Microvast Holdings, Inc MVST shares slipped almost 6% in the after-hours trading on Tuesday.
What’s Moving? Microvast is a company that specializes in Lithium-ion batteries for commercial electric vehicles.
On Tuesday, the company’s shares fell 5.92% in the after-hours trading to $7.95 after closing 5.06% lower in the regular session at $8.45.
Why Is It Moving? Microvast attracted interest from retail investors on Tuesday, who noted that Morgan Stanley’s Adam Jonas placed a $6 price target on the company.
A post on r/WallStreetBets or WSB, a Reddit discussion group best known for short squeezes in GameStop Corporation GME and AMC Entertainment Holdings Inc AMC decried Jonas’ move.
“This is clearly manipulation at its best. If I had to guess, they are trying to lower the price for some investors who wants a better entry,” claimed u/Subspace13 on the forum.
See Also: Microvast May Be Turning Around After News
The post also noted that Jonas had given out a price target for Tesla Inc TSLA of $10 in May 2019 but now the company’s shares were worth over $700.
Similarly, the analyst had placed a around $12 price target on Nio Inc NIO, but that company hit a high of $57, noted u/Subspace13, in the highly-upvoted post.
Microvast was among the most discussed names on WSB on Tuesday along with GameStop, AMC, Moderna Inc MRNA, and Tesla.
Microvast went public in a SPAC merger with Tuscan Holdings Corp. late last month. It announced a partnership with original equipment manufacturer eVersum on Thursday.
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Photo: Courtesy of Microvast
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