worth approximately $141,000. 20.72% of the stock is currently owned by hedge funds and other institutional investors.

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.