Technology company Microvision, Inc (NASDAQ: MVIS) 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 (NYSE: GME) 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 (NASDAQ: TSLA) 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 (NASDAQ: AMD), and NVIDIA Corp (NASDAQ: NVDA).
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 also responsible for short squeezes in Nokia Oyj (NYSE: NOK), AMC Entertainment Holdings Inc (NYSE: AMC), and Blackberry Ltd (NYSE: BB) 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 (NASDAQ: MSFT) use of Microvision technology in their HoloLens 2 mixed reality product.
See Also: Microsoft Tightening Tentacles Around Pentagon With $22B AR Headset Deal, Says Analyst
“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.
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