Microvision Becomes New WallStreetBets Favorite: What You Need To Know

Benzinga2021-04-26

Technology company Microvision, Inc closed over 36% higher on Friday and is capturing the imagination of retail traders on r/WallStreetBets, a Reddit forum associated with the GameStop Corp short squeeze earlier in the year.

What Happened:Microvision — which works on laser scanning, 3D sensing, and projection technology — was the most mentioned stock on a 24-hour basis on WallStreetBets, according to Quiver Quantitative’s tracker.

The Redmond, Washington-based company attracted 230 mentions on the forum, while GameStop and Tesla Inc racked up 110 and 102 mentions each.

r/WallStreetBets Trends Courtesy Of Quiver Quantitative. MVIS outpaces historically more popular stocks like GME and TSLA.

On Friday, Microvision shares closed 36.76% higher at $17.97.

Why It Matters:Microvision attracted 823 mentions on WallStreetBets on Friday. It ran up alongside other technology stocks like Advanced Micro Devices Inc, and NVIDIA Corp.

The company’s stock broke out of a bullish flag pattern, as per an earlier report.

The pattern is said to occur when the stock sees large gains and starts to pull back. Theoretically, a large push upward is expected shortly after such a pattern emerges.

WallStreetBets was alsoresponsible for short squeezesin Nokia Oyj,AMC Entertainment Holdings Inc, and Blackberry Ltd earlier in the year.

On Sunday,a post on the forum laid out the case for Microvision claiming that the company’s LiDAR technology’s smaller size and lower cost made it appealing.

The post also touched on Microsoft Corporation’s use of Microvision technology in their HoloLens 2 mixed reality product.

“The uses of MicroVision tech and almost infinite. MVIS owns 55 [patents] and 90+ pending patents.With most of those very high tech patents that can be HUGE revenue income for them,” as per u/Justnmiller.

Overall on WallStreetBets, electric vehicles are dominating the discussion followed by cannabis, cryptocurrencies, and betting, according to Quiver Quantitative data.

Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.

Comments

  • LoBangKing
    2021-04-27
    LoBangKing
    Check out ctrm. Dont say bo jio. Soon it will go back $1.50. Check out the shorts n HF news. 
  • Zarkness
    2021-04-27
    Zarkness
    Nokia turn soon! Oh 
  • jo88
    2021-04-27
    jo88
    Yolo
  • adriandino
    2021-04-27
    adriandino
    Wow
  • freewillsg
    2021-04-26
    freewillsg
    ?
  • MOUNTAINS
    2021-04-26
    MOUNTAINS
    ???
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