Microvast (NASDAQ:MVST) Trading Up 7.3% – Here’s What Happened

Shares of Microvast Holdings, Inc. (NASDAQ:MVST) shot up 7.3% during trading on Friday . The company traded as high as $2.17 and last traded at $2.14. 3,259,721 shares changed hands during trading, a decline of 77% from the average session volume of 14,186,474 shares. The stock had previously closed at $1.99.

Analyst Ratings Changes

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

Microvast Stock Performance

The company has a debt-to-equity ratio of 0.24, a quick ratio of 0.83 and a current ratio of 1.30. The company has a market capitalization of $717.26 million, a PE ratio of -5.83 and a beta of 2.14. The stock’s 50-day simple moving average is $1.56 and its 200 day simple moving average is $0.74.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently made changes to their positions in MVST. Renaissance Technologies LLC acquired a new position in Microvast during the second quarter valued at approximately $90,000. XTX Topco Ltd acquired a new position in shares of Microvast during the 2nd quarter valued at $80,000. Point72 DIFC Ltd purchased a new stake in Microvast during the 2nd quarter worth $28,000. Cubist Systematic Strategies LLC acquired a new stake in Microvast in the 2nd quarter valued at $264,000. Finally, Point72 Asia Singapore Pte. Ltd. acquired a new stake in Microvast in the 2nd quarter valued at $141,000. Institutional investors and hedge funds own 20.72% of the company’s stock.

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.