Microvision, Inc fell over 23% in the regular session on Tuesday.
What Happened:Shares of the technology company that makes lidar sensors and microdisplays tumbled for no specific reasons as investors likely resorted to profit-taking.
MicroVision shares had shot up significantly for the last two trading sessions with the rise fueled by social media buzz.
The Redmond, Washington-based company maintained its grip over discussions on the Reddit forum r/WallStreetBets — best known for the short squeezes in shares ofGameStop CorporationGME 5.45%,AMC Entertainment Holdings IncAMC 0.3%, andNokia OyjNOK 0.6%.
On WallStreetBets, MicroVision has emerged as aclear favorite in recent days. MicroVision attracted 2,451 mentions on the forum, followed by GameStop, which was mentioned 918 times, according to Quiver Quantitative data.
On Tuesday, “Mad Money” host Jim Cramer said he wouldrather be on the long sidethan on the short side of MicroVision.
Why It Matters:MicroVision hasemerged as a “meme stock.” S3’s Ihor Dusaniwsky warned that bears could be “squeezed out of their positions due to losses,” as per Reuters.
“We are seeing shorting into a red-hot stock as shorts are looking for a pullback,” said Dusaniwsky.
Price Action:MicroVision shares closed 23.75% lower at $20.16 on Tuesday and rose almost 3.9% in the after-hours session to $20.94.
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