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What's Going On With Microvast Stock?

Microvast Holdings, Inc (NASDAQ:MVST) shares slipped almost 6% in the after-hours trading on Tuesday.

What’s Moving? Microvast is a company that specializes in Lithium-ion batteries for commercial electric vehicles.

On Tuesday, the company’s shares fell 5.92% in the after-hours trading to $7.95 after closing 5.06% lower in the regular session at $8.45.

Why Is It Moving? Microvast attracted interest from retail investors on Tuesday, who noted that Morgan Stanley’s Adam Jonas placed a $6 price target on the company.

A post on r/WallStreetBets or WSB, a Reddit discussion group best known for short squeezes in GameStop Corporation (NYSE:GME) and AMC Entertainment Holdings Inc (NYSE:AMC) decried Jonas’ move. 

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“This is clearly manipulation at its best. If I had to guess, they are trying to lower the price for some investors who wants a better entry,” claimed u/Subspace13 on the forum.

See Also: Microvast May Be Turning Around After News

The post also noted that Jonas had given out a price target for Tesla Inc (NASDAQ:TSLA) of $10 in May 2019 but now the company’s shares were worth over $700. 

Similarly, the analyst had placed a around $12 price target on Nio Inc (NYSE:NIO), but that company hit a high of $57, noted u/Subspace13, in the highly-upvoted post.

Microvast was among the most discussed names on WSB on Tuesday along with GameStop, AMC, Moderna Inc (NASDAQ:MRNA), and Tesla.

Microvast went public in a SPAC merger with Tuscan Holdings Corp. late last month. It announced a partnership with original equipment manufacturer eVersum on Thursday.

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Photo: Courtesy of Microvast

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