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

Microvast Holdings, Inc. (NASDAQ:MVST)’s share price gapped up before the market opened on Thursday . The stock had previously closed at $1.98, but opened at $2.10. Microvast shares last traded at $1.98, with a volume of 2,416,574 shares traded.

Wall Street Analyst Weigh In

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

Microvast Price Performance

The firm has a market capitalization of $633.20 million, a price-to-earnings ratio of -5.12 and a beta of 2.11. The stock’s fifty day moving average price is $1.82 and its two-hundred day moving average price is $0.87. The company has a current ratio of 1.30, a quick ratio of 0.83 and a debt-to-equity ratio of 0.24.

Institutional Inflows and Outflows

Several large investors have recently modified their holdings of the stock. SBI Securities Co. Ltd. purchased a new stake in Microvast in the fourth quarter valued at $32,000. IMG Wealth Management Inc. acquired a new stake in shares of Microvast during the fourth quarter worth about $38,000. AQR Capital Management LLC increased its position in shares of Microvast by 569.1% during 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 in the last quarter. Prudential Financial Inc. purchased a new stake in shares of Microvast in the 4th quarter valued at about $55,000. Finally, ExodusPoint Capital Management LP acquired a new stake in shares of Microvast in the 4th quarter valued at about $78,000. Institutional investors and hedge funds 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.