Microvision, Inc. (NASDAQ:MVIS) Sees Large Drop in Short Interest

Microvision, Inc. (NASDAQ:MVIS) saw a large drop in short interest in the month of August. As of August 14th, there was short interest totaling 4,832,187 shares, a drop of 90.8% from the July 30th total of 52,671,835 shares. Based on an average trading volume of 2,310,930 shares, the days-to-cover ratio is currently 2.1 days. Currently, 20.6% of the company’s shares are sold short.

Institutional Trading of Microvision

Hedge funds have recently added to or reduced their stakes in the company. CIBC Bancorp USA Inc. purchased a new stake in Microvision during the 3rd quarter worth about $33,000. Russell Investments Group Ltd. acquired a new position in shares of Microvision during the 3rd quarter worth about $26,000. Jefferies Financial Group Inc. purchased a new position in shares of Microvision in the 3rd quarter valued at about $49,000. BNP Paribas Financial Markets raised its position in shares of Microvision by 114.4% during the 2nd quarter. BNP Paribas Financial Markets now owns 25,744 shares of the electronics maker’s stock worth $29,000 after acquiring an additional 13,735 shares in the last quarter. Finally, Prudential Financial Inc. raised its position in shares of Microvision by 77.4% during the 2nd quarter. Prudential Financial Inc. now owns 30,520 shares of the electronics maker’s stock worth $35,000 after acquiring an additional 13,315 shares in the last quarter. Institutional investors and hedge funds own 30.90% of the company’s stock.

Wall Street Analyst Weigh In

A number of analysts have issued reports on the stock. Wall Street Zen upgraded shares of Microvision to a “sell” rating in a research note on Saturday, August 8th. Weiss Ratings restated a “sell (e+)” rating on shares of Microvision in a report on Tuesday, June 2nd. One research analyst has rated the stock with a Buy rating, one has issued a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat, the company has an average rating of “Hold” and a consensus price target of $37.50.

Microvision Trading Up 0.9%

NASDAQ:MVIS traded up $0.02 during midday trading on Wednesday, reaching $1.83. The company had a trading volume of 410,966 shares, compared to its average volume of 675,850. Microvision has a 12-month low of $1.65 and a 12-month high of $23.10. The firm has a market capitalization of $43.44 million, a price-to-earnings ratio of -0.34 and a beta of 1.27. The stock’s fifty day simple moving average is $4.19 and its 200-day simple moving average is $7.61.

Microvision (NASDAQ:MVIS) last issued its quarterly earnings results on Thursday, August 6th. The electronics maker reported ($1.66) earnings per share for the quarter, missing the consensus estimate of ($0.75) by ($0.91). The company had revenue of $1.47 million for the quarter, compared to analysts’ expectations of $1.00 million. Microvision had a negative return on equity of 221.31% and a negative net margin of 3,976.67%.

About Microvision

MicroVision, Inc (NASDAQ: MVIS) is a technology company specializing in laser scanning and sensing solutions. Founded in 1993 and headquartered in Redmond, Washington, MicroVision develops its proprietary PicoP® scanning technology, which integrates miniature lasers and microelectromechanical systems (MEMS) mirrors to create high-resolution projection displays and three-dimensional sensing systems. Over the years, the company has built a portfolio of patents and intellectual property focused on precision optics and laser-based signal processing.

At the core of MicroVision’s offerings is its display platform, which enables compact, energy-efficient projection for augmented reality (AR) headsets, head-up displays (HUDs) in automotive environments, and consumer electronics applications such as pico projectors.