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MicroVision (MVIS) Stock Jumps 5.2%: Will It Continue to Soar?

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MicroVision (MVIS) shares ended the last trading session 5.2% higher at $13.14. The jump came on an impressive volume with a higher-than-average number of shares changing hands in the session. This compares to the stock's 34.4% loss over the past four weeks.

The increase in share price can be attributed to MicroVision’s name being cited on a post on Reddit’s WallStreetBets platform.

MicroVision is engaged in development of PicoP scanning technology. PicoP, powered by the laser beam scanning method, is a miniature laser sensing and projected display solution.

Microvision leverages laser beam scanning technology to manufacture low-cost solid state LiDAR products, which are witnessing increased demand from OEMs dealing in interactive displays, augmented reality, consumer data products. The company’s automotive LiDAR products are also gaining traction which bodes well for the top line growth.

Price and Consensus

Price Consensus Chart for MVIS
Price Consensus Chart for MVIS

This maker of drivers for miniature video displays is expected to post quarterly loss of $0.02 per share in its upcoming report, which represents a year-over-year change of +50%. Revenues are expected to be $0.75 million, down 49% from the year-ago quarter.

Earnings and revenue growth expectations certainly give a good sense of the potential strength in a stock, but empirical research shows that trends in earnings estimate revisions are strongly correlated with near-term stock price movements.

For MicroVision, the consensus EPS estimate for the quarter has remained unchanged over the last 30 days. And a stock's price usually doesn't keep moving higher in the absence of any trend in earnings estimate revisions. So, make sure to keep an eye on MVIS going forward to see if this recent jump can turn into more strength down the road.

The stock currently carries a Zacks Rank 3 (Hold). You can see the complete list of today's Zacks Rank #1 (Strong Buy) stocks here >>>>

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