Microvast (NASDAQ:MVST) Issues Earnings Results

Microvast (NASDAQ:MVST) announced its quarterly earnings results on Monday. The company reported ($0.11) EPS for the quarter, FiscalAI reports. The business had revenue of $96.40 million during the quarter. Microvast had a negative net margin of 28.81% and a positive return on equity of 11.34%.

Microvast Stock Up 3.6%

NASDAQ MVST traded up $0.08 during trading hours on Monday, hitting $2.31. 16,987,945 shares of the company were exchanged, compared to its average volume of 3,611,754. The company has a quick ratio of 0.60, a current ratio of 0.84 and a debt-to-equity ratio of 0.21. The firm has a market cap of $758.10 million, a price-to-earnings ratio of -4.28 and a beta of 3.39. The company has a 50 day moving average of $2.60 and a two-hundred day moving average of $3.43. Microvast has a 52-week low of $1.09 and a 52-week high of $7.12.

Analyst Ratings Changes

MVST has been the topic of several research analyst reports. Weiss Ratings restated a “sell (d-)” rating on shares of Microvast in a report on Monday, December 29th. Wall Street Zen downgraded shares of Microvast from a “strong-buy” rating to a “buy” rating in a research note on Tuesday, March 3rd. One research analyst has rated the stock with a Buy rating, one has issued a Hold rating and one has issued a Sell rating to the stock. According to MarketBeat, the stock currently has a consensus rating of “Hold” and a consensus price target of $3.00.

Insider Activity

In other news, Director Yixin Pan sold 12,596 shares of the business’s stock in a transaction dated Wednesday, December 31st. The stock was sold at an average price of $2.76, for a total transaction of $34,764.96. Following the completion of the transaction, the director directly owned 130,739 shares of the company’s stock, valued at approximately $360,839.64. The trade was a 8.79% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Insiders own 44.80% of the company’s stock.

Institutional Trading of Microvast

Several hedge funds have recently added to or reduced their stakes in the company. Vanguard Group Inc. grew its holdings in Microvast by 14.6% during the 3rd quarter. Vanguard Group Inc. now owns 12,010,655 shares of the company’s stock worth $46,241,000 after acquiring an additional 1,533,708 shares in the last quarter. Geode Capital Management LLC lifted its position in shares of Microvast by 4.6% during the 4th quarter. Geode Capital Management LLC now owns 4,842,635 shares of the company’s stock worth $13,561,000 after purchasing an additional 212,228 shares during the last quarter. Millennium Management LLC grew its stake in shares of Microvast by 101.6% during the first quarter. Millennium Management LLC now owns 4,646,060 shares of the company’s stock worth $5,436,000 after purchasing an additional 2,341,637 shares in the last quarter. Goldman Sachs Group Inc. increased its holdings in Microvast by 31.6% in the fourth quarter. Goldman Sachs Group Inc. now owns 3,859,317 shares of the company’s stock valued at $10,806,000 after buying an additional 927,013 shares during the last quarter. Finally, JPMorgan Chase & Co. increased its holdings in Microvast by 680,832.5% in the second quarter. JPMorgan Chase & Co. now owns 3,118,671 shares of the company’s stock valued at $11,321,000 after buying an additional 3,118,213 shares during the last quarter. Institutional investors and hedge funds own 20.72% of the company’s stock.

About Microvast

Microvast Holdings, Inc, traded on NASDAQ under the symbol MVST, is a global provider of advanced lithium-ion battery solutions for transportation and stationary energy storage applications. The company designs, develops and manufactures a range of battery cells, modules and packs tailored to electric buses, commercial vehicles, passenger cars and grid storage systems. Its technology emphasizes fast charging, long cycle life and high energy density to meet stringent performance requirements in demanding operating environments.

Founded in 2006, Microvast has established a vertically integrated platform that spans research and development, pilot production and full-scale manufacturing.