MicroVision Stock Veers Lower on Stock Sale

The stock has staged an impressive rally year-over-year

Laura McCandless

Deputy Editor

Jun 22, 2021 at 10:25 AM

MVIS

The shares of MicroVision Inc (NASDAQ:MVIS) are down 9.7% at $17.65 at last check, after the laser beam scanning (LBS) technology company announced plans to sell $140 million of its stock from time to time. The profits from the sale, which will be handled by Craig-Hallum, will go toward general corporate purposes.

MVIS has been on quite a rollercoaster since the start of the year, with support at the $10 level catching the stock's steepest pullbacks. Posting a massive 942% year-over-year lead, the equity recently hit an April 27 11-year high of $28. Shorter term, support at the 40-day moving average appears to be serving as a floor for today's negative price action.

Analysts are bearish on MicroVision stock, with both of the two analysts in coverage sporting a tepid "hold" rating. Meanwhile, though shorts have been slowly jumping ship, short interest makes up 21.5% of the stock's available float.

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