Microvast (NASDAQ:MVST) Sets New 1-Year Low Following Weak Earnings

Microvast Holdings, Inc. (NASDAQ:MVST)’s stock price reached a new 52-week low during trading on Tuesday following a dissappointing earnings announcement. The stock traded as low as $1.26 and last traded at $1.41, with a volume of 19581008 shares trading hands. The stock had previously closed at $2.02.

The company reported ($0.04) earnings per share for the quarter, missing analysts’ consensus estimates of $0.05 by ($0.09). The company had revenue of $60.61 million for the quarter, compared to analyst estimates of $99.02 million. Microvast had a negative return on equity of 6.50% and a negative net margin of 11.52%.

Analysts Set New Price Targets

MVST has been the topic of several analyst reports. Wall Street Zen lowered Microvast from a “buy” rating to a “hold” rating in a research report on Saturday, March 21st. Weiss Ratings reiterated a “sell (d-)” rating on shares of Microvast in a report on Friday, March 27th. Finally, Zacks Research lowered shares of Microvast from a “hold” rating to a “strong sell” rating in a research report on Thursday, March 19th. Two analysts have rated the stock with a Sell rating, According to data from MarketBeat.com, the company presently has an average rating of “Sell”.

Institutional Investors Weigh In On Microvast

Several institutional investors and hedge funds have recently made changes to their positions in MVST. Quantbot Technologies LP purchased a new stake in shares of Microvast during the third quarter valued at approximately $1,745,000. Rathbones Group PLC increased its position in shares of Microvast by 50.0% during the fourth quarter. Rathbones Group PLC now owns 67,500 shares of the company’s stock valued at $189,000 after acquiring an additional 22,500 shares during the last quarter. Universal Beteiligungs und Servicegesellschaft mbH purchased a new stake in shares of Microvast during the fourth quarter valued at approximately $89,000. Zurcher Kantonalbank Zurich Cantonalbank increased its position in shares of Microvast by 49.5% during the fourth quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 97,606 shares of the company’s stock valued at $273,000 after acquiring an additional 32,308 shares during the last quarter. Finally, Stonehage Fleming Financial Services Holdings Ltd purchased a new stake in shares of Microvast during the fourth quarter valued at approximately $451,000. Institutional investors own 20.72% of the company’s stock.

Microvast Stock Down 30.2%

The stock has a 50-day simple moving average of $1.82 and a 200-day simple moving average of $2.80. The company has a quick ratio of 0.74, a current ratio of 0.92 and a debt-to-equity ratio of 0.13. The firm has a market capitalization of $468.16 million, a PE ratio of -4.41 and a beta of 3.60.

About Microvast

Microvast Holdings, Inc, traded on NASDAQ under the symbol MVST, is a global provider of advanced lithium-ion battery solutions for transportation and stationary energy storage applications. The company designs, develops and manufactures a range of battery cells, modules and packs tailored to electric buses, commercial vehicles, passenger cars and grid storage systems. Its technology emphasizes fast charging, long cycle life and high energy density to meet stringent performance requirements in demanding operating environments.

Founded in 2006, Microvast has established a vertically integrated platform that spans research and development, pilot production and full-scale manufacturing.