Microvast (NASDAQ:MVST) Stock Price Down 3.7% – Here’s What Happened
by Teresa Graham · The Cerbat GemShares of Microvast Holdings, Inc. (NASDAQ:MVST – Get Free Report) dropped 3.7% during trading on Wednesday . The stock traded as low as $2.97 and last traded at $2.9850. Approximately 794,687 shares traded hands during mid-day trading, a decline of 90% from the average daily volume of 7,965,451 shares. The stock had previously closed at $3.10.
Analyst Ratings Changes
MVST has been the subject of a number of analyst reports. Wall Street Zen cut Microvast from a “strong-buy” rating to a “buy” rating in a report on Sunday. Zacks Research downgraded shares of Microvast from a “strong-buy” rating to a “hold” rating in a report on Monday, October 13th. Finally, Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Microvast in a research note on Monday. One research analyst has rated the stock with a Buy rating, one has assigned a Hold rating and one has assigned a Sell rating to the company’s stock. According to data from MarketBeat, Microvast currently has an average rating of “Hold” and a consensus price target of $3.00.
Check Out Our Latest Analysis on MVST
Microvast Price Performance
The company has a quick ratio of 0.60, a current ratio of 0.84 and a debt-to-equity ratio of 0.21. The company has a market capitalization of $986.18 million, a price-to-earnings ratio of -5.56 and a beta of 3.39. The stock’s 50-day moving average price is $4.21 and its 200-day moving average price is $3.72.
Microvast (NASDAQ:MVST – Get Free Report) last posted its quarterly earnings data on Monday, November 10th. The company reported $0.04 earnings per share for the quarter, missing the consensus estimate of $0.05 by ($0.01). The company had revenue of $123.29 million during the quarter, compared to the consensus estimate of $120.02 million. Microvast had a positive return on equity of 11.34% and a negative net margin of 28.81%. Equities research analysts anticipate that Microvast Holdings, Inc. will post -0.3 earnings per share for the current year.
Institutional Inflows and Outflows
A number of large investors have recently added to or reduced their stakes in MVST. Vanguard Group Inc. lifted its holdings in Microvast by 14.6% in the third quarter. Vanguard Group Inc. now owns 12,010,655 shares of the company’s stock valued at $46,241,000 after buying an additional 1,533,708 shares during the period. Millennium Management LLC lifted its stake in shares of Microvast by 101.6% in the 1st quarter. Millennium Management LLC now owns 4,646,060 shares of the company’s stock valued at $5,436,000 after purchasing an additional 2,341,637 shares during the period. Geode Capital Management LLC lifted its stake in shares of Microvast by 117.3% in the 2nd quarter. Geode Capital Management LLC now owns 4,635,584 shares of the company’s stock valued at $16,830,000 after purchasing an additional 2,502,565 shares during the period. JPMorgan Chase & Co. boosted its position in shares of Microvast by 680,832.5% in the 2nd quarter. JPMorgan Chase & Co. now owns 3,118,671 shares of the company’s stock worth $11,321,000 after purchasing an additional 3,118,213 shares during the last quarter. Finally, Bank of America Corp DE grew its stake in shares of Microvast by 10.7% during the third quarter. Bank of America Corp DE now owns 1,811,495 shares of the company’s stock worth $6,974,000 after purchasing an additional 174,525 shares during the period. 20.72% of the stock is currently owned by institutional investors and hedge funds.
About Microvast
Microvast Holdings, Inc, traded on NASDAQ under the symbol MVST, is a global provider of advanced lithium-ion battery solutions for transportation and stationary energy storage applications. The company designs, develops and manufactures a range of battery cells, modules and packs tailored to electric buses, commercial vehicles, passenger cars and grid storage systems. Its technology emphasizes fast charging, long cycle life and high energy density to meet stringent performance requirements in demanding operating environments.
Founded in 2006, Microvast has established a vertically integrated platform that spans research and development, pilot production and full-scale manufacturing.