Microvast (NASDAQ:MVST) Stock Price Down 5% – Here’s What Happened

Shares of Microvast Holdings, Inc. (NASDAQ:MVST) were down 5% on Thursday . The stock traded as low as $1.99 and last traded at $1.98. Approximately 893,582 shares were traded during mid-day trading, a decline of 94% from the average daily volume of 14,701,788 shares. The stock had previously closed at $2.08.

Analyst Ratings Changes

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

Microvast Stock Performance

The firm has a market cap of $660.59 million, a PE ratio of -5.38 and a beta of 2.14. The company has a debt-to-equity ratio of 0.24, a current ratio of 1.30 and a quick ratio of 0.83. The company has a 50 day simple moving average of $1.53 and a 200-day simple moving average of $0.73.

Institutional Inflows and Outflows

Several large investors have recently modified their holdings of the stock. Renaissance Technologies LLC purchased a new position in Microvast in the 2nd quarter worth approximately $90,000. XTX Topco Ltd bought a new position in shares of Microvast in the second quarter worth approximately $80,000. Point72 DIFC Ltd purchased a new position in shares of Microvast in the second quarter worth $28,000. Cubist Systematic Strategies LLC bought a new stake in Microvast during the 2nd quarter valued at $264,000. Finally, Point72 Asia Singapore Pte. Ltd. purchased a new stake in Microvast during the 2nd quarter valued at $141,000. Hedge funds and other institutional investors 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.