Microvast (NASDAQ:MVST) Shares Down 8.2% - Here's Why

Microvast Holdings, Inc. (NASDAQ:MVST - Get Free Report) dropped 8.2% during mid-day trading on Wednesday . The stock traded as low as $1.76 and last traded at $1.74. Approximately 3,246,210 shares traded hands during trading, a decline of 76% from the average daily volume of 13,561,107 shares. The stock had previously closed at $1.89.

Analyst Ratings Changes

Separately, HC Wainwright reaffirmed a "buy" rating and issued a $3.00 price target on shares of Microvast in a research note on Monday, November 18th.

Microvast Stock Up 7.3 %

The company has a quick ratio of 0.83, a current ratio of 1.30 and a debt-to-equity ratio of 0.24. The stock has a 50 day simple moving average of $1.71 and a 200 day simple moving average of $0.81. The stock has a market cap of $545.75 million, a price-to-earnings ratio of -4.43 and a beta of 2.11.

Institutional Trading of Microvast

Hedge funds and other institutional investors have recently bought and sold shares of the business. AQR Capital Management LLC grew its holdings 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 bought a new position in Microvast in the 2nd quarter valued at about $90,000. Finally, Cubist Systematic Strategies LLC acquired a new position in Microvast during the 2nd quarter valued at about $264,000. Institutional investors 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.