Microvast (NASDAQ:MVST) Shares Up 6.3% – Here’s Why

Microvast Holdings, Inc. (NASDAQ:MVST)’s share price was up 6.3% on Monday . The company traded as high as $1.57 and last traded at $1.61. Approximately 3,336,465 shares changed hands during trading, a decline of 74% from the average daily volume of 13,031,645 shares. The stock had previously closed at $1.51.

Wall Street Analysts Forecast Growth

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

Microvast Stock Performance

The stock has a market cap of $508.51 million, a price-to-earnings ratio of -4.13 and a beta of 2.11. 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 stock’s 50-day simple moving average is $1.70 and its two-hundred day simple moving average is $0.80.

Institutional Inflows and Outflows

Large investors have recently made changes to their positions in the stock. AQR Capital Management LLC raised 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 last quarter. Renaissance Technologies LLC acquired a new position in shares of Microvast during the second quarter valued at about $90,000. Finally, Cubist Systematic Strategies LLC acquired a new position in shares of Microvast during the second quarter valued at about $264,000. Institutional investors and hedge funds own 20.72% of the company’s stock.

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.