Microvast (NASDAQ:MVST) Stock Price Up 7.3% - Here's Why

Microvast Holdings, Inc. (NASDAQ:MVST - Get Free Report)'s stock price traded up 7.3% during mid-day trading on Friday . The stock traded as high as $2.17 and last traded at $2.14. 3,259,721 shares were traded during trading, a decline of 77% from the average session volume of 14,186,474 shares. The stock had previously closed at $1.99.

Wall Street Analysts Forecast Growth

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

Microvast Stock Up 9.5 %

The firm has a market cap of $705.93 million, a price-to-earnings ratio of -5.74 and a beta of 2.14. The firm has a 50-day moving average of $1.59 and a two-hundred day moving average of $0.75. The company has a current ratio of 1.30, a quick ratio of 0.83 and a debt-to-equity ratio of 0.24.

Institutional Trading of Microvast

A number of hedge funds have recently modified their holdings of the company. Renaissance Technologies LLC acquired a new stake in Microvast during the second quarter valued at approximately $90,000. XTX Topco Ltd acquired a new stake in Microvast during the 2nd quarter valued at $80,000. Point72 DIFC Ltd bought a new stake in shares of Microvast during the second quarter worth $28,000. Cubist Systematic Strategies LLC acquired a new stake in shares of Microvast in the second quarter valued at $264,000. Finally, Point72 Asia Singapore Pte. Ltd. acquired a new stake in Microvast in the 2nd quarter valued at about $141,000. Institutional investors own 20.72% of the company's stock.

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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.