#7 - Microvast (NASDAQ:MVST)
Electric vehicle stocks are taking it on the chin for many reasons. But the story has been different for a lithium-ion battery maker such as Microvast Holdings Inc. (NASDAQ: MVST). One obstacle to EV adoption is the lack of infrastructure, such as an ample supply of lithium-ion batteries. That's one reason why a major initiative of the Biden administration is to increase domestic manufacturing of EV batteries.
Microvast leads the way in that department with over 600 patents and applications. The vertically integrated company takes care of everything from the raw materials to the battery assembly.
This is another company showing bullish YOY revenue growth and has a $678.70 million backlog of projects on the books. The company has noticed project delays as customers navigate a high interest rate environment. But with an expected rate cut in June and perhaps more to follow, now is a good time to consider getting in on MVST 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.
Read More - Current Price
- $0.67
- Consensus Rating
- Moderate Buy
- Ratings Breakdown
- 3 Buy Ratings, 1 Hold Ratings, 0 Sell Ratings.
- Consensus Price Target
- $4.50 (575.7% Upside)
Investing in stocks under $5 contains significant risk. Many of these stocks are unprofitable. Some have a significant bankruptcy risk. For example, in 2023, a record 18 biotechnology companies filed for bankruptcy protection. That beat the old record of eight, which occurred in 2022.
Because of their low price, penny stocks also tend to be more volatile than higher-priced stocks. But if you're looking for the opportunity for outsized gains, these are stocks that you need to consider.
MarketBeat has many resources to help you find penny stock ideas. You can, for instance, use the free Stock Screener tool and sort more precisely for different sectors of interest. You can also look under the Market Data tab for Stocks Under $5. You can also find an entire section devoted to penny stocks, including Most Active Penny Stocks, Most Popular Penny Stocks, and Top Penny Stocks today.
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