Microvast (NASDAQ:MVST) Shares Gap Up After Strong Earnings

Microvast Holdings, Inc. (NASDAQ:MVST)’s share price gapped up before the market opened on Tuesday following a better than expected earnings announcement. The stock had previously closed at $2.39, but opened at $2.50. Microvast shares last traded at $2.95, with a volume of 4,466,558 shares.

The company reported $0.06 EPS for the quarter, beating the consensus estimate of ($0.04) by $0.10. Microvast had a negative return on equity of 22.10% and a negative net margin of 30.88%. The business had revenue of $116.49 million for the quarter, compared to analysts’ expectations of $104.00 million.

Wall Street Analyst Weigh In

Separately, HC Wainwright reiterated a “buy” rating and set a $3.00 price objective on shares of Microvast in a report on Tuesday, April 8th.

Institutional Inflows and Outflows

Several hedge funds have recently modified their holdings of the stock. BNP Paribas Financial Markets bought a new stake in shares of Microvast in the 4th quarter worth $25,000. SBI Securities Co. Ltd. purchased a new position in Microvast during the fourth quarter worth about $32,000. IMG Wealth Management Inc. purchased a new stake in Microvast in the 4th quarter valued at about $38,000. Baader Bank Aktiengesellschaft purchased a new position in shares of Microvast in the 1st quarter worth approximately $44,000. Finally, FNY Investment Advisers LLC bought a new position in shares of Microvast in the first quarter valued at approximately $45,000. Hedge funds and other institutional investors own 20.72% of the company’s stock.

Microvast Trading Down 1.0%

The company has a market capitalization of $1.00 billion, a P/E ratio of -8.11 and a beta of 2.72. The company has a debt-to-equity ratio of 0.24, a current ratio of 1.30 and a quick ratio of 0.83. The firm has a fifty day moving average price of $1.77 and a 200-day moving average price of $1.55.

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.