MVST or Microvast is an American EV battery company located in Texas.
At the start of Friday’s trading day, mvst jumped to 13.50% or $2.68 than the previous day closing price. MVST has been awarded $200 Million by the US government to continue their research and development on EV battery.
This sudden price spike has come after the famous Reddit group wallstreetbets mentioned MVST’s short interest. But the price increase didn’t hold up as other reddit users also mentioned about company’s struggle with cash management and product development.
At the time of writing this article MVST has lost 1.5% from the previous day’s close wiping out earlier stock price gain.