Microvast (NASDAQ:MVST) Stock Price Up 6.2% – Here’s Why

Microvast Holdings, Inc. (NASDAQ:MVST)’s share price was up 6.2% during trading on Tuesday . The company traded as high as $3.80 and last traded at $3.79. Approximately 1,297,214 shares traded hands during mid-day trading, a decline of 89% from the average daily volume of 12,298,795 shares. The stock had previously closed at $3.57.

Analyst Ratings Changes

A number of research analysts have recently issued reports on the company. Wall Street Zen raised Microvast from a “hold” rating to a “buy” rating in a research note on Thursday, May 22nd. HC Wainwright restated a “buy” rating and issued a $3.00 target price on shares of Microvast in a report on Tuesday, April 8th.

Microvast Trading Down 5.0%

The company has a debt-to-equity ratio of 0.24, a current ratio of 1.30 and a quick ratio of 0.83. The firm has a market cap of $1.10 billion, a P/E ratio of -8.92 and a beta of 2.72. The stock has a 50 day moving average of $2.46 and a 200 day moving average of $1.90.

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

Institutional Investors Weigh In On Microvast

A number of hedge funds have recently added to or reduced their stakes in the stock. Goldman Sachs Group Inc. grew its position in shares of Microvast by 158.9% during the first 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 lifted 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 buying an additional 2,341,637 shares during the period. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. bought a new position in Microvast in the first quarter worth approximately $213,000. OMERS ADMINISTRATION Corp purchased a new stake in Microvast during the first quarter valued at approximately $184,000. Finally, Rathbones Group PLC acquired a new position in Microvast during the 1st quarter valued at about $53,000. 20.72% of the stock is currently owned by hedge funds and other 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.