One of the hot small cap stocks this week is Microvision Inc MVIS, with shares up 84% in the last five days. Shares are moving again Tuesday.
What Happened: A new patent was issued to Microvision that covers “scanning 3D imaging device with power control using multiple wavelengths.”
The patent covers light pulses of at least two different wavelengths reflected off a scanning mirror.
Microvision shares have been trading higher on the company being a play on Lidar technology and owning several patents in the industry.
Related Link: Return On Capital Employed Overview: Microvision
Hindenburg Short Report: Notable short seller Hindenburg Research issued a report on Microvision on Tuesday.
Hindenburg calls out Microvision as a “corporate husk with almost no revenue or intellectual property value.”
Microvision has over 250 patents, but only 10 mention Lidar and are geared towards consumer/non-automotive use, according to the report.
“The recent excitement all belies the fact that MVIS is essentially a science project that has gone nowhere over 25 years,” said Hindenburg.
The report assigns a $1.50 price target to Microvision stock. The report also hints Microvision could dilute investors with an equity offering with the increase in the share price.
MVIS Price Action: Shares of Microvision are up 31% Tuesday to $7.56 at publication time. Shares are up over 700% year to date.
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.
