Microvast (NASDAQ:MVST) Trading Down 3.9% – Here’s Why

Shares of Microvast Holdings, Inc. (NASDAQ:MVST) traded down 3.9% during mid-day trading on Thursday . The company traded as low as $1.97 and last traded at $1.98. Approximately 1,518,097 shares traded hands during trading, a decline of 91% from the average session volume of 17,085,578 shares. The stock had previously closed at $2.06.

Analyst Ratings Changes

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

Microvast Stock Performance

The firm’s 50 day moving average price is $1.43 and its 200-day moving average price is $0.69. The firm has a market cap of $667.07 million, a price-to-earnings ratio of -5.42 and a beta of 2.14. The company has a debt-to-equity ratio of 0.24, a current ratio of 1.30 and a quick ratio of 0.83.

Institutional Investors Weigh In On Microvast

Several hedge funds have recently made changes to their positions in the stock. Renaissance Technologies LLC acquired a new position in Microvast in the 2nd quarter valued at approximately $90,000. XTX Topco Ltd bought a new stake in shares of Microvast during the second quarter valued at approximately $80,000. Point72 DIFC Ltd acquired a new position in shares of Microvast in the second quarter valued at $28,000. Cubist Systematic Strategies LLC bought a new position in Microvast in the second quarter worth $264,000. Finally, Point72 Asia Singapore Pte. Ltd. acquired a new stake in Microvast during the second quarter worth $141,000. Institutional investors 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.