Microvast Holdings, Inc. (NASDAQ:MVST) shares are trading higher Tuesday after the company announced an up to $25 million corporate loan facility.
The Details:
Microvast announced that it has completed the initial $12 million draw of a $25 million secured debt facility provided by Yang Wu, Microvast Holdings' founder, chairman and CEO. The draw will primarily provide working capital to continue the company's U.S. operations.
The company said it has worked to streamline its operations to ensure long-term sustainability, including workforce reductions and consolidations within its U.S. battery division.
"We would like to thank our customers who continue to support us through challenging times. We are firmly focused on the future and execution of our mission, and Microvast continues to demonstrate to our global client base and key partners that we are on a path to restore this great Company to industry leadership," commented Mr. Wu, CEO of Microvast.
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Is MVST A Good Stock To Buy?
Wall Street analysts view Microvast Holdings on the whole as a Buy, given the history of coverage over the past three months. Sean Milligan from Janney Montgomery Scott in Microvast Holdings is the most bearish, expecting a 72.73% fall in the stock in the coming year.
But looking at how the market as a whole thinks of the stock, you can reference historical price action for views on whether investors feel strongly about the stock one way or another. In the past 3 months, Microvast Holdings fell 45.13%, which indicates that opinion soured on the business and how attractive it is to own based on either its stock price, or underlying fundamentals, like revenue, which rose 73.19% over the past year.
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MVST Price Action: According to Benzinga Pro, Microvast Holdings shares are up 12.2% at 39 cents at the time of publication Tuesday.
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