VinFast Auto (NASDAQ:VFS) Shares Gap Down – Here’s Why

Shares of VinFast Auto Ltd. (NASDAQ:VFS) gapped down before the market opened on Monday. The stock had previously closed at $3.12, but opened at $3.02. VinFast Auto shares last traded at $2.9640, with a volume of 303,551 shares trading hands.

Analyst Upgrades and Downgrades

A number of research firms recently commented on VFS. Chardan Capital reissued a “buy” rating and issued a $5.50 price target on shares of VinFast Auto in a report on Friday. Weiss Ratings upgraded VinFast Auto from a “sell (e+)” rating to a “sell (d-)” rating in a report on Tuesday, October 6th. Three investment analysts have rated the stock with a Buy rating and one has given a Sell rating to the company. According to data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $5.50.

VinFast Auto Trading Down 6.6%

The stock has a 50-day simple moving average of $3.12 and a two-hundred day simple moving average of $3.40. The firm has a market capitalization of $6.83 billion, a P/E ratio of -1.58 and a beta of 0.68.

VinFast Auto (NASDAQ:VFS) last released its quarterly earnings data on Monday, October 19th. The company reported ($0.02) earnings per share (EPS) for the quarter. The firm had revenue of $1.15 billion for the quarter. As a group, research analysts expect that VinFast Auto Ltd. will post -1.60 EPS for the current year.

Institutional Investors Weigh In On VinFast Auto

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Bank of America Corp DE boosted its holdings in VinFast Auto by 525.3% in the first quarter. Bank of America Corp DE now owns 189,098 shares of the company’s stock worth $728,000 after acquiring an additional 158,855 shares in the last quarter. Lazard Asset Management LLC raised its position in shares of VinFast Auto by 3.2% in the 1st quarter. Lazard Asset Management LLC now owns 185,329 shares of the company’s stock valued at $714,000 after purchasing an additional 5,744 shares during the last quarter. Finally, Renaissance Technologies LLC boosted its stake in VinFast Auto by 157.0% in the 1st quarter. Renaissance Technologies LLC now owns 31,100 shares of the company’s stock worth $120,000 after purchasing an additional 19,000 shares in the last quarter.

VinFast Auto Company Profile

VinFast Auto Ltd. is a Vietnamese automotive company focused on developing, manufacturing and selling electric vehicles. Its product portfolio includes electric sport utility vehicles, cars, scooters and buses, along with related batteries, charging solutions and vehicle services.

Founded in 2017 as part of Vietnam’s Vingroup ecosystem, VinFast began vehicle production at its manufacturing complex in Hai Phong, Vietnam. The company has expanded its sales and market activities beyond Vietnam, serving customers in international markets including North America and parts of Asia.