MVST - Why Microvast Stock Soared Today
Shares of battery-technology company Microvast Holdings (NASDAQ: MVST) soared more than 28% early Tuesday after the company reported its first-quarter update last night. Those gains retreated some, but the stock held onto a gain of 16.5% as of 3:35 p.m. ET.
Revenue in the company's first quarter soared 145% versus the prior-year period. While that performance exceeded its own expectations, the company maintained its full-year revenue outlook for growth ranging from 35% to 45% compared to 2021. Investors seem to be taking that in stride and could be seeing Microvast as simply being conservative. The company noted that guidance "could be impacted if the macro backdrop of increasing inflation, supply chain disruptions, conflict in Ukraine and COVID restrictions in China deteriorates further."
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Why Microvast Stock Soared Today