NVIDIA Stock – MicroVision Shares Rise Again as Reddit Crowd Rushes In
MicroVision (MVIS) – Get Report shares continued to rise on Tuesday after more than doubling — up 154% — in the week through Monday.
The jump came as the Reddit crowd has chosen the maker of laser technology for auto sensors as its flavor of the week.
The stock recently traded at $26.86, up 1.%.6
One Reddit poster speculated that Nvidia was a candidate to acquire the company.
“This is pure speculation, but … Nvidia ((NVDA)) – Get Report could be the buyer of … MicroVision, to develop an all-in-one package for the autonomous driving market,” the Reddit raven called u/DutareMusic wrote Sunday.
TheStreet.com Founder Jim Cramer shouted out MicroVision on Monday. “That’s another wild trader. I think it’s a good one but you need to be careful,” he said on “Mad Money.”
MicroVision garnered the most mentions on Reddit’s vaunted WallStreetBets section Monday, according to sentiment tracker SwaggyStocks, Reuters reports.
Redditors are trying to force a short squeeze, going after investors who bet that the stock’s price will drop.
Short interest in the stock totaled 18.7%, or 29.37 million shares, of the Redmond, Wash., company’s float as of Friday’s close, according to S3 Partners, Reuters reports. That number jumped 1.4 million in the past week.
In December short-seller Hindenburg Research lambasted MicroVision on Twitter.
MicroVision joins the list of so-called meme stocks that the Reddit crowd has grabbed hold of this year, helping take their prices on a roller-coaster ride..
These companies often have weak fundamentals. GameStop (GME) – Get Report was the first and has drawn the most attention. AMC Entertainment (AMC) – Get Report and Koss (KOSS) – Get Report are on the list, too.
GameStop year to date has risen by a factor of almost nine. It has also slumped 49% from its Jan. 27 closing high.