Microvast Holdings Inc (NASDAQ:MVST) shares are trading higher Thursday after one analyst firm initiated coverage on the stock with a price target of $8.

What Happened: Janney Montgomery Scott analyst Sean Milligan initiated coverage on Microvast with a Buy rating and announced an $8 price target.

Microvast shares are up 37% year-to-date, but the stock is still down more than 12% over the last year and well off its highs from 2021. 

The company last reported quarterly results at the beginning of August. Microvast beat estimates on both the top and bottom line and highlighted backlog growth of 541.9% on a year-over-year basis. 

At the time, CFO Craig Webster noted that the company expects "further upticks" in its backlog through the end of the year, driven by continued growth in orders. 

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MVST Price Action: Microvast shares were up 18% at $2.14 at the time of writing, according to Benzinga Pro.

Photo: courtesy of Microvast.