Microvast (NASDAQ:MVST) Shares Gap Down - Here's What Happened

Key Points

• Microvast Holdings, Inc. shares opened lower at $2.83 on Monday after closing at $3.02, with the last traded price being $2.81 and a trading volume of over 2 million shares.
• Research firms upgraded Microvast's rating from "hold" to "buy," with HC Wainwright setting a price target of $3.00.
• Microvast reported a quarterly profit of $0.06 earnings per share, exceeding the consensus estimate and achieving revenue of $116.49 million against an expectation of $104 million.

Microvast Holdings, Inc. (NASDAQ:MVST - Get Free Report)'s share price gapped down prior to trading on Monday . The stock had previously closed at $3.02, but opened at $2.83. Microvast shares last traded at $2.81, with a volume of 2,100,908 shares trading hands.

Analyst Ratings Changes

Separately, Wall Street Zen upgraded shares of Microvast from a "hold" rating to a "buy" rating in a research note on Thursday, May 22nd.

Microvast Stock Up 2.8%

The company has a market capitalization of $902.82 million, a price-to-earnings ratio of -6.45 and a beta of 3.02. The company has a debt-to-equity ratio of 0.32, a current ratio of 1.32 and a quick ratio of 0.94. The firm's fifty day moving average price is $3.54 and its 200-day moving average price is $2.54.

Microvast (NASDAQ:MVST - Get Free Report) last announced its quarterly earnings data on Monday, May 12th. The company reported $0.06 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of ($0.04) by $0.10. The firm had revenue of $116.49 million during the quarter, compared to the consensus estimate of $104.00 million. Microvast had a negative return on equity of 10.97% and a negative net margin of 20.66%. Sell-side analysts expect that Microvast Holdings, Inc. will post -0.3 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Microvast

A number of hedge funds have recently modified their holdings of the company. Amalgamated Bank bought a new position in shares of Microvast during the second quarter valued at approximately $25,000. SBI Securities Co. Ltd. increased its stake in shares of Microvast by 11.4% in the 2nd quarter. SBI Securities Co. Ltd. now owns 77,976 shares of the company's stock worth $283,000 after purchasing an additional 7,987 shares in the last quarter. BNP Paribas Financial Markets purchased a new position in Microvast during the fourth quarter valued at $25,000. Transcend Capital Advisors LLC bought a new position in shares of Microvast in the second quarter worth about $54,000. Finally, Prudential Financial Inc. bought a new position in shares of Microvast during the 4th quarter valued at approximately $55,000. 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.