Microvast (NASDAQ:MVST) Shares Down 3.9% – Here’s Why

Shares of Microvast Holdings, Inc. (NASDAQ:MVST) fell 3.9% on Thursday . The company traded as low as $1.97 and last traded at $1.98. 1,518,097 shares traded hands during mid-day trading, a decline of 91% from the average session volume of 17,085,578 shares. The stock had previously closed at $2.06.

Wall Street Analyst Weigh In

Separately, HC Wainwright reissued a “buy” rating and issued 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 current ratio of 1.30 and a quick ratio of 0.83. The firm has a fifty day moving average of $1.35 and a two-hundred day moving average of $0.67. The stock has a market capitalization of $688.12 million, a P/E ratio of -5.59 and a beta of 2.14.

Institutional Trading of Microvast

Institutional investors and hedge funds have recently made changes to their positions in the company. Point72 DIFC Ltd bought a new stake in shares of Microvast in the second quarter valued at about $28,000. AQR Capital Management LLC raised its holdings 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 acquiring an additional 92,828 shares in the last quarter. XTX Topco Ltd bought a new stake in shares of Microvast in the second quarter valued at about $80,000. Renaissance Technologies LLC bought a new stake in shares of Microvast in the second quarter valued at about $90,000. Finally, Point72 Asia Singapore Pte. Ltd. bought a new stake in shares of Microvast in the second quarter valued at about $141,000. 20.72% of the stock is currently owned by institutional investors.

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.