- NASDAQ:MVIS shares have falled by almost 20% in the last couple of trading sessions.
- Ladenburg Thalmann analyst reiterates buy rating and sets new price target.
- Microvision announces quarterly earnings call on October 29th, 2020.
NASDAQ:MVIS continued to fall on Thursday amid broad stock market sell-off. The falls have followed a near 10% surge on Monday after several months of trading at relatively flat levels, a rollercoaster that still has MVIS slightly on green figures for the month of October. Year-to-date, the stock has performed admirably despite the coronavirus pandemic and has returned nearly 250% to investors so far. After the two-day surge shares are now trading well above Microvision’s 50-day and 200-day moving averages and is trending sharply upwards ahead of its quarterly earnings call.
That earnings call has officially been scheduled for October 29th, 2020, and analysts are optimistic that the laser-scanning technology maker can continue to build on its current momentum. Ladenburg Thalmann reiterated its buy position on Microvision and raised its price target for the stock up to $4.20. The new price target represents a fairly healthy 60% increase over Tuesday’s closing price as well as a 21% increase over the 52-week high price of $3.45. The Redmond, Washington based firm has been rumoured for a while to be a buyout candidate by another Redmond-based company known as Microsoft (NASDAQ:MSFT), although these rumours have long been denied by the tech giant.
According to some analysts, the expected consensus earnings per share number for MVIS is estimated at $-0.02, while this figure in the same quarter last year was $-0.05 per share. Speculation of a future contact with another tech giant Apple (NASDAQ:AAPL) to use Microvision’s laser technology in the newest iteration of its IPhone has also caused the stock to spike leading up to Apple’s unveiling in mid-October. Just as with the Microsoft rumours, nothing has come to fruition in regards to working with Apple, yet.
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