Microvast (NASDAQ:MVST) Stock Price Down 9% – Here’s What Happened

Microvast Holdings, Inc. (NASDAQ:MVST) dropped 9% on Friday . The stock traded as low as $1.94 and last traded at $1.97. Approximately 4,273,624 shares were traded during trading, a decline of 60% from the average daily volume of 10,599,907 shares. The stock had previously closed at $2.16.

Wall Street Analysts Forecast Growth

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

Microvast Stock Down 9.7 %

The company has a debt-to-equity ratio of 0.24, a quick ratio of 0.83 and a current ratio of 1.30. The company has a market cap of $631.59 million, a price-to-earnings ratio of -5.13 and a beta of 2.11. The stock’s fifty day moving average is $1.94 and its two-hundred day moving average is $0.95.

Institutional Investors Weigh In On Microvast

A number of institutional investors have recently added to or reduced their stakes in MVST. BNP Paribas Financial Markets bought a new stake in Microvast in the 4th quarter worth about $25,000. SBI Securities Co. Ltd. bought a new stake in Microvast in the 4th quarter worth about $32,000. IMG Wealth Management Inc. bought a new stake in Microvast in the 4th quarter worth about $38,000. Prudential Financial Inc. bought a new stake in Microvast in the 4th quarter worth about $55,000. Finally, Schonfeld Strategic Advisors LLC bought a new position in shares of Microvast during the 4th quarter valued at approximately $73,000. 20.72% of the stock is owned by institutional investors.

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.