VinFast Auto (NASDAQ:VFS) Stock Price Crosses Above 50 Day Moving Average – Here’s What Happened

VinFast Auto Ltd. (NASDAQ:VFS)’s share price passed above its 50 day moving average during trading on Tuesday. The stock has a 50 day moving average of $3.10 and traded as high as $3.18. VinFast Auto shares last traded at $3.15, with a volume of 476,694 shares changing hands.

Analyst Ratings Changes

Several equities research analysts have issued reports on VFS shares. Weiss Ratings downgraded shares of VinFast Auto from a “sell (d-)” rating to a “sell (e+)” rating in a research report on Wednesday, October 21st. Chardan Capital restated a “buy” rating and set a $5.50 price objective on shares of VinFast Auto in a report on Friday, October 16th. Yorkville Ives initiated coverage on VinFast Auto in a research report on Monday, October 5th. They issued an “in-line” rating and a $3.50 target price on the stock. Finally, Cantor Fitzgerald lowered their target price on VinFast Auto from $5.00 to $4.00 and set an “overweight” rating on the stock in a research note on Tuesday, October 20th. Three investment analysts have rated the stock with a Buy rating, one has issued a Hold rating and one has assigned a Sell rating to the company’s stock. According to MarketBeat, VinFast Auto has an average rating of “Hold” and an average price target of $4.75.

VinFast Auto Trading Up 3.3%

The firm has a fifty day moving average price of $3.10 and a 200-day moving average price of $3.34.

Hedge Funds Weigh In On VinFast Auto

Hedge funds have recently bought and sold shares of the company. SBI Securities Co. Ltd. acquired a new position in shares of VinFast Auto in the 3rd quarter valued at approximately $154,000. Bank of America Corp DE lifted its holdings in shares of VinFast Auto by 525.3% during the 1st quarter. Bank of America Corp DE now owns 189,098 shares of the company’s stock worth $728,000 after acquiring an additional 158,855 shares during the period. Renaissance Technologies LLC lifted its holdings in shares of VinFast Auto by 157.0% during the 1st quarter. Renaissance Technologies LLC now owns 31,100 shares of the company’s stock worth $120,000 after acquiring an additional 19,000 shares during the period. Finally, Lazard Asset Management LLC boosted its position in shares of VinFast Auto by 3.2% during the 1st quarter. Lazard Asset Management LLC now owns 185,329 shares of the company’s stock worth $714,000 after acquiring an additional 5,744 shares in the last quarter.

About VinFast Auto

VinFast Auto is a Vietnam-based automotive manufacturer focused on developing and producing electric vehicles. The company offers a range of electric sport utility vehicles and cars, including the VF 3, VF 5, VF 6, VF 7, VF 8 and VF 9, as well as electric scooters and buses. Its business also includes related battery and charging solutions designed to support electric-vehicle ownership.

Founded in 2017 as part of Vingroup, VinFast became Vietnam’s first volume automotive manufacturer and initially produced gasoline-powered vehicles before transitioning to an all-electric product lineup.