MicroVision (NASDAQ:MVIS) Releases Earnings Results, Beats Expectations By $0.01 EPS

MicroVision (NASDAQ:MVIS – Get Rating) released its earnings results on Wednesday. The electronics maker reported ($0.08) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.09) by $0.01, MarketWatch Earnings reports. MicroVision had a negative return on equity of 34.81% and a negative net margin of 2,114.59%. During the same quarter in the prior year, the business posted ($0.04) earnings per share.

Shares of MVIS stock traded up $0.08 on Friday, hitting $3.23. 3,492,050 shares of the company’s stock were exchanged, compared to its average volume of 3,452,504. MicroVision has a 12 month low of $2.61 and a 12 month high of $24.69. The stock has a market cap of $532.59 million, a P/E ratio of -10.42 and a beta of 3.49. The company has a 50 day moving average of $3.96 and a 200 day moving average of $5.36.

Several hedge funds have recently made changes to their positions in MVIS. Wells Fargo & Company MN lifted its position in shares of MicroVision by 1,495.0% during the 2nd quarter. Wells Fargo & Company MN now owns 56,209 shares of the electronics maker’s stock worth $941,000 after buying an additional 52,685 shares during the last quarter. Morgan Stanley lifted its position in shares of MicroVision by 60.9% during the 2nd quarter. Morgan Stanley now owns 276,577 shares of the electronics maker’s stock worth $4,632,000 after buying an additional 104,653 shares during the last quarter. Royal Bank of Canada lifted its position in shares of MicroVision by 32.9% during the 3rd quarter. Royal Bank of Canada now owns 29,438 shares of the electronics maker’s stock worth $325,000 after buying an additional 7,290 shares during the last quarter. Millennium Management LLC lifted its position in shares of MicroVision by 21.4% during the 3rd quarter. Millennium Management LLC now owns 132,029 shares of the electronics maker’s stock worth $1,459,000 after buying an additional 23,259 shares during the last quarter. Finally, LPL Financial LLC bought a new stake in shares of MicroVision during the 3rd quarter worth $117,000. Institutional investors and hedge funds own 25.05% of the company’s stock.

MVIS has been the subject of a number of recent analyst reports. Cantor Fitzgerald initiated coverage on MicroVision in a research report on Monday, March 7th. They set a “neutral” rating and a $5.00 target price for the company. Zacks Investment Research downgraded MicroVision from a “hold” rating to a “sell” rating in a research report on Tuesday, January 4th.

About MicroVision (Get Rating)

MicroVision, Inc develops lidar sensors used in automotive safety and autonomous driving applications. Its laser beam scanning technology is based on micro-electrical mechanical systems, laser diodes, opto-mechanics, electronics, algorithms, and software. The company also develops micro-display concepts and designs for head-mounted augmented reality (AR) headsets, as well as 1440i MEMS module that can support AR headsets; Interactive Display modules used in smart speakers and other devices; and Consumer Lidar used in smart home systems.

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