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.

Analysts Set New Price Targets

Several research firms recently weighed in on MVST. Wall Street Zen upgraded shares of Microvast from a "hold" rating to a "buy" rating in a report on Thursday, May 22nd. HC Wainwright reaffirmed a "buy" rating and issued a $3.00 price target on shares of Microvast in a research report on Tuesday, April 8th.

Microvast Stock Performance

The company has a current ratio of 1.32, a quick ratio of 0.94 and a debt-to-equity ratio of 0.32. The company has a market cap of $893.06 million, a P/E ratio of -6.38 and a beta of 3.02. The business's 50 day simple moving average is $3.64 and its 200 day simple moving average is $2.53.

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

Hedge Funds Weigh In On Microvast

Several hedge funds have recently bought and sold shares of the business. Millennium Management LLC grew its position in shares of Microvast by 101.6% during the 1st quarter. Millennium Management LLC now owns 4,646,060 shares of the company's stock worth $5,436,000 after buying an additional 2,341,637 shares in the last quarter. Goldman Sachs Group Inc. boosted its position in Microvast by 158.9% during the first quarter. Goldman Sachs Group Inc. now owns 1,606,896 shares of the company's stock valued at $1,880,000 after purchasing an additional 986,335 shares in the last quarter. Squarepoint Ops LLC purchased a new stake in Microvast in the fourth quarter valued at about $737,000. Cookson Peirce & Co. Inc. purchased a new stake in Microvast in the second quarter valued at about $938,000. Finally, LPL Financial LLC raised its stake in Microvast by 559.0% in the fourth quarter. LPL Financial LLC now owns 272,455 shares of the company's stock valued at $564,000 after buying an additional 231,109 shares during the last quarter. 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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.