MicroVision (NASDAQ:MVIS) stock is falling hard on Tuesday as the stock comes down from a Reddit-fueled rally.
MVIS stock wasn’t down in the early hours this morning. Heck, it was even one of the top-performing stocks on our pre-market movers list today. However, it couldn’t keep that momentum going and fell almost as soon as normal trading hours began.
So why exactly was MVIS stock rallying to begin with what what do investors need to know about the company? Find out below.
- The surge in price yesterday was in anticipation of a speculated short squeeze for the stock.
- Investors are likely getting used to that as it’s the M.O. of Reddit traders.
- Thye love to pick out shorted stocks and squeeze them hard, which sends the share price soaring and hurts those shorting it.
- That’s resulted in quite a few stocks being given meme status as Redditors work to short squeeze them.
- Unfortunately, MVIS stock wasn’t shorted quite as much as other targets of retail traders.
- That means the squeeze didn’t last near as long and shares had to come back down.
- That appears to be what we are seeing today.
- However, there’s no knowing if Reddit will make another effort to boost the stock up again in the coming days.
- MicroVision is the maker of the PicoP scanning technology.
- This is a type of scanning tech used in 3D sensing, interactive displays, and projected displays.
Even with shares of MVIS falling, the stock is still seeing plenty of trading today. As of this writing, more than 95 million shares of the stock have changed hands. That’s quite the increase over its daily average trading volume of 19.5 million shares.
MVIS stock was down 16.3% as of Tuesday morning.
If MicroVision isn’t to your taste, there are other Reddit stocks worth checking in on.
Members of subreddits dedicated to stock trading have quite a few favorites. That includes GameStop (NYSE:GME), AMC Entertainment (NYSE:AMC), and more! Investors can find out more info at the following links.
More Reddit Stocks News
- GME Stock Alert: The Big News that Has GameStop Shares Surging Today
- AMC Still Isn’t a Buy After CEO Says it Won’t Issue Shares This Year
- Momentum and Meme Stocks: How to Find the Next Top Reddit Stock of 2021
On the date of publication, William White did not have (either directly or indirectly) any positions in the securities mentioned in this article.