Microvast (NASDAQ:MVST) Shares Gap Up – Here’s What Happened

Microvast Holdings, Inc. (NASDAQ:MVST) gapped up before the market opened on Tuesday . The stock had previously closed at $1.99, but opened at $2.10. Microvast shares last traded at $2.17, with a volume of 2,089,021 shares changing hands.

Analysts Set New Price Targets

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

Microvast Price Performance

The company has a market capitalization of $667.07 million, a P/E ratio of -5.42 and a beta of 2.14. The firm’s fifty day moving average is $1.32 and its 200 day moving average is $0.66. The company has a debt-to-equity ratio of 0.24, a quick ratio of 0.83 and a current ratio of 1.30.

Hedge Funds Weigh In On Microvast

Several hedge funds have recently added to or reduced their stakes in MVST. Point72 DIFC Ltd bought a new position in Microvast during the 2nd quarter valued at about $28,000. AQR Capital Management LLC grew its stake in Microvast by 569.1% in the 2nd quarter. AQR Capital Management LLC now owns 109,139 shares of the company’s stock worth $50,000 after acquiring an additional 92,828 shares in the last quarter. XTX Topco Ltd bought a new position in Microvast in the 2nd quarter worth about $80,000. Renaissance Technologies LLC bought a new position in Microvast in the 2nd quarter worth about $90,000. Finally, Point72 Asia Singapore Pte. Ltd. bought a new position in Microvast in the 2nd quarter worth 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.