Microvast (NASDAQ:MVST) Shares Down 6.8% – Here’s Why

Microvast Holdings, Inc. (NASDAQ:MVST) dropped 6.8% on Friday . The company traded as low as $1.55 and last traded at $1.57. Approximately 2,065,728 shares traded hands during trading, a decline of 82% from the average daily volume of 11,692,482 shares. The stock had previously closed at $1.68.

Analyst Upgrades and Downgrades

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

Microvast Stock Down 4.8 %

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 stock has a 50 day simple moving average of $1.76 and a 200 day simple moving average of $0.83. The firm has a market capitalization of $518.22 million, a PE ratio of -4.21 and a beta of 2.11.

Hedge Funds Weigh In On Microvast

Hedge funds and other institutional investors have recently made changes to their positions in the business. SBI Securities Co. Ltd. purchased a new position in Microvast during the 4th quarter valued at $32,000. AQR Capital Management LLC increased its position in shares of 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 buying an additional 92,828 shares during the period. Charles Schwab Investment Management Inc. purchased a new position in shares of Microvast during the fourth quarter valued at about $229,000. Renaissance Technologies LLC bought a new position in Microvast in the second quarter worth about $90,000. Finally, Cubist Systematic Strategies LLC bought a new position in Microvast in the second quarter worth about $264,000. Institutional investors 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.