Reddit traders are turning to another stock, Microvision (MVIS) which has become the newest stock that Wall Street Bets subreddit is targeting.
MVIS stock closed over 30% on Friday and has risen an additional 30% after market opened today. Some investors have been eyeing this stock since $4 to $5 dollar range. If they invested, that’s a whopping 300% return on investment.
Why is MVIS stock going up?
The reason why MVIS stock could be going up is because the company works with 3D imaging, laser scanning, and projection technology. According to past discussions, there has been a rumor going around that the company could be acquired by Microsoft (MSFT) or have a partnership with Tesla (TSLA).
However, take that as a grain of salt. Microvision attracted 823 mentions on WallStreetBets on Friday. It ran up alongside other technology stocks like Advanced Micro Devices Inc (AMD), and NVIDIA Corp (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.
“The uses of MicroVision tech [are] 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.