Microvast (NASDAQ:MVST) Shares Down 3.3% – Here’s What Happened

Microvast Holdings, Inc. (NASDAQ:MVST)’s share price was down 3.3% during trading on Friday . The stock traded as low as $2.30 and last traded at $2.33. Approximately 1,511,186 shares were traded during mid-day trading, a decline of 83% from the average daily volume of 8,781,854 shares. The stock had previously closed at $2.41.

Analysts Set New Price Targets

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

Microvast Price Performance

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 moving average price of $1.06 and a 200 day moving average price of $0.58. The stock has a market capitalization of $773.92 million, a price-to-earnings ratio of -6.29 and a beta of 2.54.

Institutional Trading of Microvast

Several institutional investors have recently bought and sold shares of the business. XTX Topco Ltd purchased a new position in shares of Microvast during the 2nd quarter valued at approximately $80,000. Point72 Asia Singapore Pte. Ltd. acquired a new position in Microvast during the second quarter worth $141,000. AQR Capital Management LLC grew its position in shares of Microvast by 569.1% in the second 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 period. Cubist Systematic Strategies LLC acquired a new stake in shares of Microvast in the second quarter valued at about $264,000. Finally, Point72 DIFC Ltd purchased a new stake in shares of Microvast during the second quarter worth about $28,000. 20.72% of the stock is owned by institutional investors and hedge funds.

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.