Microvast Holdings, Inc. (MVST) saw its stock surge 5.03% in the pre-market session on Tuesday, extending its remarkable rally driven by the company's strong performance and growth prospects in the booming electric vehicle battery market.
The battery technology firm has been a standout performer, with its stock skyrocketing 728% in the fourth quarter of 2024. This stellar run was fueled by Microvast's record Q3 2024 revenue of $101.4 million, a 27% year-over-year increase, and a substantial gross margin improvement to 33.2%, up from 22.3% in Q3 2023.
Analysts remain bullish on MVST, with a median price target of $3.5, representing a 46% upside from current levels. The company is expected to continue its growth trajectory, with projected FY 2024 revenue ranging between $90-$95 million, a 15-18% increase from the previous year, as it capitalizes on the burgeoning demand for advanced battery systems in the electric commercial vehicle segment.
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