MicroVision (NASDAQ:MVIS) Shares Up 17%

MicroVision, Inc. (NASDAQ:MVIS)’s share price shot up 17% during mid-day trading on Wednesday . The stock traded as high as $6.98 and last traded at $6.55. 29,252,549 shares changed hands during trading, an increase of 78% from the average session volume of 16,442,781 shares. The stock had previously closed at $5.60.

Several research firms have issued reports on MVIS. Zacks Investment Research upgraded shares of MicroVision from a “sell” rating to a “hold” rating in a report on Thursday, December 31st. BidaskClub raised shares of MicroVision from a “buy” rating to a “strong-buy” rating in a research report on Wednesday, December 16th. Six equities research analysts have rated the stock with a hold rating and one has assigned a strong buy rating to the stock. MicroVision currently has an average rating of “Hold” and an average target price of $2.25.

The stock has a 50 day moving average of $4.50 and a 200-day moving average of $2.53. The firm has a market capitalization of $958.23 million, a P/E ratio of -59.50 and a beta of 3.29.

MicroVision (NASDAQ:MVIS) last announced its quarterly earnings data on Thursday, October 29th. The electronics maker reported ($0.02) earnings per share (EPS) for the quarter, meeting the Zacks’ consensus estimate of ($0.02). The firm had revenue of $0.64 million during the quarter, compared to the consensus estimate of $0.60 million. On average, equities research analysts forecast that MicroVision, Inc. will post -0.1 earnings per share for the current fiscal year.

A number of hedge funds have recently bought and sold shares of the business. Bridgeway Capital Management Inc. grew its holdings in MicroVision by 663.9% during the 2nd quarter. Bridgeway Capital Management Inc. now owns 763,900 shares of the electronics maker’s stock valued at $1,039,000 after buying an additional 663,900 shares in the last quarter. California Public Employees Retirement System grew its stake in MicroVision by 972.8% during the 3rd quarter. California Public Employees Retirement System now owns 296,100 shares of the electronics maker’s stock worth $577,000 after buying an additional 268,500 shares during the last quarter. Aristides Capital LLC grew its stake in MicroVision by 44.4% during the 3rd quarter. Aristides Capital LLC now owns 250,182 shares of the electronics maker’s stock worth $488,000 after buying an additional 76,900 shares during the last quarter. Morgan Stanley grew its stake in MicroVision by 93.7% during the 3rd quarter. Morgan Stanley now owns 81,051 shares of the electronics maker’s stock valued at $158,000 after purchasing an additional 39,208 shares during the last quarter. Finally, Farmers Trust Co. purchased a new stake in MicroVision during the 3rd quarter valued at about $104,000. 8.50% of the stock is owned by institutional investors and hedge funds.

About MicroVision (NASDAQ:MVIS)

MicroVision, Inc develops scanning technology to create high-resolution miniature projection, and three-dimensional sensing and image capture solutions under the PicoP brand in the United States. Its PicoP scanning technology is based on micro-electrical mechanical systems, laser diodes, opto-mechanics, and electronics.

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