Microvast (NASDAQ:MVST) Shares Gap Down – What’s Next?

Microvast Holdings, Inc. (NASDAQ:MVST) shares gapped down before the market opened on Thursday . The stock had previously closed at $3.08, but opened at $2.94. Microvast shares last traded at $3.23, with a volume of 2,414,585 shares.

Wall Street Analysts Forecast Growth

Separately, HC Wainwright reaffirmed a “buy” rating and issued a $3.00 price target on shares of Microvast in a report on Tuesday, April 8th.

Microvast Trading Up 2.4%

The company has a current ratio of 1.30, a quick ratio of 0.83 and a debt-to-equity ratio of 0.24. The business has a 50 day moving average of $1.84 and a two-hundred day moving average of $1.60. The firm has a market cap of $1.10 billion, a P/E ratio of -8.89 and a beta of 2.72.

Microvast (NASDAQ:MVST) last announced its quarterly earnings results on Monday, May 12th. The company reported $0.06 EPS for the quarter, beating analysts’ consensus estimates of ($0.04) by $0.10. The firm had revenue of $116.49 million for the quarter, compared to analyst estimates of $104.00 million. Microvast had a negative return on equity of 22.10% and a negative net margin of 30.88%. Analysts predict that Microvast Holdings, Inc. will post -0.3 earnings per share for the current year.

Institutional Trading of Microvast

Hedge funds and other institutional investors have recently made changes to their positions in the stock. Goldman Sachs Group Inc. boosted its holdings in shares of Microvast by 158.9% in the 1st quarter. Goldman Sachs Group Inc. now owns 1,606,896 shares of the company’s stock worth $1,880,000 after purchasing an additional 986,335 shares in the last quarter. Millennium Management LLC boosted its holdings in shares of Microvast by 101.6% in the 1st quarter. Millennium Management LLC now owns 4,646,060 shares of the company’s stock worth $5,436,000 after purchasing an additional 2,341,637 shares in the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. purchased a new position in shares of Microvast in the 1st quarter worth about $213,000. OMERS ADMINISTRATION Corp purchased a new position in shares of Microvast in the 1st quarter worth about $184,000. Finally, Rathbones Group PLC purchased a new position in shares of Microvast in the 1st quarter worth about $53,000. 20.72% of the stock is currently owned by institutional investors.

Microvast Company Profile

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.