Microvast (NASDAQ:MVST) Hits New 12-Month Low After Earnings Miss

Microvast Holdings, Inc. (NASDAQ:MVST) hit a new 52-week low during mid-day trading on Tuesday following a dissappointing earnings announcement. The company traded as low as $1.26 and last traded at $1.41, with a volume of 19581008 shares traded. The stock had previously closed at $2.02.

The company reported ($0.04) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.05 by ($0.09). Microvast had a negative return on equity of 6.50% and a negative net margin of 11.52%.The firm had revenue of $60.61 million during the quarter, compared to analysts’ expectations of $99.02 million.

Analysts Set New Price Targets

A number of equities analysts have recently issued reports on MVST shares. Weiss Ratings reiterated a “sell (d-)” rating on shares of Microvast in a report on Friday, March 27th. Zacks Research cut Microvast from a “hold” rating to a “strong sell” rating in a report on Thursday, March 19th. Finally, Wall Street Zen lowered Microvast from a “buy” rating to a “hold” rating in a research note on Saturday, March 21st. Two analysts have rated the stock with a Sell rating, Based on data from MarketBeat.com, the company currently has a consensus rating of “Sell”.

Hedge Funds Weigh In On Microvast

Several hedge funds and other institutional investors have recently modified their holdings of the company. Dimensional Fund Advisors LP increased its stake in Microvast by 125.3% in the 1st quarter. Dimensional Fund Advisors LP now owns 2,363,006 shares of the company’s stock worth $3,542,000 after buying an additional 1,314,060 shares in the last quarter. Swiss National Bank increased its stake in Microvast by 2.9% in the 1st quarter. Swiss National Bank now owns 422,000 shares of the company’s stock worth $633,000 after buying an additional 11,900 shares in the last quarter. Allspring Global Investments Holdings LLC increased its stake in Microvast by 11.4% in the 1st quarter. Allspring Global Investments Holdings LLC now owns 54,060 shares of the company’s stock worth $79,000 after buying an additional 5,547 shares in the last quarter. Hsbc Holdings PLC grew its position in shares of Microvast by 95.0% during the first quarter. Hsbc Holdings PLC now owns 62,234 shares of the company’s stock valued at $93,000 after purchasing an additional 30,321 shares in the last quarter. Finally, Caitong International Asset Management Co. Ltd grew its position in shares of Microvast by 423.2% during the fourth quarter. Caitong International Asset Management Co. Ltd now owns 23,703 shares of the company’s stock valued at $66,000 after purchasing an additional 19,173 shares in the last quarter. 20.72% of the stock is owned by institutional investors.

Microvast Trading Down 30.2%

The stock has a market cap of $468.16 million, a PE ratio of -4.41 and a beta of 3.60. The stock has a 50-day moving average price of $1.82 and a two-hundred day moving average price of $2.80. The company has a debt-to-equity ratio of 0.13, a current ratio of 0.92 and a quick ratio of 0.74.

Microvast Company Profile

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.