Microvast (NASDAQ:MVST) Trading 7.8% Higher - Here's Why

Microvast Holdings, Inc. (NASDAQ:MVST - Get Free Report) shares shot up 7.8% during trading on Wednesday . The stock traded as high as $2.39 and last traded at $2.41. 4,067,704 shares traded hands during trading, a decline of 62% from the average session volume of 10,803,302 shares. The stock had previously closed at $2.23.

Analyst Upgrades and Downgrades

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 Trading Down 9.7 %

The company has a 50 day simple moving average of $1.94 and a 200 day simple moving average of $0.95. 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 market capitalization of $631.59 million, a PE ratio of -5.13 and a beta of 2.11.

Hedge Funds Weigh In On Microvast

Several institutional investors and hedge funds have recently added to or reduced their stakes in the business. Squarepoint Ops LLC acquired a new position in Microvast during the 4th quarter worth approximately $737,000. LPL Financial LLC increased its position in Microvast by 559.0% during the 4th quarter. LPL Financial LLC now owns 272,455 shares of the company's stock worth $564,000 after purchasing an additional 231,109 shares during the period. XTX Topco Ltd increased its position in Microvast by 38.4% during the 4th quarter. XTX Topco Ltd now owns 119,066 shares of the company's stock worth $246,000 after purchasing an additional 33,016 shares during the period. Bank of America Corp DE increased its position in Microvast by 193.9% during the 4th quarter. Bank of America Corp DE now owns 112,754 shares of the company's stock worth $233,000 after purchasing an additional 74,393 shares during the period. Finally, Charles Schwab Investment Management Inc. acquired a new position in Microvast during the 4th quarter worth approximately $229,000. Institutional investors and hedge funds own 20.72% of the company's stock.

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.