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MicroVision, Inc (NASDAQ:MVIS) shares closed over 47% higher in the regular session on Monday and spiked another 9% in the after-hours trading.
What Happened: The technology company has cemented its position as a “meme stock” and is spiking for the second straight session based on social media momentum.
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At press time, it was the most mentioned stock on r/WallStreetBets, the Reddit forum best known for carrying on the GameStop Corporation (NYSE:GME) short squeeze earlier in the year.
According to Quiver Quant data, MicroVision attracted 2,532 mentions on WallStreetBets followed by GameStop at 1,302.
Why It Matters: Rick Meckler, a partner at Cherry Lane Investments, a New Jersey-based family investment office, said that he thinks “it's retail coming back in to start the week,” Reuters reported.
“The meme stocks tend to be more emotional for investors and very momentum driven.”
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Short interest in the company was at around 18.7% of the float with 29.37 million of Microvision’s stock sold short, according to S3 Partners, as reported by Reuters.
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S3’s Ihor Dusaniwsky told the news wire, “We are seeing shorting into a red-hot stock as shorts are looking for a pullback.”
Dusaniwsky said that bears could be "squeezed out of their positions due to losses" if the shares continue rallying.
Previously, WallStreetBets have led short squeezes in the shares of GameStop, AMC Entertainment Holdings Inc (NYSE:AMC), Nokia Oyj (NYSE:NOK), and Blackberry Ltd (NYSE:BB).
GameStock shares rallied on Monday after a report by Bloomberg highlighted the turnaround plans crafted by Chewy Inc (NYSE:CHWY) co-founder Ryan Cohen, who is also an investor in the video game retailer.
Price Action: MicroVision shares closed 47.13% higher at $26.44 on Monday in the regular session and rose nearly 9.2% in the after-hours session to $28.87.
Read Next: Tesla Stock Performance And WallStreetBets Mentions Have A 'Real' Connection: Barclays
Crypto Whales Are Loading Up — Are You?
New research shows the biggest crypto buyers are back. And this time? They could hold for the possibility that Bitcoin will surpass $100,000 in 2024. You don’t want to miss the next massive crypto bull run like we saw in 2020 and 2021. To know exactly what’s going on and what to buy… Get Access To Benzinga’s Best Crypto Research and Investments For Only $1.