Microvast (NASDAQ:MVST) Shares Up 9% – What’s Next?

Microvast Holdings, Inc. (NASDAQ:MVST) shot up 9% on Wednesday . The stock traded as high as $2.24 and last traded at $2.23. 3,097,692 shares traded hands during mid-day trading, a decline of 82% from the average session volume of 17,645,414 shares. The stock had previously closed at $2.05.

Analyst Upgrades and Downgrades

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

Microvast Stock Performance

The stock has a market capitalization of $699.45 million, a PE ratio of -5.68 and a beta of 2.14. The company has a quick ratio of 0.83, a current ratio of 1.30 and a debt-to-equity ratio of 0.24. The firm has a 50 day moving average price of $1.39 and a 200-day moving average price of $0.68.

Institutional Inflows and Outflows

Several institutional investors have recently modified their holdings of the company. Point72 DIFC Ltd purchased a new position in shares of Microvast in the second quarter worth about $28,000. Cubist Systematic Strategies LLC purchased a new position in Microvast during the second quarter valued at approximately $264,000. Point72 Asia Singapore Pte. Ltd. purchased a new position in Microvast during the second quarter valued at approximately $141,000. AQR Capital Management LLC raised its position in Microvast by 569.1% during the second quarter. AQR Capital Management LLC now owns 109,139 shares of the company’s stock valued at $50,000 after acquiring an additional 92,828 shares in the last quarter. Finally, XTX Topco Ltd purchased a new position in Microvast during the second quarter valued at approximately $80,000. 20.72% of the stock is currently owned by hedge funds and other institutional investors.

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.