Microvast Holdings, Inc. (MVST) experienced a remarkable surge of 8.55% in its stock price during the intraday trading session on Tuesday, fueled by the company's strong performance and growth prospects in the booming electric vehicle (EV) 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 driven 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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