Microvast (NASDAQ:MVST) Shares Gap Down – Here’s Why

Shares of Microvast Holdings, Inc. (NASDAQ:MVST) gapped down prior to trading on Wednesday . The stock had previously closed at $2.14, but opened at $2.06. Microvast shares last traded at $2.02, with a volume of 3,171,401 shares trading hands.

Analysts Set New Price Targets

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

Microvast Price Performance

The company has a debt-to-equity ratio of 0.24, a quick ratio of 0.83 and a current ratio of 1.30. The firm has a 50 day moving average price of $1.56 and a two-hundred day moving average price of $0.74.

Institutional Investors Weigh In On Microvast

Several hedge funds and other institutional investors have recently bought and sold shares of the business. Point72 DIFC Ltd acquired a new stake in shares of Microvast during the second quarter worth approximately $28,000. AQR Capital Management LLC grew its holdings in Microvast by 569.1% during 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 stake in shares of Microvast in the 2nd quarter worth about $80,000. Renaissance Technologies LLC acquired a new stake in shares of Microvast in the 2nd quarter valued at about $90,000. Finally, Point72 Asia Singapore Pte. Ltd. bought a new position in shares of Microvast during the second quarter worth about $141,000. 20.72% of the stock is currently owned by hedge funds and other 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.