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

Key Points

• Microvast (NASDAQ:MVST) saw its stock price open at $2.91 after previously closing at $2.70, indicating increased investor interest.
• Wall Street Zen upgraded Microvast from a "hold" to a "buy" rating, reflecting positive sentiment among analysts regarding the company's future performance.
• The company reported earnings of $0.06 per share for the last quarter, exceeding estimates by $0.10, along with revenues of $116.49 million against expectations of $104 million.

Microvast Holdings, Inc. (NASDAQ:MVST - Get Free Report) shares gapped up before the market opened on Friday . The stock had previously closed at $2.70, but opened at $2.91. Microvast shares last traded at $2.70, with a volume of 4,632,855 shares traded.

Wall Street Analysts Forecast Growth

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

Microvast Trading Down 13.5%

The company has a quick ratio of 0.94, a current ratio of 1.32 and a debt-to-equity ratio of 0.32. The firm's 50 day simple moving average is $3.52 and its two-hundred day simple moving average is $2.55. The stock has a market cap of $852.39 million, a P/E ratio of -6.09 and a beta of 3.02.

Microvast (NASDAQ:MVST - Get Free Report) last released its quarterly earnings results on Monday, August 11th. The company reported $0.05 EPS for the quarter, topping the consensus estimate of $0.01 by $0.04. The business had revenue of $91.34 million during the quarter, compared to analyst estimates of $106.79 million. Microvast had a negative net margin of 20.66% and a negative return on equity of 10.97%. As a group, equities research analysts predict 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 institutional investors and hedge funds have recently bought and sold shares of the stock. Amalgamated Bank bought a new stake in shares of Microvast during the 2nd quarter worth about $25,000. Calamos Advisors LLC bought a new stake in shares of Microvast during the 2nd quarter worth about $38,000. BNP Paribas Financial Markets bought a new stake in shares of Microvast during the 4th quarter worth about $25,000. Transcend Capital Advisors LLC bought a new stake in shares of Microvast during the 2nd quarter worth about $54,000. Finally, Ameritas Investment Partners Inc. bought a new stake in shares of Microvast during the 2nd quarter worth about $74,000. 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.