Microvast (NASDAQ:MVST) Shares Gap Up – Time to Buy?

Microvast Holdings, Inc. (NASDAQ:MVST) gapped up prior to trading 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 traded.

Wall Street Analysts Forecast Growth

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

Microvast Stock Up 9.5 %

The firm has a 50 day simple moving average of $1.28 and a two-hundred day simple moving average of $0.65. The company has a quick ratio of 0.83, a current ratio of 1.30 and a debt-to-equity ratio of 0.24. The stock has a market capitalization of $705.92 million, a P/E ratio of -5.74 and a beta of 2.14.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently bought and sold shares of the business. Point72 DIFC Ltd bought a new position in Microvast in the second quarter valued at about $28,000. AQR Capital Management LLC lifted its position in shares of Microvast by 569.1% during the 2nd quarter. AQR Capital Management LLC now owns 109,139 shares of the company’s stock valued at $50,000 after acquiring an additional 92,828 shares during the period. XTX Topco Ltd bought a new position in Microvast during the second quarter worth $80,000. Renaissance Technologies LLC bought a new stake in Microvast in the second quarter valued at $90,000. Finally, Point72 Asia Singapore Pte. Ltd. bought a new position in shares of Microvast during the 2nd quarter worth about $141,000. Institutional investors own 20.72% of the company’s 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.