Microvast (NASDAQ:MVST) Shares Up 9.7% – Here’s What Happened

Shares of Microvast Holdings, Inc. (NASDAQ:MVST) shot up 9.7% on Thursday . The stock traded as high as $2.01 and last traded at $2.01. 2,989,036 shares traded hands during mid-day trading, a decline of 71% from the average session volume of 10,134,990 shares. The stock had previously closed at $1.83.

Analysts Set New Price Targets

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

Microvast Price 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 firm has a market capitalization of $793.35 million, a PE ratio of -6.45 and a beta of 2.54. The stock has a fifty day moving average price of $0.84 and a 200-day moving average price of $0.51.

Hedge Funds Weigh In On Microvast

Large investors have recently added to or reduced their stakes in the company. Point72 DIFC Ltd purchased a new position in shares of Microvast in the 2nd quarter worth approximately $28,000. Cubist Systematic Strategies LLC purchased a new position in Microvast in the second quarter worth $264,000. Point72 Asia Singapore Pte. Ltd. acquired a new position in shares of Microvast during the second quarter worth $141,000. AQR Capital Management LLC lifted its holdings in shares of Microvast by 569.1% during the 2nd quarter. AQR Capital Management LLC now owns 109,139 shares of the company’s stock valued at $50,000 after purchasing an additional 92,828 shares during the last quarter. Finally, XTX Topco Ltd acquired a new stake in shares of Microvast in the 2nd quarter worth $80,000. 20.72% of the stock is currently owned by institutional investors.

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.