Microvast (NASDAQ:MVST) Shares Up 6.1%

Microvast Holdings Inc (NASDAQ:MVST)’s stock price shot up 6.1% during mid-day trading on Thursday . The stock traded as high as $8.05 and last traded at $7.96. 21,602 shares traded hands during trading, a decline of 99% from the average session volume of 2,263,581 shares. The stock had previously closed at $7.50.

MVST has been the subject of several recent research reports. Zacks Investment Research lowered Microvast from a “hold” rating to a “sell” rating in a report on Wednesday, October 6th. Morgan Stanley initiated coverage on Microvast in a report on Tuesday, August 3rd. They set an “underweight” rating and a $6.00 target price on the stock.

The company has a fifty day simple moving average of $9.65 and a two-hundred day simple moving average of $10.96.

Hedge funds and other institutional investors have recently bought and sold shares of the business. UBS Group AG raised its holdings in Microvast by 100.2% during the first quarter. UBS Group AG now owns 35,924 shares of the company’s stock valued at $442,000 after buying an additional 17,980 shares in the last quarter. Penserra Capital Management LLC grew its position in shares of Microvast by 16.5% in the first quarter. Penserra Capital Management LLC now owns 18,755 shares of the company’s stock valued at $230,000 after purchasing an additional 2,656 shares during the last quarter. Jane Street Group LLC acquired a new stake in shares of Microvast in the first quarter valued at about $374,000. Ameritas Investment Company LLC acquired a new stake in shares of Microvast in the first quarter valued at about $31,000. Finally, Owl Creek Asset Management L.P. acquired a new stake in shares of Microvast in the first quarter valued at about $3,360,000. Institutional investors own 10.80% of the company’s stock.

Microvast Company Profile (NASDAQ:MVST)

Tuscan Holdings Corp. have entered into a definitive merger agreement with Microvast Inc

Further Reading: Why does a company issue an IPO?

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