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Its shares have gained 23.2% in price over the past month to close yesterday’s trading session at $9.39, due mainly to investors’ optimism surrounding vehicle electrification and the increased need for energy storage.
However, the stock has lost 31.5% over the past three months and is currently hovering around its 52-week low of $7.38, which it hit on October 6, 2021. According to a Reuters report, 26 securities class actions were filed against SPAC-related companies from January 2021 through October 29, representing a 420% year-over-year rise from 2020. Furthermore, MVST reported losses in the second quarter. So, the stock’s near-term prospects look bleak.
