MicroVision (NASDAQ:MVIS) is continuing a prosperous week. The technology company has been breaking out in the last few days thanks to some Reddit hype. Earlier in the week, we reported 20% gains in a single day for MVIS stock. Today, the company is gapping up over 31%, and there is no concrete news about the company that is catalyzing these gains. Most of the run is due to a lot of love on the r/WallStreetBets subreddit.
With MicroVision up big in the last few days, there are some things that investors need to know about the company. Let’s take a look at what is moving MVIS stock this week:
What to Know About MVIS Stock Right Now
- MicroVision is a Washington state tech firm that deals primarily with Laser Beam Scanning (LBS).
- The company develops products that project miniature displays in high detail. This cutting edge technology is an important component of the development of augmented reality tools.
- It also develop LiDAR sensors. LiDAR is a type of imaging technology that is popularly used in self-driving cars and unmanned aerial vehicles.
- MVIS stock has grown over 5,000% in the past year, with investors throwing their support behind MicroVision as an AR tech play.
- LiDAR tech is getting a lot of attention this week as MVIS competitor Luminar (NASDAQ:LAZR) has brought on two new executives from Intel (NASDAQ:INTC) and Tesla (NASDAQ:TSLA).
- The big news for a competitor is a hit to MicroVision. But, the company is still growing thanks to an outpour of support on Reddit.
- The support for MVIS spiked so high this week on Reddit because Jim Cramer said to avoid it on Mad Money.
- On his program, Cramer says that there are “better fish to fry.” He adds that MicroVision is too risky with its high volume of short positions.
- InvestorPlace Web Editor Vivian Medithi reported on Wednesday that the MVIS ticker overtook GameStop (NYSE:GME) in volume of mentions on r/WallStreetBets at the beginning of the week. It looks like the posts won’t slow down either, as Reddit has fueled a MVIS-shaped rocket on its own accord.
- MVIS stock might see gains of its own doing soon. The company will be announcing its first-quarter earnings next week.
On the date of publication, Brenden Rearick did not have (either directly or indirectly) any positions in the securities mentioned in this article.