Why 1 EV Battery Stock Tanked Today
Shares of EV battery maker Microvast Holdings (NASDAQ: MVST) had risen more than 30% year to date before investors sold in droves today. After seeing its fourth-quarter and full-year 2021 earnings report last night, investors are taking those 2022 profits. After dropping as much as 15% earlier today, Microvast stock was lower by 9.7% as of 1:56 p.m. ET.
The company's fourth-quarter report closes out its first fiscal year as a public company after it merged with a special purpose acquisition company (SPAC) in July 2021. While its sales soared 41% for the full year 2021, so did its net loss. Microvast reported a loss of $33.6 million in 2020 on revenue of almost $108 million. But even with sales growing to $152 million in 2021, its net loss rocketed to more than $206 million.
Source Fool.com
