Reddit inspired investors are piling into shares of MicroVision Inc. almost doubling its price in the past week, according to The Wall Street Journal. Similar to GameStop’s Reddit mania, most of interest in MicroVision stock started from WallStreetBets widely shared across social media.
MicroVision got about 3,500 online-mentions on Monday, almost double on GameStop’s mentions earlier this year.
The company stock also ranked as the most-talked on the Reddit forum on Tuesday and most-searched on Google on the first two days of the week.
MicroVision stock had the most buys by individual investors on Monday, with about $56 million purchased on a net basis.
In the U.S, MicroVision stock was the fourth most actively traded on Monday
MicroVision investors have been excited about its long-range lidar sensor technology which the company expects to accelerate development of autonomous driving features
Analysts warn of possible fall in MicroVision stock after unprecedented jump
In December, short seller Hindenburg Research called MicroVision’s $1.2 billion market cap, a corporate husk with no backings of revenue and intellectual property value
Short interest in MicroVision stock is now roughly 20% of its free float.MicroVision stock is currently gaining. MVIS: NASDAQ is up 9.92%
