The company plans to sell $140 million worth of its stock
The shares of MicroVision Inc (NASDAQ:MVIS) are down 9.7% at $17.65 at last check, after the laser beam scanning (LBS) technology company announced plans to sell $140 million of its stock from time to time. The profits from the sale, which will be handled by Craig-Hallum, will go toward general corporate purposes.
MVIS has been on quite a rollercoaster since the start of the year, with support at the $10 level catching the stock's steepest pullbacks. Posting a massive 942% year-over-year lead, the equity recently hit an April 27 11-year high of $28. Shorter term, support at the 40-day moving average appears to be serving as a floor for today's negative price action.
Analysts are bearish on MicroVision stock, with both of the two analysts in coverage sporting a tepid "hold" rating. Meanwhile, though shorts have been slowly jumping ship, short interest makes up 21.5% of the stock's available float.