Microvision's Stock Surges Amid Long Range Lidar Sensor Milestone

Microvision MVIS announced after Wednesday's close it received the necessary components and equipment to meet its April milestone of completing A-Samples of its Long Range Lidar Sensor.

"We expect MicroVision's Long Range Lidar Sensor, (LRL Sensor) which has been in development for over two years, to meet or exceed requirements established by OEMs for autonomous safety and autonomous driving features," said CEO Sumit Sharma in a press release.

Microvision is a developer of laser beam scanning technology that it markets under its brand name PicoP. It has developed its proprietary scanning technology that can be used in products for interactive projection, consumer light detection and ranging (LiDAR), automotive LiDAR, and augmented and mixed reality.

"Additionally, our sensor being designed on scalable silicon wafer and laser diode technologies will be capable of achieving scale at costs below $1,000 ASP, a key price point expected for commercial success," added Sharma."

In after-hours trading, Microvision's stock traded 33% higher to $18.67 at time of publication.

Matt Maley, editor of Benzinga Stock Picks newsletter, sent MVIS as a pick to subscribers on Dec. 6, 2020, and has since provided a 450% gain.