Microvast (NASDAQ:MVST) Hits New 52-Week High – Here’s Why

Microvast Holdings, Inc. (NASDAQ:MVST)’s share price hit a new 52-week high during trading on Tuesday . The company traded as high as $2.03 and last traded at $1.91, with a volume of 30683146 shares changing hands. The stock had previously closed at $1.53.

Analyst Upgrades and Downgrades

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

Microvast Price Performance

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 50-day simple moving average of $0.75 and a 200-day simple moving average of $0.48. The company has a market cap of $592.58 million, a price-to-earnings ratio of -4.82 and a beta of 2.54.

Institutional Trading of Microvast

A number of hedge funds have recently added to or reduced their stakes in MVST. Point72 DIFC Ltd acquired a new position in shares of Microvast during the second quarter worth about $28,000. AQR Capital Management LLC raised its holdings 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 buying an additional 92,828 shares during the period. XTX Topco Ltd acquired a new position in Microvast during the 2nd quarter worth approximately $80,000. Renaissance Technologies LLC purchased a new position in Microvast in the 2nd quarter worth approximately $90,000. Finally, Point72 Asia Singapore Pte. Ltd. purchased a new position in Microvast in the 2nd quarter worth approximately $141,000. 20.72% of the stock is owned by institutional investors and hedge funds.

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.